How To Sell a Probate Property in Bristol CT

by Amara Amy Digital Marketer

After facing the loss of a loved one who didn’t have a will or investments preserving against the process altogether, probate can mean long drawn out proceedings, especially with larger estates.

It can be expensive to go through, so avoid making the mistake of skipping any of the legal necessities which can further tie up your property. You’ll need to be patient as the assets of the deceased are examined and the rightful heirs of the estate are determined. Agents may need to liquidate the real estate, leading to the probate court giving the funds evenly among those beneficiaries.

Should you find yourself in this situation, read on for information on how to sell a probate property in Bristol.

Some aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the rights for selling your probate property in Bristol.

Certified Appraiser

Your first step will be to find an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate experts in Bristol.

Petition

Once you’ve received your certified appraisal, you’ll next want to continue by filing a petition with the court to sell the probate property in Bristol. While filling out your petition, be certain the information includes any pertinent information about the home along with the method that will be used to complete the sale, be it at an auction or on the open real estate exchange. Submit your petition along with your certified appraisal. Once you’ve received the court’s approval, you may then proceed with the sale.

Offer the Property

For sale, with conditions! Now that you can definitely take action and sell your probate property in Bristol, you’ll want to make certain to disclose to your possible buyer that the court’s approval of the transaction is needed before you can accept, making the offer conditional.

Court Confirmation

Generally, once you’ve petitioned the court for a hearing to approve your sale, you can expect stays on the court calendars ranging from between 20 to 40 days, from the filing date.

Deposit

Plan to collect a 10 percent deposit from the purchaser at this time, which is based on the purchase price.

Advertise

Because the final goal of the sale of a probate property in Bristol is to garner the highest amount feasible for the estate, you must advertise your court hearing to the general public for a process recognized as open bidding. This provides any additional interested parties to join in the purchase of the real estate, aiding in raising the final purchase price.

Court Hearing

Now you’ll need to attend the court hearing and wait until the final bidding has concluded and a cashier’s check is presented for the final figure. Your customer will be able to participate along with any member of the public who so chooses, bids increase by $500 at a time.

Refunding the Deposit

Should a new customer overbid your buyer during the court proceedings, be ready to refund their 10 percent deposit. Otherwise, should your original buyer keep the highest bid, the funds you previously collected from them would be applied to the purchase.

Closing

Finally, you can close on the deal for your probate property in [markte_city]. Be certain that the costs of the home are covered by the financing. You’ll also be responsible for placing the full cost into the estate fund.

We’re here to assist you during this stressful time and make the process smooth. Call Fast Cash Offer today at (203) 717-6668 or send us a message, we buy houses Bristol CT