Probate Real Estate in Philadelphia | Probate Property in Philadelphia

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Probate Property in Philadelphia

Life comes at us fast; we never know what to expect next. Humans attempt to prepare for the future, but we have to play the cards we are dealt most of the time. Losing a loved one can occur at any given time; those individuals may own property that will be inherited. When a property is inherited without a trust or full rights of survivorship, the home must go through the probate process. When dealing with a probate property in Philadelphia, you may have many questions you would like to have answered. Below, we offer information about the probate process, probated properties, and ways to handle these circumstances adequately.

What Is Probate?

Probate is the legal process following a homeowner’s death if the property was not in a trust or owned by another person that did not have full rights of survivorship. In most cases, the real estate that needs to go through probate will need to be sold, so the proceeds from the sale can be split up between the beneficiaries if it was not indicated in the will to go to any one or more people. The first thing to do is determine where the probate needs to occur. The best place to start is the municipality where the property is located. Many states require probate in the county in which the property is situated. Then, you will need to hire a lawyer to analyze the will and then draw up the paperwork. The paperwork is then taken to the courts. The judge determines the rightful owner of a piece or portfolio of real estate, usually based on the previous owner’s will. Very rarely makes the judge rule against the will.

Who Pays for Probate?

You can either pay for the probate out of pocket or arrange that the probate costs be taken out at closing through the title company. The estate executor will determine a listing price for the property, negotiate the sale price and execute the sale contract. The lawyer handling the probate for you will then send their invoice to the title company handling the real estate transaction. The probate will be subtracted from the proceeds of the sale of the property. Their fee can range from a few hundred to over a thousand dollars. This varies by state and the value of the property.

Can I List Probate Real Estate?

You cannot sell or even list the property before the probate is completed or without approval from the court. You will have to petition the court to list the property. When it is listed for sale, you may make offers on the property and have a contract; however, the closing will not occur until the probate is complete. When the probate case is filed, the title company knows who can now legally sell the property. 

How Much Should I Sell For?

To know how much money you can request for the real estate, you need to have the property appraised to realize its worth and if there are any problems with the structure because these issues must be disclosed on the contract for sale. When you receive offers, you must take into consideration the probate cost. If you own a vacant lot, make sure the offer is enough to cover your bill. Most houses and other real estate types will sell for way more than the cost to have the probate completed.

Suppose you want to sell the probate real estate in Philadelphia quickly. In that case, you may want to list it on the lower end of the market comps or appraisal price, ensuring your property receives offers for probate real estate in Philadelphia quickly, you may want to list on the lower end of the market comps or appraisal price, ensuring your property receives shows very fast.

I’ve Accepted An Offer; Now What?

Execute the contract when you have received an acceptable offer or negotiated a price for which you are willing to sell the property. If you have any questions about the agreement, contact a lawyer for real estate services to help you understand all the terms, conditions, and riders necessary to complete the deal. When the title company is chosen, make sure you provide the probate lawyer’s invoice to them so they can take care of the bill out of your proceeds. {Probate Real Estate in Philadelphia | Probate Property in Philadelphia}

Our Process

Buying Property 215 is a family-owned real estate company specializing in purchasing property in any condition throughout Philadelphia, Pennsylvania, Maryland, New Jersey, & Delaware! Our company buys property as-is; there is no need for house repairs or renovations. Our process is straightforward; conducting any walkthroughs or inspections is unnecessary! We run our real estate comps based on what similar properties near distance sold for within the last 180 days! We believe in transparency, so we submit comparable comps when we offer our offer. Buying Property 215 covers all closing costs and fees, so the agreed-upon amount is precisely what will be received at closing. 

Once we agree on a sales price, we will sign a brief two-page agreement of sale to start the title search process. A local reputable title company will conduct the title search to transfer the title and protect every individual involved in the transaction. The title search can be cleared within twenty-one days, and closing can be set immediately! The documents will be finalized at the conclusion, and the funds will be released to the seller! 

*Buying Property 215 is accredited by the Better Business Bureau with an A+ rating and 5-star google reviews*

Contact Buying Property 215 today at [215-359-6090] to discuss what you should know about dealing with probate real estate in Philadelphia.

Buying Property 215

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