Probate is a legal process whereby a court oversees the distribution of assets left by a deceased person. Assets are anything a person owns with value, such as real and personal property and cash.
After all the steps for selling a probate property have been taken, the court in Portland will handle proceeds being split between beneficiaries.
There are two types of probate sales. When a property is passed to a probate court in Portland, it’s assigned an administrator to manage the sale. In certain cases, the administrator is granted the authority to process a probate sale with no court confirmation, which means the sale would proceed just like any other non-probate sale. In this case, Better Off Home Buyers can make an offer for the house if the administrator accepts it, the deal is closed in a short time.
In the second type of probate sales, the Portland court needs to confirm the sale before it’s finalized, which means that once we make an offer, the house is only sold after the court confirmation.
Appointment Of Executor or An Administrator
In Portland If there is no appointed heir when the owner passes, the property is turned over to the courts, then the closest relative will be appointed as the executor to sell the property.
An executor can be appointed in a will by the decedent, or the closest relative will be appointed as an administrator by the court or other relatives.
Once the estate goes through probate, the court gives the executor of the will the authority to act on the property. This means the Administrator can begin to allocate assets and settle any debts on the property.
If you are the executor and you have siblings who share in the inheritance of the property, you’ll need the permission of your siblings and the courts to sell.
Selling a Probate Property In Portland
The Executor or Administrator is the person who has the authority to list and sell the property; the sale cannot proceed until that person has been identified.
The administrator could contact a real estate agent to assist him in selling the house.
Or opt to talk to a professional house buyer who can pay in cash for the property immediately
Better Off Home Buyers has a lot of experience buying probate properties in Portland.
Our team is well knowledged in all aspects of real estate and legal probate properties procedures.
In many cases, a person is notified of being a recipient heir of an inherited house that is located in another city or state far away from his actual residence. Distance, time, and money could be a problem to take care of a probate house. Selling fast the property is likely the best move in a case like this.
Benefits of Selling a Probate Property to Better Off Home Buyers
When a real estate property gets passed on to an heir, the beneficiary usually has three options to choose from – live in it, rent it or sell it. Most people are usually uncertain of what steps to take, which makes the task of figuring out what to do a bit overwhelming.
We suggest that inheritors wait it out for a while before making any decisions, especially if they are still grieving. Waiting 6 to 10 weeks to make a move ensures the beneficiary time to think it through in order to make an informed decision.
A probate estate property may require maintenance and repairs which most inheritors are not able or willing to keep up with.
This makes it difficult for them to live in or rent out of the house. This is why most people opt to sell the property. However, selling property the traditional way can be tough and time-consuming.
This is where Better Off Home Buyers comes in handy.
Time is Money you Could Sell Fast your Probate House
Selling your home with a real estate agent is a time-consuming process and it may take months before you find a good buyer. Buyers are also likely to demand an inspection that will not only consume more time but also be costly as you’ll be the one foot the bill.
An investor like us, on the other hand, is ready to buy your home in cash and we close a lot faster.
You Don’t Need to Put More Money into the House
If you decide to sell your home to a traditional buyer, chances are that they will require the house to be in the best condition. You might find yourself having to replace the floor, roofing, and other areas of the property.
The fact that yours is a deceased estate property means that you likely don’t have the money to make necessary repairs before you sell it.
Better Off Home Buyers take off the load and buy your house as it is. This means that you don’t have to spend money on improvements before selling the property.
No Commission Fees, No Closing Costs
Real estate agents don’t work for free and will charge a fee wherever they can. If you decide to sell your home with a realtor, you’ll either be required to pay a flat fee or a commission once your house is sold. Plus closing costs
For instance, if you agree on a 6% commission and your house gets sold for $300,000, then your realtor will demand $18,000 in commission fees. This is not the case with a professional real estate investor like us.
You can sell your Portland inherited house to us for cash without having to worry about any fees, any repair expenses, and closing costs
One of the most notable benefits of selling your inherited house to us is our ability to close fast. In most cases, we close a deal in just 7 days.