Basics of Property Management: Screening Potential Tenants
Important Things To Know When Selling A Probate House
Jesse Obrien
If your loved one passes away and they do not have a will, their assets will have to go through probate court before they can be distributed. As the closest living relative, you may be left with a home that is being overseen by the probate court. You are not necessarily stuck with this home if you prefer to get rid of it; these houses in probate can actually be sold in some situations, which is preferable for some individuals. If you find yourself in this situation, there are some things you will want to know about selling a probate house.
Selling a house during probate saves some time.
It is a better idea to sell a house during probate than it is to wait until probate has concluded if you can. During, the house is sold by the estate, which means the title is never actually transferred into the name of the beneficiary. After probate, the title has already been transferred, and will then have to be transferred again, which takes that much more time to do. If you have an idea that you will sell the house in the near future, it is well worth considering selling it during probate and saving yourself a lot of time and hassle.
If the estate has debt, money from the sale will go to the debt.
If the estate has standing debts and you decide to sell a house during probate, any money necessary to pay outstanding debts will be paid to the estate before any money is granted to you as an heir. The process can take a bit to conclude in these scenarios, but it is the natural order of how the court system handles these situations. In some situations, the court will order a house to be sold to pay outstanding debts the estate must pay before probate can conclude.
Selling a probate house means the court will be partly in charge of accepting offers.
Once a probate house is listed for sale, interested buyers can make offers on the property through the probate court. If the court does not agree with the offer, it can be turned down. You, as the primary heir of the home, will also have a say in whether or not an offer is accepted. However, the court will typically have the final say, especially if they have paid to have the home appraised.
For more information about selling a probate house, talk to a local realtor.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.