Death of a loved one is an incredibly difficult situation, and dealing with their estate is even more complex and challenging. If you find yourself in similar situation where you need to sell property through probate court Spartanburg SC, it can feel overwhelming, but understanding the process can make it manageable. Knowing what to expect can make all the difference no matter if you are serving as an executor, heir, or someone involved in the probate process.
It’s time to grab a cup of coffee and settle in, as we will walk through everything you need to know about selling a home through probate court, from initial step to final sale.
First, you must understand the role of probate court and why it’s relevant in selling a property. Probate is a legal process aimed at proper distribution of property assets among the heirs of a deceased person in line with will document or South Carolina State law (if there is no will). Spartanburg County probate court is responsible for overseeing the entire process that involves filing the correct paperwork, sending notices to heirs or creditors, and handling the sale of the property that’s part of the estate.
You might be wondering why someone needs to sell a home through Spartanburg probate court? Remember, there are certain situations where court sale becomes imminent. Here are those cases.
If deceased person took loan from financing institutions, then heirs may need to sell the property to pay it off. Normally, it is handled under the supervision of a local court. However, you can find a bargaining option with the financing institutions to sell the property without the intervention of a court.
When no family member wants to keep the property or can’t afford the home maintenance, then selling is the best option. In this case, the court can supervise this process to steer the property sale and subsequently distribute it among the heirs.
In case, when there are multiple heirs, the estate might need to liquidate real estate assets to distribute the proceeds fairly and equally.
To avoid confusion, you need to understand the complete probate process that will help make the property sale smoother and less stressful.
After the death of family member, the executor of the estate needs to present the will to the Spartanburg probate court. If there is no will, a petition for letters of administration must be filed, giving the executor the legal authority to act on behalf of the estate.
When a will or letter of administration is presented in the court, the next step is to identify the assets, such as real estate, bank accounts, or personal belongings.
It is an important part of the probate process where the fair value of the assets is determined. The court will ensure that the assets are sold at a fair price, and the proceeds are distributed equally among the heirs.
After property appraisal, the executor should seek approval from the probate court to sell the property. Here the court ensures that the sale of property is in the best interests of the estate.
When the executor receives permission to sell the property, then is the time to hire a realtor to advertise the house or sell it to the cash home buyer directly.
If you find a potential buyer and get a final offer, the probate court must review and approve the sale. After the sale is completed, the proceeds are divided among the heirs fairly.
Previously, you have understood the complete process for selling a house through probate court. Now, you will explore different options that are necessary to be understood.
After getting the court’s permission to sell the property, you need to hire a real estate agent who will advertise your home, engage potential buyers, and close the sale. Remember, the realtor fee is 5% to 6% of the home’s market value. Traditional selling is a lengthy process which could take 1-2 months and often realtors recommend you perform repair work. It also cuts your costs, and your expenses could exceed 10% of the home’s value. Additionally, you need to handle hectic paperwork and navigate complex legal procedures.
Now, you might be thinking: Can I avoid the hassles and additional costs during home sale? The answer is: Yes, you can.
Home buyers purchase the house directly without involving the hassles of traditional process. They are investors who are ready to buy a home that requires costly repairs. Moreover, they don’t charge a single penny, avoiding the cost of realtor fees. Next thing you would be asking: Do they buy inherited property during probate?
Luckily, home buyers purchase inherited properties. Not only this, but they also help homeowners facing difficult situations, such as foreclosure, tax payment, or squatters, even if they want to sell a house by owner without going through a real estate agent.
Although the property is possible during probate process but there are multiple challenges you may encounter during this journey.
Selling a house through probate court Spartanburg SC is tough but doable, if you understand legal procedures, build mutual consensus, and follow a proper plan. Moreover, choosing the right selling pathway is important. If you can afford to wait for two months or lose 10% of the home’s value, you should follow the traditional selling process. When you are unable to wait longer or don’t have resources to pay realtor fees, you need to contact a cash home buyer to get a cash offer quickly.
Worried about selling an inherited property? Reach out to Redhead Home Properties to receive a fair cash offer within 7-14 days.
Probate court oversees the proper administration and distribution of property or assets as per the will of deceased person.
If you are the sole heir of the property assets, then legally you have the right to own or sell the house. If not, the court will decide according to South Carolina State law.
Follow these steps:
