The buying and selling of real estate is big business in any economy in the world. As a population increases, people need more houses in which to live, and businesses need offices and factories in which to grow their workforce. Despite this fact of life, real estate transactions can still be very risky propositions, especially when it comes to selling a probate (inherited) property, if the prospective buyer doesn’t understand the probate process for a house in Salem VA.
So what is a probate anyway?
A probate is a legal way of administering the property of a deceased person (decedent) if the person never left a will or if the will had specific instructions on how his or her property was to be administered after they have passed. These proceedings take place in probate courts. The person responsible for closing out the estate is often called an “Executor”, but in Virginia that person is the “Personal Representative”.
How to begin the probate process for a house in Salem with NO WILL
The probate process begins after a person dies. Soon after this, the Personal Representative is expected to inform the court. If the decedent has no will, the court appoints an attorney to take care of the sale. Once this is done, the attorney advertises the property just like other real estate properties. The price is based on an agent’s suggestion and also from an independent appraisal ordered by the probate court.
Now, after the property is advertised on the market then it is up to the Personal Representative to wait for the buyers to make offers on the property. Once this process is completed, the final decision is made by the probate court on who should buy the property. This can get complicated for the Personal Representative, who is often not familiar with this process at all.
However, if there WAS A WILL
If there was a will and it has been properly submitted to the probate court, then the Personal Representative can choose to sell the property to anyone as long as everything is done by the book with the probate court. They can sell either before it goes on the retail market, or by placing it on the market with a real estate agent. Click this link to see a comparison of costs between A) putting the home on the market with an agent, or B) selling directly to Cross Properties, Inc..
It is important for the Personal Representative to familiarize himself or herself with the property to avoid any road blocks (repairs, mortgages, back taxes, etc). Many of these issues can be avoided by choosing the right partner in Salem and that would be us, Cross Properties, Inc.. Click the link here, fill out the form and we’ll help you get started now.
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.
Want to sell your house in Salem fast (and securely)?
We have been in this industry for years and our reputation speaks for itself. If you are interested in choosing us as your partner in Salem, you are always free to contact us through our website form, our social media pages, as well as giving us a call or text at (540) 777-7000. We will respond, as soon one of our team members is free.
We are always here to help walk you through the probate process for a house in Salem, we look forward to speaking with you. 🙂
Call us today at (540) 777-7000 to get a cash offer on your inherited house today!