Offer Express: What are the advantages of selling a property in probate to a cash buyer

by Sep 6, 2022

Gahanna, United States – /Offer Express, LTD/

Selling a home is not easy and has many boxes to check before the sale can be made. The task becomes even more challenging when the property is tied up in a legal situation like foreclosure or probate. In such a case, the amount of paperwork and legalities increase manifold. 

A homeowner must fully understand what probate property means and the steps involved in selling such a property. 

What is meant by probate property?

When the homeowner dies, and there is no inheritor, the property is turned over to the court. This property is now considered in probate, and it is up to the probate court to decide the distribution of the assets by appointing an executor who can then sell the property. Often the property owner has debts that need to be paid off, and the court has to see to it that these debts are settled through the sale of the property. 

Steps to consider in selling a probate property

  1. Appraisal of the property – A realistic property estimation must be done, and the home must sell for at least 90% of this estimated price. A good home appraiser will be the right person to do this job. The house is then listed on the market as a probate sale. 
  2. Buyer’s offer – When a buyer makes an offer, it is sent to the court for confirmation of acceptance. The buyer’s offer is to be accompanied by a 10% deposit of the offer amount. Once the court confirms the request, then all the representatives of the probate property are notified. 
  3. Notice of proposed action – Once an offer has been accepted, the court sends a notice of proposed sale to all the heirs. There is a 15-day period where the heirs can pose an objection to the proposed deal. But if no complaints are raised, the property is ready to be sold off.
  4. Overbidding process – Before accepting the buyer’s offer, the judge can ask if there is anyone else who would like to make an additional bid on the house up for sale. This bid must be higher than the one already accepted. The judge can hear out on all such offers till a higher bid has been received. 

By now, it must be clear that selling a property in probate is not an easy task. It is time-consuming, with many safeguard checks by way of court procedures. It could take up to six months to a year to sell a property in probate, and one must carefully evaluate it.

So the other option is to go for a cash buyer like Offer Express to make a quick sale to avoid all the above hassles. A typical cash buyer is looking to close a deal quickly, turn the house around, and resell it to make a tidy profit. They have cash in hand and are the fastest method to make a quick sale. 

Why Offer Express?

A premium real estate solutions company, Offer Express buys houses and wholesale properties, partners with local agents, offers investment opportunities to money lenders, and sells renovated and ready-to-move-in homes. With abundant experience in all real estate transactions, Offer Express is an experienced and resourceful company offering hassle-free cash deals. Their team of professionals has the integrity to follow up on their promises and the expertise to navigate any transaction to ensure that the client is fully informed for making the best decision possible.

Are you typing “Sell my house fast Columbus OH” in your Google search field? You don’t need to look any further. Call (614) 820-5777 to know more about the real estate services at Offer Express.  

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