Selling houses in probate or trust

Posted by Techyscouts | Posted on 03/14/2024
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    • Michael Millea has a team of professionals ready to help you buy or sell the property you own. The team can teach you about the different property types and show you sold comps as well as current listings. You also get all the support you need with probate selling and finding buyers for a home in a trust.

     

    What is Probate?

    Probate is a judicial process used in most states. When someone passes away, the executor of the estate opens a probate case in court. They pay any debts the individual left behind and ensure that anyone named in the will receives the property given to them. You also go through probate if the person did not leave behind a will, but the way people inherit that person’s property depends on the laws in the state. In most cases, it goes to the surviving spouse and their children. It’s possible to avoid probate with a living trust.

     

    Trust vs. Probate

    A trust is different because it allows an individual to give one or more people property while they’re still alive or after they pass. Trusts can consist of homes, apartments, commercial buildings, and other assets. The trust usually has rules about what the named person can and cannot do. Read through the trust to see if selling apartments and other buildings is even possible. Selling and buying probate property is slightly different.

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    Property Types

    Any property type you can name can be part of a trust or go through the probate process. The most common type is a private home, such as your old family home. You may inherit commercial buildings that serve as income sources, such as a strip mall or an office building. Trusts also include apartments and homes that house more than one person like a duplex.

     

    Selling Basics

    To sell houses in probate, you need to get permission from the court. The judge needs to ensure you have an appraisal done and find the home’s worth. You cannot sell the home for less to a friend or relative. Money spent to fix up the house and the fees a broker or agent fees will come from the home’s sale. Selling a home in a trust usually requires working with a real estate broker. The broker will help you get the best price and tell you about state or local laws. You usually need to return the proceeds to the trust.

    CTA: Sell Probate Homes

     

    Seek Help with Probate Selling

    Probate selling on your own is risky because you might violate laws or face high fees the next time you file your taxes. Turning to a real estate broker you trust is a much better option. Call today to see how our team makes buying and selling apartments or homes in a trust or probate easier.

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