5 Steps To Understanding Probate, And Selling Your Inherited Property For Top Dollar In Orange County, CA!

Selling a house isn't the easiest thing in the world to do. Especially in this market, and especially when you just want to sell and have closure.

And selling when there’s a probate can be a little trickier. Here are 5 things to know about how to sell a property in probate fast and for top dollar:

1. A basic understanding how a sale of a home in probate works

The process of administering a decedent's estate is referred to as "probate", and is generally supervised by the probate court. A personal representative is the person or entity charged with the responsibility of administering a decedent's estate.

Make sense? Good.

As personal representative you’re responsible for gathering the assets and paying the debts of the decedent in such a way that the beneficiaries or heirs receive the maximum benefit. Usually you’ll want to hire an estate attorney to handle the legal aspects of the probate.

2. When may the personal representative sell estate property?

You can sell estate property when:

* The sale is necessary to pay debts, devises (gifts to persons named in the will), a family allowance, expenses of estate administration, or taxes;

* The sale is to the advantage of the estate and in the best interests of the interested persons;

* The property must be sold according to the terms of the will; or

* Authority is given in the will to sell the property.

A probate home sale may be sold by private sale, public auction, or a different method specified in the will of the decedent. Basically you always want to do what the decedent would have wanted.

3. Do I have to list the property with a real estate broker?

No. You can market and sell the property without the service of a broker. In this case you’d be considered the "seller" and sell the property for the estate as if you were the owner (Just like a FSBO).

4. Are there any restrictions on the sales price of estate real property?

Sometimes. I don’t have time to go into this in detail, but if you want a speedy resolution you want to settle the estate under the Independent Administration of Estates Act (IAEA). Basically IAEA gives you full access to settle an estate, and gives you a ton more options, which means a lot less stress in your life. Otherwise you'll settle the estate under court supervision, with a ton of court red-tape. It can really slow things up.

We’ll discuss what IAEA is in a later article.

5. What is a "Notice of Sale" and is it required prior to selling estate real property?

A Notice of Sale must be published prior to the sale of estate real property unless the will directs the real property to be sold or gives authority to the personal representative to sell the real property. The Notice of Sale provides the public with required information concerning the sale and will typically be handled by the attorney for the estate.

That is unless you’re settling the estate under IAEA… then this might not apply.

Sound like a lot to know?

You bet. And this is just the tip of the iceberg

Look, selling a home through probate is no walk in the park. And there’s no way I can possibly give you everything you need in this short article.

But at least I can point you in the right direction… and sometimes that’s exactly what you need… just a little direction. Right?

Until next time.

To Your Freedom, Gabriel

Gabriel Anderson is owner of Dynasty Wealth Property Solutions a real estate investment firm in Orange County, CA that specializes in helping probate estates sell property for cash fast. To find out more about Gabriel and his company download his 20-page Free Special Report: “How To Sell Inherited Property For Top Dollar In Today’s Market”, right now.