Sell Your House During Probate In Jacksonville FL
How do I sell my house during probate in Jacksonville, FL?” When someone in your family dies, often times this can be a very difficult loss to deal with. On top of that, many questions arise as to what happens to that person’s estate, their house in particular. This page will go over what a probate proceeding actually is and how it effects the distribution and sale of the deceased’s property. We will also discuss the necessary steps in order to sell your probate house and talk about how we buy houses in probate in Jacksonville FL.
What Is A Probate?
Probate is the legal process through which a deceased person’s estate is properly distributed to heirs and designated beneficiaries, and any debt owed to creditors is paid off. In general, probate property is distributed according to the decedent’s last will and testament, if there is one, or according to state law if no will exists. A probate typically takes six to nine months from the date the probate case is opened with the court. The steps to completing this process are outlined below.
1. Filing The Will
The individual in possession of the will must file the document with the clerk of the Florida circuit court in the county where the deceased lived.
2. Petition For Formal Administration
A petition for formal administration is a request that the circuit court probate the will. Any interested person who is reasonably affected by the outcome of the probate proceedings may file the petition.
3. Appoint A Personal Representative
A personal representative is the person who will be in charge of gathering, controlling and distributing the decedent’s assets, paying debts, identifying beneficiaries, and reporting to the court throughout the probate proceedings. The personal rep. is typically nominated in the will of the deceased.
4. Determine If The Will Is Valid
Once the administration has been started and the personal rep. chosen, the will now must be proven to be valid. Often times, a will is self proving. This means that it abides by Florida law and the testator and witnesses signed a notarized affidavit confirming the validity of their signatures on the will.
If affidavits were not completed at the time of the will signing, one of the witnesses can sign an oath stating that the testator’s signature and the witness’s signature on the will are authentic.
5. Notify All Beneficiaries And Creditors
Once the will has been validated, the personal representative must notify all beneficiaries to the estate about the ongoing probate proceeding. All creditors must also be notified. Creditors may file claims with the probate court. The Florida estate administrator can pay the claims or dispute them.
6. Open Estate Account, Deposit All Proceeds
Assets that were in the decedent’s estate can now be sold and liquidated. This includes things like houses, cars, and gold coins. All of the money garnered from these sales must be placed into the estate account to be dispersed to the heirs.
7. Final Estate Accounting
This accounting will go over all of the estate assets, any distributions/sales made along with any probate costs to be paid.
8. Distribute Assets
All of the decedent’s assets are distributed according to the decedent’s will. The beneficiaries must construct a plan for how the assets will be distributed.
9. Discharge/Close The Estate
The personal representative is discharged and relieved of his/her estate duties. The probate proceeding is concluded and is now complete.
Selling A House In Probate
The process of selling a house in probate is not the same as selling a house with a real estate agent or for sale by owner. There are specific steps and requirements that must be taken in order to sell the property successfully. Those steps are outlined here below:
1. Get Permission From The Court
In order to sell a house owned by the decedent, the court must be notified and grant you permission. From here, you can decide whether to hold an auction or sell it on the open market. When selling on the open market, you could list it with a realtor or sell to a local investor such as Buying Jax Homes.
2. Get The Property Appraised
A property appraisal is an assessment of cash value of the property. You can hire a licensed local appraiser to come by and have the appraisal completed. Once complete, you should have a good idea of what the property is worth in it’s current condition.
3. Sell The Property
The next step is to market and sell the property. You can sell the property a couple different ways. The first way would be through a real estate agent. This option will require you to sign an agreement with a realtor for them to market the property on the MLS and other places such as Zillow and Trulia. This selling process often takes anywhere from 30-90 days due to things like financing contingencies, appraisals, and inspections. Sellers are often required to make repairs/upgrades to the property based on a buyer’s request.
The second option would be to sell the property to an investor. If the home is not in great shape, your best bet may be to sell the property as-is. Local home investors such as Buying Jax Homes will pay cash for your property in any condition. The condition of the property along with repairs to be made will largely influence your choice to elect selling with the help of a realtor or to simply sell the home fast for cash.
4. Offer Approval
Once you have secured a ready, willing, and able buyer, the offer must be approved by the court. You will have to petition the court to approve the offer. This can take anywhere from 3-5 weeks depending on how busy your county court is. Make sure your buyer has a minimum 10% binder deposit ready to be placed in escrow.
5. Advertise The Property
In order to inform the public of the property sale and command the highest value, the court will ask you to advertise the property in places like the local newspaper. Once the ad is placed, you can wait and see what offers you receive for the property.
If a higher offer is placed and then approved by the court, the original buyer will be entitled a refund to his or her deposit
6. Finalize The Sale
Once the price for the property has been accepted and agreed upon, the next step is to close on the property. This process can take anywhere from 30-120 days depending on certain documents needed to complete the sale. These documents include things like death certificates and mortgage satisfactions. Once the property has been sold and closed on, the net proceeds will be transferred to the estate account.
We Buy Houses In Probate In Jacksonville FL
We buy houses in probate in Jacksonville FL. No matter what part of the probate process you are in, we are ready to assist you with the process and purchase your property for cash. We understand that the death of a relative or loved one can be difficult to deal with. Selling the property and handling the estate can often come with challenges, obstacles, and many many questions. Whatever your situation, Buying Jax Homes is here to help guide you through the probate process so you can successfully sell your probate house and move on with your life.
If you’d like to speak to us about the probate process or are looking for a free and fair cash offer on your probate house, simply fill in the form below or give us a call at (904)477-7383. We’d be happy to assist you.