Probate is the process of reassigning the property to the beneficiaries after the person dies. You may hear this term quite often or you may not be familiar at all. When a person passes away they leave their loved ones and their property behind. Sometimes the last will or the Testate 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 Philadelphia, Pa?“, and the answer is that it can be sold if simple steps are followed. As real estate investors and Cash Homebuyers in Philadelphia, Pa, TriState Properties 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 Philadelphia. You want to do everything the right way.
As real estate investors in Philaelphia, Pa, TriState Properties advises sellers to go through the following steps and also suggests other investors check the procedures when buying property in probate in Philadelphia.
Can a house be sold while in probate in Philadelphia, Pa? Yes, but make sure to follow these steps first!
With the help of the independent certified appraiser, a property can be appraised. You can very easily look for an appraiser in the local phone book or by contacting a real estate agent for their recommendations. This will cost you and that depends on the appraisal company and what they actually will charge you.
So, as real estate investors, we look for buying property on probate in Philadlephia, Pa that has already sought property appraisal. It helps us determine value as well.
Obtain the Petition
When you are in the process of selling the property during the probate period you have to seek probation from the court. This must be done through your county courthouse. We never want to deal with courts, but in this situation it’s a Must do. So fill out the petition form and provide all the details related to the sale of the property in Philadelphia along with mentioning the methods of sale. These methods of Sale can be to sell your house fast to a Cash homebuyer as we are here at TriState Properties.
Then with the help of the independent appraisal, fill out the form and wait for the approval from the court. Depending on your County this may take a while.
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. This makes any transaction easier to complete with less headaches for everyone. Many home sales can be problematic and may actually never go to settlement due to tangled titles and things not being done the correct way.
Place your Property for Sale
Next step is placing your property on sale. Be sure to inform the buyer about the matter that the property will be sold only after confirmation from the court as it is on probate. All real investors who buy homes for Cash only buy the property that is on sale after seeking court petition. If your property matches these conditions then we might be able to take it off your hands.
Seek the Court for Confirmation
As a buyer, you have to seek the court for confirmation to confirm the sale of your property in Philadelphia. Generally, hearings take place within a period of 20 to 40 days. Please do not forget to make arrangement and take 10 percent of the price from the buyer before the date of hearing from the court. As investors ourselves we tend to ensure the fact that the seller seeks the court for the confirmation soon.
Advertise in Local Newspapers
Inform about the sale and advertise it in local newspapers. This is done so that the public is informed about the property sale during 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 Philadelphia, you can bid in the court hearings. We often come to know of good property on probate through the local newspapers. They are actually helpful with good information at times. Newspapers can also be a good source for Real estate info from local Landlords and other inforomation on homes within your community
Attend the Hearing
Attend the hearing of the court. This is the place 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 there is a new buyer, refund the money of the previous buyer and take the deposit of the buyer after the confirmation has been given by 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.
After this, you can complete the contract with the buyer after the above-written steps. Real investors look for property that follows all the procedures and abides by the rules of the court. You must obtain Title insurance and do everything the right way in order to secure your purchase for the future. This entire process may take a while but it’s worth it in the end.
If you’re looking for a REAL investor to buy your property in Philadelphia, then we can help. We are trusted Local Cash Homebuyers who can allow you to sell your home fast and put any situation behind you. We have dealt with the most difficult situations and we look forward to speaking with you, helping you, or at the least giving you some more quality information.