What You Should Know About Dealing With Probate Real Estate in Milwaukee

probate propertyWhen dealing with a probate property in Milwaukee, you may have many questions you would like to have answered. Below, we offer some information about probate properties as well as ways to handle them.

What Is Probate?

Probate is the legal process following a homeowner’s death if the property was not in a trust or owned with another person that did not have full rights of survivorship. In most cases, the real estate that needs to go through probate will need to be sold so the proceeds from the sale can be split up between the beneficiaries if it was not indicated in the will to go to anyone or more people. The first thing to do is to determine where the probate needs to occur. The best place to start is the municipality where the property is located. There are many states that require the probate to be done in the county in which the property is situated. Then, you will need to hire a lawyer to analyze the will then draw up the paperwork. The paperwork is then taken to the courts. The judge determines who is the rightful owner of a piece or portfolio of real estate usually based on the previous owner’s will. Very rarely does the judge rule against the will.

Who Pays For Probate?

When it comes to paying for a probate, you can do it out of your own pocket, or to have everything payed out at the closing. The estate’s executor will decide on the listing price, then negotiate the sale price and finally execute the contract. The lawyer who is handling everything should send the invoice to the title company that will handle the real estate transaction. After all of this, the probate will be subtracted from the proceeds. The fee and costs for this process can range from just a few hundred dollars to over a thousand. This depends on the state in which the property is, as well as its value.

Can I List Probate Real Estate?

Before the probate is completed or without the court approval, you can’t sell the property, or even list it. If you want to put it on the sale, you’ll first have to petition the court. If you manage to get it on the MLS, you can take the offers on the house and you can create a contract on the property, but you cannot close the deal before the probate ends. When the probate case is filed, then the title company will know who can legally sell the property.

How Much Should I Sell For?

Before you can decide on the price of your real estate, probate or not, you’ll need to have the appraisal in order to estimate its exact worth. Also, you’ll have to ensure whether or not there are any problems with the property’s structure because all of the issues must be disclosed on the contract. Hiring a inspection might also be a good idea, despite the costs. Of course, when looking at the offers you’ve received, you must always take the probate cost into the consideration. If the lot is vacant, be sure that your offer can cover the bill. If you want to have the probate completed your house and any other kind of real estate would probably need to be sold for a way more than the actual cost which may slow down your selling process. If you want to sell your probate property really quickly, you may want to list on the lower end of the market comps or appraisal price, this will ensure your property receives offers very quickly.

I’ve Accepted An Offer, Now What?

When you have received an acceptable offer, or you have negotiated a price you are willing to sell for, execute the contract. If you have any questions about the contract, reach out to a real estate lawyer to help you understand all the terms, conditions, and riders necessary to complete the deal. When the title company is chosen, make sure you provide the probate lawyers invoice to them so they can take care of the bill out of your proceeds. 

Contact Sparks Property Investors LLC today at (262) 288-0580 to discuss in greater detail what you should know about dealing with probate real estate in Milwaukee.

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