Dealing with the loss of a family member and loved one who didn’t prepare a will or have any backing protecting against the process altogether. Selling a probate property can be a long and difficult process – especially if you are dealing with larger inheritance.
It can be expensive to go through, so do not make the missing any of the legal requirements that can draw this process out even longer. You’ll need to spend some time waiting in the beginning as the assets of the deceased are carefully looked at and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.
If this sounds like a situation you are in or you may be in soon, this is how to sell a probate property in Little Rock.
There are specific sections of this real estate law that are common among all areas of the country, for a legally acceptable state, you’ll want to make sure you have carefully followed all of the regulations and laws for selling your probate property in Little Rock.
How To Sell a Probate Property in Little Rock
Step 1 will be to locate an independent certified appraiser. You can either reach out through phone listings or can Google search independent certified appraisers that service Little Rock and make some phones calls to the individuals/companies that you find.
Once you’ve obtained your certified appraisal, Step 2 will be to file the petition with the court to sell the probate property in Little Rock. While filling out your petition, be certain the information includes relevant and applicable information about the property as well as the how the sale will be completed (ex. auction or public sale). You will then submit your petition along with your certified appraisal. you can then move forward with the sale once the court accepts your petition.
Offer the Property
Step 3 will now be to advertise your probate property for sale in Little Rock. You will want to indicate that the property is “For sale – with conditions!” You absolutely want to communicate to your buyers that the court’s approval of the transaction necessary before you can move forward with accepting the offer. This will make any offer conditional!
Once you have formally requested the court for a hearing to accept your sale, you can expect delays from no court (no surprise right?) upwards to 2 months but expect it to be between 20 to 40 days from the day that you filed.
Plan to collect a 10 percent deposit of the purchase price from your buyer at this time.
When you sell a probate property in Little Rock, the typical desired result is to receive the highest amount for the property, you must advertise your court hearing to the general public for a process known as open bidding. This will create an environment that allows multiple people to submit offers on the property which in turn can increase the purchase price.
The next step will require you to physically be at the court hearing and wait until the unconditional bidding has finished. The check will then be presented with the final sale price. Your buyer will be able to join the court hearing along with anybody else that wishes to be there. By the way, the bid increments increase by $500!
Refunding the Deposit
If a separate buyer bids higher than your buyer during the court proceedings, be prepared to refund their 10% deposit. Otherwise, should your original buyer maintain the highest bid, the 10% collected from them would be applied to the purchase.
The last step is to be able to close on the contract for your probate property in Little Rock. Be certain that the costs of the property fall within the financing. You will also be expected to out the full amount in the estate fund.
We’re here to assist you during this difficult time and make the process easy. Call Sunny Day Homes LLC today at (501) 400-0505 or send us a message to sell a probate property in Little Rock.