If you have lost a relative who did not have a will or a trust, and especially if they have a sizeable estate, you will be drawn into a lot of proceedings that you need to endure and paperwork and choices to sort through. Of course, that is on top of the emotional burden from the death of a loved one.
You will need to arm yourself with patience. All legal proceedings must take their place and as it is with any legal process, all the details matter and the timelines must be adhered through. Mistakes will cost you. In addition, the process will include finding out the inheritors of the real estate and informing each and everyone of them of the facts and the process for the inherited estate. Also, executors of the estate will often need to liquidate the properties and distribute the proceeds evenly among the inheritors/beneficiaries.
If you are involved in the inheritance process, check the information out below on how to sell a probate property in Portsmouth. Each jurisdiction will have specialized rules and process for selling an inherited property, so please use the information correctly based on the location of the property, not necessarily where you may live currently. On top of this, you need to get familiar with the tax consequences. For example, in our state – VA – you can start here:
https://www.tax.virginia.gov/estate-and-inheritance-taxes
How To Sell a Probate Property in Portsmouth
Certified Appraiser
One of the first steps is to find a certified independent appraiser. You can do that through a google search, or real estate professionals in Portsmouth.
Petition
After you have received an appraisal, you can file a petition with the local court to obtain a permission to sell the probate property in Portsmouth. During the process of filing the petition, you will need to include any and all information regarding the property including the appraisal. You will also need to include the projected method by which you will be selling the property – auction or open market. Only after the court approves it, then you can proceed with selling the property.
Offer the Property
You can now sell, but with a condition. After the court’s approval you can then market to sell the property in Portsmouth, but with the condition that the court will need to approve the purchase too.
Court Confirmation
You will need to petition the court for a hearing to confirm the sale of the property. This is a process that usually takes 20 to 40 days from the filing date. So, be ready for some delays.
Advertise
Now you can advertise the property for sale in Portsmouth. This is what’s called “open bidding”. Anyone can tray to buy the property, including end buyers and investors. This will allow all interested parties to bid on the sale of the property, which can increase the price for the final sale.
Closing
Next, you can close on the agreement for your probate property in Portsmouth. Be carefull and obey all laws and regulations. In Virginia, the Administrator of the estate can sell and dispose off personal property, but they cannot sell real estate, unless they petition the court as explained above and get permission. Also, all the heirs must join in selling the property and sign the sales documents. On another hand, if the deceased had a Will, they could have expressly given power to the Executor to be able to sell the property.
If you need to sell inherited property, we can help you with getting you a fast cash offer. Call Coastal Edge Homebuyers today at +1 (757) 414-7117 or send us a message to sell a probate property in Portsmouth.