Do you need to sell a probate house in Utah?
This article will provide the necessary information and the guidance to sell real estate in probate in Utah.
Many of us end up selling a probate property because we inherited a house. An inherited property can be a beautiful gift, but it can also become a burden. Most of the time, inherited properties are not in great shape. There are tax issues, and liens attached to the property. Even if the house is clear & free, perhaps, no one wants to keep the house, and you have to sell it.
In Utah, properties have to go through the mandatory probate process. The probate process is less time-consuming if everyone agrees on the outcome. Contested probate will obviously take longer; it can sometimes take years.
What is Probate?
Officially speaking, probate protects the interests of the deceased person. Indirectly, probate is designed to ensure the payment of taxes. If there are any taxes due, you must pay them before getting your share of the estate. Unless named in the will, the probate court will appoint an administrator to look over the matters of the estate.
Can You Sell a House in Probate in Utah?
Is it possible to sell a house that’s going through probate?
The answer is yes, but you’ll still have to follow the complete process. A reputable cash buying firm can help you here. Expert companies have their team of legal advisors and attorneys who can complete the probate process for you. Once you meet the court requirements, you can sell your home as-is to the local house buying firm in your area. The process doesn’t take years or months. You can sell your home within days.
Process of Selling a House in Probate in Utah
Appraise the house
Before you can sell a home, you need to have an exact idea of the price of the property. You can get an opinion from your agent or hire an independent appraiser. As per the law, you must sell the house for at least 90% of the appraised value. So make sure that your appraiser understands the market, and gets you an accurate price of your home.
Market the Property
The next step is to find a buyer for your probate house. The executor can list the home on MLS to attract prospective buyers. If you have a direct buyer, that’s also fine. It is mandatory that the buyer submits a cashier check worth 10% of the sales price of the property.
Send Notices to Involved Parties
The executor should notify all parties regarding the sale of the house. Beneficiaries can raise their objections within 15 days of receiving the notice. If everything is fine, you can proceed further with the transaction.
The Sales Day
Probate court is closely monitoring the entire process. The court holds an auction. If anyone is interested in purchasing the property, they can submit their bid. The property goes to the highest bidder. In that case, the executor will refund the 10% deposit to the previous buyer.
The new purchaser must submit a 10% deposit immediately. The rest of the sale happens like a traditional sale.
Selling real estate in probate is a complicated process. People sell a house to a professional buyer for several reasons. Ease of transaction and quick closing are the top reasons. Some people will say you can get a better price by hiring a realtor. It is true that sometimes, you can get a higher price if you list your home on the MLS. However, the critical part is how much you get to keep in your pocket.
A retail sale requires repairs and inspections. You’ll need to pay the 6% commissions. Then there are unexpected delays because buyers have to get a mortgage. The process drags over months. By working with a cash buying firm, you can avoid the hassles. You can sell your inherited home, fast, for a fair cash price.