Probate is defined as the process of having a property be reassigned to a deceased person’s beneficiaries. When an individual dies, they leave their family and properties behind. Some individuals leave behind a Testate or last will, but other times this hasn’t been put in place.
Whatever the situation happens to be, the deceased property is assigned by the court in the process called probate.
There may be people that ask, “can my house be sold while it’s in probate in Salt Lake City UT?“, to which the answer is yes, it can be sold as long as some basic steps are taken. As property investors in Salt Lake City UT, Property Seller Solutions guides sellers through the steps listed here and also helps other investors by recommending they follow the procedures when they are purchasing probate property in Salt Lake City.
Can my house be sold while it is in probate in Salt Lake City, UT? Yes, it can, but ensure you first follow these steps!
A property can be appraised by hiring a certified independent appraiser. You can find a local appraiser in the phone book or by getting in touch with a real estate agent and asking for them to recommend one.
As property investors, we seek to buy probate properties in Salt Lake CityUT which have already obtained an appraisal.
Acquire the Petition
In order to sell your property during the probate period, you must attain probation from the court. In order to do this, get a petition form and fill it out, providing all details relevant to the sale of this Salt Lake City property together with the selling methods.
Then, after you’ve received an independent appraisal, complete the form and wait for the court to give its approval.
An investor will only purchase a property which has already obtained the court’s petition. We do check to ensure that the seller has completed this step.
Put the Property up for Sale
The next step is to put your property up for sale. Make sure to let any buyer know that the property is in probate and can only be sold after the court gives confirmation. All legitimate investors only purchase probate properties which have sought petition from the court. If your probate property meets these requirements, we may be able to take it off your hands for you.
Seek Confirmation from the Court
Buyers must seek confirmation from the court regarding the sale of a probate property in Salt Lake City. In general, court hearings occur within 20 to 40 days. Don’t forget to make the proper arrangements and to take 10 percent deposit from the buyer prior to the hearing. As real estate investors, we prefer to ensure that sellers seek confirmation from the court in a timely manner.
Place an Advertisement in Local Newspapers
Let the public know about the sale by listing it in the local newspaper. This is a requirement that allows for bidding by other interested parties so that the probate home receives the best sale price. So, if you’re a buyer of probate properties in Salt Lake City, you are able to place bids in local court hearings. As investors, it’s often that we find good probate properties from the local newspapers.
Go to the Hearing
Go to the court hearing. This is where the bidding on probate real estate occurs. Following the final agreement and the bid being confirmed, a cashier’s check is given to the court. In the case of there being a new buyer, refund the previous buyer their money and accept the new buyer’s deposit once confirmation from the court has been received… We normally pay an amount of money for a deposit to the court once the contract has been officially confirmed.
After completing the steps written above, you can complete the contract. Real property investors seek properties that have followed all the rules and procedures of the court.
If you’re seeking a REAL property investor to purchase your Salt Lake City property, you’re in the right place.