If you have recently inherited a property in Portland and need to sell it, you may be wondering what the process looks like. Selling a probate property can be a complex and challenging process, but with the right knowledge and guidance, it can be done successfully. In this post, we will cover five things you need to know about selling a probate property in Portland and how Bridgetown Home Buyers can help make the process easier for you.
1. Understanding Probate
Probate is the legal process that takes place after someone dies to transfer their property to heirs. If the person who passed away left a will, the probate court will distribute the property according to their wishes. If there is no will, the court will distribute the property according to state law. During the probate process, the court will appoint an executor to manage the estate and oversee the distribution of assets.
2. The Role of the Executor
If you are the executor of the estate, it is your responsibility to manage the property and ensure that it is sold in a timely manner. You will need to obtain the necessary paperwork from the court, including letters of testamentary, which will allow you to act on behalf of the estate. You will also need to hire a real estate agent to help you sell the property. It is important to choose an agent who has experience selling probate properties, as they will be familiar with the unique challenges of this type of sale. In some cases, it can be simpler to sell the house directly if there are needed repairs, multiple heirs, or people living in the home.
3. Valuing the Property
Before you can sell the property with an agent, you will need to have it appraised to determine its value. The appraiser will look at factors such as the size and condition of the property, as well as the location and recent sales of similar properties in the area. It is important to obtain an accurate appraisal, as this will help you set a fair asking price for the property. Selling directly can eliminate this step.
4. Disclosing Information
When selling a probate property, it is important to disclose any known defects or issues with the property. This includes things like water damage, mold, or structural issues. Failure to disclose known defects can result in legal action against the executor and the estate. Your real estate agent can help you prepare a disclosure statement that outlines any known issues with the property. At Bridgetown Home Buyers, we buy houses as-is, no matter their condition.
5. The Sale Process
Once you have an accurate appraisal and have disclosed any known defects, it is time to put the property on the market. Your real estate agent will help you list the property and market it to potential buyers. When an offer is received, the executor will need to review and approve it before it can be accepted. Once the offer is accepted, the buyer will typically have a certain amount of time to conduct a home inspection and obtain financing. Once all of the contingencies have been met, the sale can be closed and the property transferred to the new owner.
Selling a probate property in Portland can be a complex and challenging process, but with the right guidance, it can be done successfully. If you have recently inherited a property and need to sell it, it is important to work with a real estate agent who has experience with probate sales or a direct buyer who understands the probate process. They can help you navigate the process and ensure that the property is sold in a timely and efficient manner. With the right approach, selling a probate property can be a smooth and stress-free experience. Reach out to Bridgetown Home Buyers today to learn more about how we can help you! 503-765-9326