If you have recently inherited a property in Oak Cliff and need to sell it, you may be wondering what the process looks like. Selling a probate property can be a complex and challenging process, but with the right knowledge and guidance, it can be done successfully. In this post, we will cover five things “you need to know about selling a probate property in Oak Cliff” and how We Buy Houses Cash Dallas, can help make the process easier for you.
We have worked with many property owners going through Probate and many who don’t want to deal with owning a Probate property and simply want to sell the property outside of Probate and be done with it all. Sometimes when the deceased did not have a Will, we can go straight to an Affidavit of Heirship, which is required in the State of Texas, and pruchase the property from the Heirs.
Read more about Probate property, understanding Probate. How to determine property values and the role of the Executor and the selling process.
1. Understanding Probate
Probate is the legal process that takes place after property owner dies and needs to be or should be transfered to Heirs of the deceased choice. If the person who passed away left a Will, the probate court will distribute the property according to their wishes. If there is no will, the court will distribute the property according to state law. During the probate process, the court will appoint an executor to manage the estate and oversee the distribution of assets.
When you need to know about selling a probate property in Oak Cliff. When a property owner dies and leaves no Will, the Heirs can sell the with what is called an Affidavit of Heirship(AoH), which is used and written by the Title company the Heirs use. The Heirs to the property simply fill out an application, provide two differnt, non-fmaily friends to act as witnesses, stating that they knew the decease and they do know the Heirs to the application. After providing the witness identification and socila secutrity along with ther conatct information, the Title company will use the AoH for the prpose of closing the on the property.
As mentioned above, we at We Buy Houses Cash Dallas, have performed many of these type of property prchases in Oak Cliff, and we close using the AoH via the Title company we choose.
2. The Role of the Executor
If you are the executor of the estate, it is your responsibility to manage the property and ensure that it is sold in a timely manner. If in fact, if you are going to sell a probate property in Oak Cliff, or elsewhere for that matter.
You will need to obtain the necessary paperwork from the court, usually you will hire an attorney and he/she will obtain all the paperwork needed. Paperwork includes a Letters of Testamentary, or Munument of Title, depending on the on the court filing status. Thes documents issued by the Probate Court will allow you to act on behalf of the estate.
You will also need to hire a real estate agent to help you sell the property. It is important to choose an agent who has experience selling probate properties, as they will be familiar with the unique challenges of this type of sale.
In many cases, it can be easier to sell the house directly to a professional house buyer such We Buy Houses Cash Dallas, if there are needed repairs, if there are multiple heirs, or people are living in the house.
3. Valuing the Property
Before you can sell the probate property in Oak Cliff, with an agent, or with We Buy Houses Cash Dallas, you will need to have it appraised to determine its value. The appraiser, which cost money, will look at factors such as the size and condition of the property, as well as the location and recent sales of similar properties in the area. It is important to obtain an accurate appraisal, as this will help you set a fair asking price for the property. Selling directly can eliminate this step.
4. Disclosing Information
When selling a probate property in Oak Cliff, it is important to disclose any known defects or issues with the property. This includes things like water damage, mold, or structural issues. Failure to disclose known defects can result in legal action against the executor and the estate. Your real estate agent can help you prepare a disclosure statement that outlines any known issues with the property. At We Buy Houses Cash Dallas, we buy houses as-is, no matter their condition. Again, we have purchased many multiple houses in Oak Cliff from Heirs and helped the Heirs with the application used for the AoH successfully.
5. The Sale Process
Once you have an accurate appraisal, and I must say here, at We Buy Houses Cash Dallas, we will provide an appraisal FREE of charge as if are buying the house. You need to disclose any known defects, now it is time to put the probate property in Oak Cliff, on the market. Your real estate agent will help you list the property and market it to potential buyers. When an offer is received, the executor will need to review and approve it before it can be accepted. Once the offer is accepted, the buyer will typically have a certain amount of time to conduct a home inspection and obtain financing. Once all of the contingencies have been met, the sale can be closed and the property transferred to the new owner.
Selling a probate property in Oak Cliff, can be a complex and challenging process, but with the right guidance, it can be done successfully. If you have recently inherited a property and need to sell it, it is important to work with a real estate agent who has experience with probate sales or a direct buyer who understands the probate process. They can help you navigate the process and ensure that the property is sold in a timely and efficient manner. With the right approach, selling a probate property can be a smooth and stress-free experience. Reach out to We Buy Houses Cash Dallas, today to learn more about how we can help you with your probate prperty or any other property you want to sell for that matter. Just give us call at (214) 723-1304.