When you receive a property in someone’s will, it can be a difficult time for everyone involved. It’s not unusual for you to sell the house fast for emotional reasons or to avoid high maintenance costs.
However, probate property sales are a little bit more complicated than regular sales. If you don’t have experience, you are often unaware of how much time and work this responsibility can require.
If you’re planning to sell a house in South Carolina in probate, here are some things you need to know.
How Probate Works
During probate, assets of a deceased person are distributed. Wills and estates are handled by a probate court, which has the legal authority to handle those matters.
The laws governing probate vary from state to state. According to South Carolina law, if the decedent owned any real property (home, real estate), or personal property (boat, car, mobile home, jewelry, furniture, etc.), valued at more than $25,000, someone will have to open a regular estate.
South Carolina’s laws for settling estates are similar to those of other states. When participating in the probate process, it’s a good idea to understand the basics of each step.
- An application for probate is filed with the county court where the decedent lived. An executor is appointed by the court.
- Heirs and creditors must be notified of the death of the decedent by the executor.
- Assets must be collected and valued. Sometimes they may need to be appraised.
- The executor files tax returns, pays owed taxes, and pays other creditors. In the event that funds aren’t available, they may have to sell property.
- When all debts are paid, the remaining assets can be distributed to the heirs and ownership transferred. The probate is closed.
This is a simplified description of what happens with probate, but each step can take weeks or months to complete. In larger estates, the process may be more complex.
Selling A Greenville House In Probate
It is possible to sell a Greenville house in probate. In the event that estate property must be liquidated to pay creditors, the executor will be charged with selling it. The court will typically order an appraisal to set the listing price.
When at least one buyer has made an offer, the executor must petition the court for permission to sell the home. The deceased’s heirs and the estate’s beneficiaries will be notified, and the sale can proceed if no objections are filed.
If more than one bid is submitted, all interested buyers must appear in court to submit their bids. The winning bidder must send a cashier’s check for at least 10% of the offer price to the estate’s executor or administrator.
If you are an executor selling a home in probate, you might consider hiring a real estate agent to list it, market it, and show it. The traditional home sale process, however, can be very expensive and may take some time.
It may be a good idea to hire a cash home buyer if you’re in a hurry to sell your house in probate. The home buyers will buy the house regardless of its condition and will offer an instant cash offer. You can have the house taken off of you in a matter of days or weeks if you accept their offer.
It is hard to lose a loved one, and even more difficult when you are named executor of an estate. Using these tips, you can sell a probate property smoothly and without any worries.
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