If you have recently inherited a property in Massachusetts 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 Massachusetts and how Deal Edge Properties can help make the process easier for you.
1. Understanding Probate
Probate is the legal process of transferring the assets of a deceased person to their heirs. Probate is a complex process that involves a great deal of paperwork and legal filings. The court must first determine whether the deceased left a valid will. If the deceased did leave a will, the court will ensure the wishes of the deceased are carried out. If there is no will, the court will distribute the assets according to state laws.
Probate is an important part of the estate planning process. It is important for individuals to understand their options and to prepare a valid will to ensure their assets are distributed according to their wishes.
2. The Role of the Executor
As an executor of an estate, you have a lot of responsibility. You need to manage the property, ensure that it is sold in a timely manner, and ensure that the funds from the sale are distributed to the beneficiaries. It can be a stressful process, but it is important that you take the time to understand the process and ensure that everything is done correctly.
The probate process begins with the filing of a petition in the probate court by an executor, who is usually chosen in the will. The executor has the responsibility of managing the deceased person’s estate, collecting all assets, paying any outstanding debts, and distributing the assets to the heirs.
The executor will also have to provide notice to all heirs and creditors of the deceased. The executor must also file an inventory of the deceased’s assets and debts, and submit an accounting of all transactions related to the estate. The court will then review the documents and approve the distribution of assets to the heirs.
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 some cases, it can be simpler to sell the house directly if there are needed repairs, multiple heirs, or people living in the home.
3. Valuing the Property
Before you can sell the property with an agent, you will need to have it appraised to determine its value. The appraiser 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, 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 Deal Edge Properties, we buy houses as-is, no matter their condition.
5. The Sale Process
Once you have an accurate appraisal and have disclosed any known defects, it is time to put the property 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 Massachusetts 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. This can be a good option for those who don’t want to go through the hassle of finding a buyer on the open market. Direct buyers are usually willing to make an offer quickly and can often provide a cash payment. With the right approach, selling a probate property can be a smooth and stress-free experience. Reach out to Deal Edge Properties today to learn more about how we can help you! (978) 274-0555