If you want to sell a probate property, you probably already know that you can’t easily do so the traditional way. So what are your options?
Sadly, everyone can experience a death of loved one. On some occasions, these people had a property but not a will to officially give it to someone. After this devastating loss, you are left with a home and a lack of paperwork. To sell a probate property such as this one includes long drawn out proceedings, especially if you were left with a large estate.
This process is often costly, so you should ensure you’re doing everything right. If you skip any legal requirements, you may prolong this process even more. The assets of the deceased person have to be analyzed and the court has to determine who’s the rightful inheritor. The real estate may even need to be liquidated, and then the funds will be distributed evenly among all the beneficiaries.
If you find yourself in this position, you should inform yourself on how to sell a probate property in Milwaukee.
Some legal aspects are the same in all the states. However, not all of them are and many aspects vary depending on the jurisdiction. To ensure your sale is valid, you must rigorously follow all the legalities when organizing a sale.
How To Sell a Probate Property in Milwaukee
Your first step will be to locate an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate professionals in Milwaukee.
Once you’ve obtained your certified appraisal, you’ll next want to proceed by filing a petition with the court to sell the probate property in Milwaukee. While filling out your petition, be certain the information includes any pertinent information about the property along with the method that will be used to complete the sale, be it at an auction or on the open real estate market. Submit your petition along with your certified appraisal. Once you’ve obtained the court’s approval, you may then proceed with the sale.
Offer the Property
For sale, with conditions! Now that you can finally take action and sell your probate property in Milwaukee, you’ll want to make certain to disclose to your potential buyer that the court’s confirmation of the transaction is required before you can accept, making the offer conditional.
Commonly, once you’ve petitioned the court for a hearing to confirm your sale, you can expect delays on the court calendars ranging from between 20 to 40 days, from the filing date.
Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.
Because the ultimate goal of the sale of a probate property in Milwaukee is to garner the highest amount possible for the estate, you must advertise your court hearing to the general public for a process known as open bidding. This allows any additional interested parties to participate in the purchase of the real estate, aiding in raising the final purchase price.
Now you’ll need to attend the court hearing and wait until the unconditional bidding has concluded and a cashier’s check is presented for the final figure. Your buyer will be able to participate along with any member of the public who so chooses, bids increase by $500 at a time.
Refunding the Deposit
Should a new buyer overbid your buyer during the court proceedings, be prepared to refund their 10 percent deposit. Otherwise, should your original buyer maintain the highest bid, the funds you previously collected from them would be applied to the purchase.
Finally, you can close on the contract for your probate property in Milwaukee. Be certain that the costs of the property are covered by the financing. You’ll also be responsible for placing the full amount into the estate fund.