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 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 Chesapeake Virginia?“, and the answer is that it can be sold if simple steps are followed. As real estate investors in Chesapeake Virginia, Coastal Edge Homebuyers 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 Chesapeake.
As real estate investors in Chesapeake Virginia, Coastal Edge Homebuyers advises sellers to go through the following steps and also suggests other investors check the procedures when buying property in probate in Chesapeake.
Can a house be sold while in probate in Chesapeake, Virginia? Yes, but make sure to follow these steps first!
You can appraise a property first. You would seek out an appraiser – you can find one through a referral or online. As a general rule, we, as real estate investors who are looking for buying properties on probate in Chesapeake, we would actually look for a property that has already been appraised.
Obtain the Petition
When you are in the process of selling the property during the probate period you have to seek probation from the courts. So, you would fill out the petition form and provide all the details related to the sale of the property in Chesapeake, along with mentioning the methods of sale.
Subsequently, you would get the property appraised and then you would seek the approval of the court to proceed with the sale.
An investor would only buy a property that has already been through this process and the heirs have obtained a petition. That is the proper way.
Place your Property for Sale
The subsequent step is to actually put the property up for sale. You can contact a local investor/cash buyer like us. You would need to inform the buyer that the property can only be sold after confirmation from the court as it is on probate. If it matches this condition, we should be able to take it off your hands. Believe us, we’ve seen many such cases and selling suc house fast is one of the best options for the heirs, especially when there is two or more of them. The reason is simple, it’s hard enough to get two people to agree on something, now imagine the challenge if you have to make arrangements for contractors if you want to fix up the house. It can be a nightmare trying to coordinate. What is something goes on for too long, or the work do not produce the expected result, who would be dealing with all this? So yes, many heirs rightfully so, decide to sell the inherited house asap.
Seek the Court for Confirmation
As a buyer, you need to seek from the court a confirmation of the sale of your property in Chesapeake. Generally speaking, such hearings happen within 20 to 40 days. Please don’t forget to make arrangements and take 10% of the price from the buyer, before the actual hearing date from the court. As investors ourselves, of course we’d like to ensure that the seller seeks the court for the confirmation sooner than later.
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 Chesapeake, 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. This is the place where the bids are done and buyers and real estate investors come out 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 (EMD), to the court after the contract has been confirmed.
After that, you can complete the contract with the buyer after the above-written steps. Real/good investors look for property that follows all the procedures and the rules of the court.
If you’re looking for a REAL investor to buy your property in Chesapeake, then we can help.