Probate is the process of reassigning the property to the beneficiaries after the person dies. When a person passes away they leave their loved ones and their property behind. Sometimes a Will or the Estate is left behind by the person and in some cases it is not.
Whatever is the situation, the property is reassigned to the heirs with the court of law, and this extensive thorough process is known as probate.
Sometimes a question arises, “can a house be sold while in probate in Salt Lake City, Utah?“, and the answer is that it can be sold if simple steps are followed. As real estate investors in Salt Lake City, Utah, YourPriceMyTerms.com advises sellers to go through the following steps and also suggests other investors check the procedures when they go for buying property on probate period in Salt Lake City.
As real estate investors in Salt Lake City, Utah, YourPriceMyTerms.com advises sellers to go through the following steps and also suggests other investors check the procedures when buying property in probate in Salt Lake City.
Can a house be sold while in probate in Salt Lake City, Utah? Yes, but make sure to follow these steps first!
With the help of the independent certified appraiser, a property can be appraised. An easy way to find an appraiser is to do a google search or contact a real estate agent for their recommendations.
So, as real estate investors, we look for buying property on probate in Salt Lake City, Utah that has already sought property appraisal.
Obtain the Petition
As you begin the selling process, the property during the probate period will need probation from the court. So fill out the petition form and provide all the details related to the sale of the property in Salt Lake City along with mentioning the methods of sale.
With an independent appraisal, you will need to 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. It is a good idea to inform the buyer about what is doing on to the property and that the house will be sold only after you have confirmation from the court because it is in probate. All real investors only buy the property that is on sale after seeking court petition. If your house or property matches these type of conditions then we might be able to buy it and take it off your hands.
Seek the Court for Confirmation
As a buyer, you have to seek the court approval to confirm the sale of your property in Salt Lake City. Generally, hearings will take place within a period of 20 to 40 days. Please don’t forget to make an arrangement with the court and get 10 percent of the price from the buyer for earnest money before you have a date from the court. As investors ourselves we tend to ensure the fact that the seller will have an approval from the court.
Advertise in Local Newspapers
Let the world know that you are going to sell. You can advertise it in local newspapers or online real estate ads. The reason why this is done is so that the public knows about the house is for sale while you are waiting for the 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 Salt Lake City, you can bid in the court hearings. We often come to know of good property on probate through the local newspapers.
Attend the Hearing
Attend the hearing of the court. While there you and other buyers can bid on the house. 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 a new buyer comes along, refund the money to the previous buyer and take the deposit of the new buyer after the confirmation has been approved through the court… We tend to always pay some money as a deposit of the original price, to the court after the contract has been confirmed.
Remember after all of this, you can complete the contract with the new home buyer after the above-written steps are completed. Real estate investors look for property that follows all the procedures and abides by the rules of the court.
If you’re looking for a REAL investor to buy your property in Salt Lake City, then we can help.