Inheriting a property after losing a family member or beloved friend can be an overwhelming experience. In North Carolina, with or without a will, estates must go through the process of probate. Having a will such as a “last will and testament” makes the process a lot smoother. Things would be even easier if the house needed no repairs, had no bank debt and had no liens or judgments. Unfortunately, this is rarely the case
The financial obligations (debts) assigned to the property carry over to the beneficiaries, along with the mortgage, insurance, taxes, and any monthly bills. The expenses which accumulate during the probate process are a heavy financial burden. Often, selling the property as quickly as possible is the best solution for all involved. Read on as we explore five tips for selling a probate property in NC.
Probate is a technical term for estate administration. In essence, probate is the process of the prooving of the will; the courts ensure that the deceased’s instruction for the disbursement of their property is completed and require that a judge oversee the process.
“Some wills are not valid because they lack the legal requirements of a valid will. A will has no legal effect until it is probated by a court (usually the clerk of superior court).”–NC Judicial Branch
Because of the legalities involved, our first tip for selling a probate property in NC is to understand that when a property is in probate, you will need to prepare for a lengthy period before the beneficiaries can sell the property. You will also need to keep a close eye on deadlines, carefully complete any paperwork, and follow the rules and order of operations set out by the probate court. It is advisable to hire a qualified local attorney, that is a member of the North Carolina Bar, that can guide you through the probate process.
You may want to avoid the hassle of selling your house the traditional way and skipping hiring a local agent. In that case, our next tip for selling a probate property in NC is to consider selling it as an “FSBO” or for sale by the owner. Should you follow this course, be sure you understand the laws surrounding disclosure. Mainly the North Carolina Residential Property Disclosure Act. Even if there’s an issue with the home you aren’t aware of, the buyers could take legal action against you as the seller in the future. Finally, to determine a realistic price point, you should compare similar properties nearby that have recently sold.
Now, for those with no time constraints, a great tip for selling a probate property in NC is to consider offering owner financing. You’ll need to do the same prep and repair work and are still under the same risks from disclosure after the sale. In this arrangement, you’ll be offering the opportunity of homeownership to buyers who may not be quite ready to assume a conventional mortgage. As they save towards their downpayment and get their credit prepared for the lender’s approval, you’ll be making a higher profit on the property. In addition, for the courtesy of taking your home off of the market for this period, you can set the sale price higher than the current market because you risk the market taking off and potentially selling at below market value in the future.
Sell With an Agent
If the property is in great shape or can afford to make all of the repairs required to bring it up to par, selling a probate property in NC with a real estate agent may be your best route. Even after the commissions, broker fees, and closing costs, some properties are better suited to this method of home sales and can provide the beneficiaries with a sizeable profit. Just remember, a real estate agent cannot provide you with the closing date for sale or even guarantee the property will sell; if you or the other beneficiaries are in a financial bind, this may not be a suitable sales method.
Sell Your House For Cash
Our final tip for selling a probate property in NC is to sell your house for cash to a local home buying company like Wake County Home Buyers. As a professional home buyer we don’t charge any commissions or fees; instead, we work full-time buying properties for cash, in as-is condition, and renovating them. You will not be asked to make any repairs or even clean. After taking the time to talk to you about your property and any hurdles that you’re facing with the probate property, we will help you understand your options so you can make an educated decision. We are very easy to work with and there is never any obligation by contacting us.
Doesn’t it make sense to talk to a direct buyer like those at Wake County Home Buyers before you decide on one of the more common methods of selling a NC property? Contact Wake County Home Buyers today at (919) 473-6885.