Probate is the process of reassigning the property to the beneficiaries after the person dies. When a person passes away, they leave their loved ones and their property behind. Part of the probate process is determining the assets of the deceased. Examples of commonly owned assets are cars, boats, investment accounts, bank accounts, and houses. Indeed compiled a list of 52 examples of assets here. Another aspect of probate is to identify any debts owed by the deceased. These are typically unpaid medical bills, loans, mortgages, credit card balances, etc. The Balance has a good article on dealing with debts and mortgages in probate.
Sometimes the last will and testament is left behind by the person, and in some cases, it is not. The Cornell Law School has a concise definition of Last Will and Testament:
An antiquated term that refers to the document written by a testator that details what is to happen to property owned by that testator upon death. This term is still frequently used in an interchangeable way to mean a will, though to be precise a last will and testament refers to the most recent version of a will. A will can confer rights or ownership over real property or personal property and can also be used to appoint legal guardians, but only takes effect once the testator dies. When a will only deals with real property, it may be called a devise, and when a will only deals with personal property, it may be called a testament. If a decedent does not leave a last will and testament, their assets will be administered by a probate court.
Whatever the situation, the property is reassigned to the heirs with the oversight of the court of law, and this extensive process is known as probate.
Sometimes a question arises, “can a house be sold while in probate in Wichita Falls Texas?” and the answer is that it can be sold if simple steps are followed. As real estate investors in Wichita Falls Texas, TruTex advises sellers to go through the following steps and also suggests other investors check the procedures when they go for buying property on probate period in Wichita Falls.
Can a house be sold while in probate in Wichita Falls, Texas? Yes, but make sure to follow these steps first!
Ask for Advice
The first thing to do is ask your probate attorney for guidance. In certain situations, the court will allow or insist on the sale of property during the probate process. One such situation is that there are not enough liquid assets in the estate to satisfy all of the obligations or debts of the estate.
Property Appraisal
A property can be appraised with the help of an independent certified appraiser. You can easily look for an appraiser in the local phone book or by contacting a real estate agent for their recommendations.
So, as real estate investors, we look to buy property in probate in Wichita Falls Texas that has already sought property appraisal.
Obtain the Petition
When you are in the process of selling the property during the probate period, you have to seek probation from the court. So fill out the petition form and provide all the details related to the sale of the property in Wichita Falls along with mentioning the methods of sale.
Then with the help of the independent appraisal, fill out the form and wait for approval from the court.
An investor only buys the property that has already completed the procedure of obtaining the petition, and we do look into the fact that the seller has gone through the process of obtaining the petition.
Place your Property for Sale
The next step is placing your property on sale. Be sure to inform the buyer about the matter that the property will be sold only after confirmation from the court, as it is in probate. All real estate investors only buy the property on sale after seeking a court petition. If your property matches these conditions, then we might be able to take it off your hands.
Fill out the form to see if your Wichita Falls property qualifies for a quick all-cash offer.
Seek the Court for Confirmation
As a buyer, you must seek the court for confirmation to confirm the sale of your property in Wichita Falls. Generally, hearings take place within a period of 20 to 40 days. Please do not forget to make arrangements and take 10 percent of the price from the buyer before the date of the hearing from the court. As investors ourselves, we tend to ensure the fact that the seller seeks the court for the confirmation soon.
Advertise in Local Newspapers
Inform about the sale and advertise it in local newspapers. This is done so that the public is informed about the property sale during probate period. It also allows open bidding for other interested people so that the property gets the best price. So if you seek to buy property on probate period in Wichita Falls, you can bid in the court hearings. We often come to know of good property on probate through the local newspapers.
Attend the Hearing
Attend the hearing of the court. This is the place where bids are made and buyers and real estate investors come for bidding. After the final agreement is done, the cashier’s check is given to the court after the bid is confirmed. If there is a new buyer, refund the money of the previous buyer and take the deposit of the buyer after the confirmation has been given by the court… We tend to always pay some money as a deposit of the original price to the court after the contract has been confirmed.
After this, you can complete the contract with the buyer after the above-written steps. Real investors look for property that follows all the procedures and abides by the court’s rules.
If you’re looking for a REAL investor to buy your property in Wichita Falls, then we can help.