Probate is the process by which an executor (or personal representative) reassigns the property to the beneficiaries through the courts after the property owner dies. When a person passes away they leave their loved ones and their property behind. Sometimes the Last Will and Testament is left behind to instruct everyone as to how the property should be distributed. However, if the deceased does not leave a Will and there are no instructions, this is called dying “Intestate”.
Whatever the situation, the property is reassigned to the heirs using the courts of law, and this extensive and thorough process is known as probate.
Sometimes a question arises, “can a house be sold while in probate in Salem VA?“, and the answer is yes it can be sold if simple steps are followed. As real estate investors in Salem VA, Cross Properties, Inc. suggests sellers go through the following steps and also suggests other investors check the procedures when they go about buying property during the probate period in Salem.
Can a house be sold while in probate in Salem, VA? Yes, but make sure to follow these steps first!
Ask Property Experts
If reading through all the in information below brings on instant sleeping, just call us here at Cross Properties, Inc. and we’ll walk you through the steps. You can reach us at (540) 777-7000 or by filling in our quick Contact Us form.
Property Appraisal
With the help of the independent certified appraiser, a property can be appraised. You can very easily look for an appraiser in the local phone book or by contacting a real estate agent for their recommendations.
So, as real estate investors, we look for buying property on probate in Salem VA that has already sought property appraisal.
Obtain the Petition
When you are in the process of selling the property during the probate period you have to seek probation from the court. So fill out the petition form and provide all the details related to the sale of the property in Salem along with mentioning the methods of sale.
Then with the help of the independent appraisal, fill out the form and wait for the approval from the court.
An investor only buys the property that has already completed the procedure of obtaining the petition, and we do look into the fact that the seller has gone through the process of obtaining the petition.
Place your Property for Sale
Next step is placing your property on sale. Be sure to inform the buyer about the matter that the property will be sold only after confirmation from the court as it is on probate. All real investors only buy the property that is on sale after seeking court petition. If your property matches these conditions then we might be able to take it off your hands.
Fill out the form to see if your Salem property qualifies for a quick all cash offer.
Seek the Court for Confirmation
As a seller, you have to seek the court for confirmation to confirm the sale of your property in Salem. Generally, hearings take place within a period of 20 to 40 days. Please do not forget to make arrangements to get an earnest money deposit from the buyer along with the contract before the date of hearing with the court. As investors ourselves we like to ensure that the seller has sought the court for the confirmation.
Advertise in Local Newspapers
Inform about the sale and advertise it in local newspapers. This is done so that the public is informed about the property sale during probate period. It also allows open bidding for the other interested people so that the property gets the best price. So if you are seeking to buy property on probate period in Salem, you can bid in the court hearings. We often come to know about the availability of good property in the probate process through local newspapers.
Attend the Hearing
Attend the hearing of the court. This is the place where bids are done and buyers and real estate investors come for bidding. After the final agreement is done the cashier’s check is given to court after the bid is confirmed. If there is a new buyer, refund the money of the previous buyer and take the deposit of the buyer after the confirmation has been given by the court… We often pay an earnest money deposit to the court after the contract has been confirmed.
After this, you can complete the contract with the buyer once the steps above have been completed. Real investors look for property in estates which follow all the procedures and are abiding by the rules of the court.
DISCLAIMER: While we do have a real estate broker in Virginia on our staff, we at Cross Properties, Inc. are not attorneys, CPAs, financial advisors, or tax experts. It is always best to consult competent professional advice prior to making any decisions with regard to a decedent’s estate, or disposing of any real estate.
If you’re looking for a REAL investor to buy your property in Salem, then we can help.