After losing a loved one who had no financial protections in place, selling their property can be a long and difficult process. Though this period can be emotionally taxing, settling legal matters is important before it gets too challenging. This is especially true for larger estates.
This process is time-consuming. However, you shouldn’t skip any legal steps that can further complicate your property situation. You must go through the process properly and accurately to make things smooth and easy. First, you’ll need to wait while assets are being examined and the true heirs of the inheritance are determined. The assets may have to be sold in order for agents to carry out their duties, which will lead to probate courts distributing funds equally among the beneficiaries.
If you need to sell a probate property in Long Island, NY, this information can be a lot of help to you.
Find a Certified Appraiser
The first thing you should do is hire a certified independent appraiser. The best way to go about this is to look through phone listings or ask around for probate property real estate professionals in Long Island, NY. Hiring a certified appraiser will get you started and should help you determine the value of the property you want to sell.
Submit a Petition to a Court
Once you’ve earned your certified appraisal, you’ll want to submit a petition to the court to sell the probate property in Long Island, NY. While filling out your petition, ensure it includes all relevant information about the property. Fill in details about how the sale will be completed, whether at an auction or on the open real estate market. Along with your certified appraisal, you may proceed in filing an official petition. Once you receive approval from the court, you can go ahead and proceed with the sale.
Offer the Property
Now that you have the legal rights to sell your probate property in Long Island, NY, you’ll want to make sure to notify any potential we buy houses in Long Island, NY company that the court’s affirmation of the transaction is required before you can accept, in essence making it a conditional offer.
Generally, you can expect a 20-40 day waiting period from the time of filing until your court date. A hearing will then be held to confirm your sale.
At this stage, make a plan to collect a 10% deposit from the buyer, which is calculated based on the purchase price.
Because your goal when selling a probate property in Long Island, NY is to obtain the highest possible price for the estate, publish your court hearing to the general public for an open bidding procedure. You can use social media platforms to target those nearby or interested in the area. Putting up a public post online will attract more people who would not have become potential buyers otherwise. Advertising the property will allow any interested parties to join in on the purchase of the house, which might help to raise the final sale price.
Attend the court hearing and wait until unconditional bidding is completed. Afterwards, you will be given a cashier’s check for the final figure. Your buyer is allowed to participate in the process, along with any other members of the public who would like to bid. Bids will usually increase in $500 intervals.
Refunding the Deposit
If a new buyer overbids your current buyer during the hearing, be ready to refund their 10% deposit. Otherwise, if your original buyer remains in possession of the highest bid, the money you have already collected from them will be included in the final sale.
You’re almost there! The final step to selling the probate property in Long Island, NY is ensuring that the costs are completely covered by your financing, and you’re responsible as well placing the entirety of the amount into the estate fund.