How To Sell A Probate Property In Port St. Lucie

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How To Sell A Probate Property In Port St. Lucie
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What Is Probate?
Probate occurs when someone dies and heirs
receive property listed in a will and the debts
of the deceased estate are paid off. If you have
to deal with the probate process, it is best to
deal with a probate attorney as the process moves
through the courts. They will be able to provide
you with advice, help you handle debt payments,
tax situations, and guide you through an often
stressful process
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Why Would A Probate Home Need To Be Sold?
When a person dies and there are outstanding
expenses owed or ongoing expenses such as a
mortgage payment, the estate may not have enough
income to pay these debts. The executor of the
estate may be forced to sell the property in
order to avoid foreclosure. If the house is not
required to be sold by the court, you will need
to wait until the probate process is completed
before attempting to sell the house.
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How It Works?
Even if the property was not left to an heir, the
executor of the estate will be tasked with
handling the sale of the home. An interested
buyer must provide a deposit along with a written
offer. Before the offer is approved by the
courts, the court will ask if there is anyone who
would like to make a higher offer for the
property. Once the court approves the offer,
there be an opportunity to have the property
inspected before the sale of the home is
finalized. Once this process is completed, escrow
will be able to close within only a couple weeks.
The proceeds of the sale are used to pay any
outstanding debts, with the remaining balances
going to the heirs as outlined in the will.
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Make Sure Everyone Is Onboard
If there are multiple heirs, it is important to
make sure everyone is all on the same page. While
the executor of the estate has the authority to
list and sell the property, it is best to get
everyone in agreement ahead of time. You dont
want to have anyone contest the sale or create
problems within a family if you can avoid it.