How To Sell a Probate Property in Pennsylvania

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Sell a Probate Property

Sell a Probate Property in Pennsylvania

After facing the loss of a loved one who didn’t have a will or investment purposes, protecting against the process altogether, selling a probate property can mean long-drawn-out proceedings, especially with larger estates. 

It can be costly to go through, so avoid skipping any legal requirements that can further tie up your property. You’ll need to be patient as the deceased’s assets are analyzed, and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.

If you find yourself in this position, read on for information on how to sell a probate property in Pennsylvania.

Certain aspects of this real estate law are shared among all jurisdictions; for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in Pennsylvania. {How To Sell a Probate Property in Pennsylvania}

How To Sell a Probate Property in Pennsylvania 

Certified Appraiser

Your first step will be to locate an independent certified appraiser. You can reach out through phone listings or word of mouth among Pennsylvania probate property real estate professionals.

Petition

Once you’ve obtained your certified appraisal, you’ll next want to proceed by filing a petition with the court to sell the probate property in Pennsylvania. While filling out your petition, be sure the information includes pertinent information about the property and the method used to complete the sale, be it at an auction or on the open real estate market. Submit your petition along with your certified appraisal. Once you’ve obtained the court’s approval, you may proceed with the sale.

Offer the Property

For sale, with conditions! Now that you can finally take action and sell your probate property in Pennsylvania, you’ll want to disclose to your potential buyer that the court’s confirmation of the transaction is required before you can accept, making the offer conditional.

Court Confirmation

Commonly, once you’ve petitioned the court for a hearing to confirm your sale, you can expect delays on the court calendars ranging from 20 to 40 days from the filing date.

Deposit

Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.

Advertise

Because the ultimate goal of selling a probate property in Pennsylvania is to garner the highest amount possible for the estate, you must advertise your court hearing to the general public for a process known as open bidding. This allows any other interested parties to participate in purchasing the real estate, aiding in raising the final purchase price.

Court Hearing

You’ll need to attend the court hearing and wait until the unconditional bidding has concluded and a cashier’s check is presented for the final figure. Your buyer will be able to participate, and any member of the public who so chooses, bids increase by $500 at a time. 

Refunding the Deposit

Should a new buyer overbid your buyer during the court proceedings, be prepared to refund their 10 percent deposit. Otherwise, should your original buyer maintain the highest bid, the funds you previously collected from them would be applied to the purchase.

Closing

Finally, you can close on the contract for your probate property in Pennsylvania. Be sure that the financing covers the costs of the property. You’ll also be responsible for placing the total amount into the estate fund.

We’re here to assist you during this difficult time and make the probate process & selling property easy. Call [Buying Property 215] today at [215-359-6090] or send us a message for options on how to sell a probate property in Pennsylvania.

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