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Selling a Home Due to Probate

It’s an unfortunate reality for every individual that one day, we will pass away. Some people arrange for the end of their life while they are alive, but many do not. This can create a complicated problem for your family, as it may result in your final assets going into probate.

The most commonly asked question about probate is: what is it? Probate is one way of distributing a person’s assets as declared in their will. If a person did not leave a will before their death, the State or jurisdiction they lived in will take over the task of finding the legal beneficiaries. Now that may sound scary, but probate can be more simply described as the legal process of what happens to your possessions after you pass away.

Selling a Home Due to ProbateThings like cars, stocks and bonds, retirement funds, your home, and other personal assets are all considered to be part of a person’s estate. If a person left a will, it will be reviewed by a court to determine if the document is valid, and then the decedent’s assets will be distributed appropriately. If a person did not leave a will, the court will then appraise the value of the estate, pay off any outstanding debts and claims, and then distributing the remaining assets.

For most people, the most valuable asset they own is their house. If the homeowner dies suddenly or unexpectedly, they may not have specified what should happen to their home after death.

An all-too-common occurrence is that the home becomes the property of their next of kin, usually an immediate family member. Often times, the closest family member or relative already has a house, and does not want or need a second house. It is also quite common for the inherited house to need some work done. Anything from minor yard work and cleanup to major electrical, plumbing, or structural repairs.

Getting rid of an inherited house can be a challenge, especially if you live in a different state from your deceased family member or relative. It may sound crazy, but a person’s greatest asset can in face become a significant burden for their family members.

So what should you do if you inherit a house from a relative? There are a lot of factors to consider. You may or may not be in the same state as the house, and as a result may not be able to visit the property in person. The house may also need some repairs in order to make it ready to sell – assuming that is the route you want to go. At this point in your life, other constraints from work and family may prevent you from taking on a project house.

It can be difficult to find a realtor who specializes in selling these types of homes, and they may not give your listing the same amount of attention as their other listings. This is further complicated if the deceased relative lived in a different state such as Florida or Arizona, possibly in a different time zone from where you are located.

There is one option for selling an inherited home that you may not have heard of. Companies such as BuyMyHome specialize in purchasing distressed and unneeded properties and can offer a quick and painless alternative to the probate process or selling through a distant real estate agent. All it takes is a quick phone call or visit to BuyMyHome.com to receive a fast cash offer on your home. BuyMyHome takes care of everything and can offer fast closing times, allowing you to get on with your life instead of dealing with the court system.

To get a cash offer for your home, call 602-892-0353 today or visit www.buymyhome.com.

3 Different Options for Selling Your Home

There are a lot of reasons why a person would decide to sell their home. Maybe they want to be closer to work or family, maybe they don’t like the neighborhood anymore, or maybe they simply need a to downsize or upgrade their current house. But once you have made the decision to move, where do you begin? In this post, we’re going to discuss three different options for selling your home. So let’s get to it!

3 Options for Selling Your Home1). Hire a Professional Realtor

One of the most common ways to sell a home is to contact a local real estate agent in your area and ask for their help in selling your home. There are both pros and cons to this method, which we will discuss below.

Pros of Selling Through a Real Estate Agent

One positive aspect of hiring a realtor is that they bring a lot of expertise about home sales to the table. They will be able to perform an in-depth analysis of competing properties in your area, and provide an accurate estimate of the market value for your home. Don’t be surprised if this value is different from the estimated value shown on popular real estate websites such as Zillow®!

Realtors are also experienced in advertising and promoting your home for sale. They will photograph and list the home online, as well as print up flyers and may even host an “Open House” event to show the home to prospective buyers.

Finally, going through a realtor will save you the trouble of having to find a reliable Title Company, Notary, and other agencies as they likely already have preferred partners they work with.

Cons of Selling Through a Real Estate Agent

While there are several advantages to selling your home through a licensed realtor, there are also a few disadvantages you should be aware of. First and foremost, it is standard practice for the seller to pay between 5% to 6% of the home’s selling price in commission fees, which are split between the buyer’s agent and the seller’s agent. Many sellers do not rejoice in handing over a large check for these services.

Another disadvantage to selling through a real estate agent is that the traditional process of listing, advertising, and selling a home can take a long time. While many realtors indicate fast turn times of 30, 60, or 90 days, the time is never guaranteed. You might find your home sitting on the market for 180 days or more, meanwhile you are still responsible for the mortgage payments!

Finally, real estate agents will want to clean up a property in order to show it to prospective buyers. If you are still living in the home or you are selling a rental property that is occupied by tenants, you may not be comfortable with the idea of strangers touring your home!

2). Sell It Yourself Without a Realtor

A second option for selling your home is to simply do it yourself! There is no law that requires you to hire a realtor when selling a home (though some states may require a real estate lawyer or attorney to review the documents first).  Let’s explore some of the positives and negatives of this approach.

Pros of For Sale By Owner

The most obvious advantage of selling your own home is the money you will save by not paying commissions to a real estate agent. The savings can be significant! For example, a 5% commission on a $250,000 house is $12,500 – that’s money in your pocket if you choose to sell the home yourself!

Cons of For Sale By Owner

While selling your own home may sound appealing, it is not for the faint of heart. You need the energy, time, and knowledge to pull it off successfully. During the process, you may be surprised at how much work is actually involved, and the feeling of “I should have just hired a realtor” is quite common.

Selling your own home requires a lot of work, such as researching and pricing your own home, and being able to negotiate with potential buyers. You are also responsible for doing your own marketing and promotion. Generally, FSBO home sellers are not able to list their own properties on the local Multiple Listing Service (MLS) website, which severely limits their exposure to potential buyers.

Finally, selling your own home requires you to be extremely knowledgeable of the laws that govern real estate transactions. There are countless small details such as state-required disclosure notices, requirements for who must sign the papers, who can handle the actual transaction, not to mention finding a reputable Title Company, Notary Service, and a Real Estate Attorney to review the final documents.

3). Sell It to a Private Real Estate Company

One of the most popular options in recent years is selling your home to a private real estate company. We’ll  look at some of the pros and cons of this approach.

Pros of Selling Your Home to a Private Company

Private real estate companies will often specialize in certain types of home sales such as foreclosures, bankruptcy, divorce, inheritance, or other situations that necessitate a quick sale. They will be respectful of your situation and work with you to make sure the transaction goes as smoothly as possible.

Another key advantage is that the process can happen very, very quickly! Private companies are backed by investors who can make a cash offer for your home in days instead of weeks or months. A fast closing time is one of the biggest advantages that sellers look for, and this is pretty much as fast as it gets.

Finally, the whole process of selling to a private company is very convenient and easy. There are no walk-throughs, no open houses and flyers, no commission fees, and no hassle!

Cons of Selling to a Private Company

There are relatively few disadvantages of selling your home for cash. While it’s possible that going through a realtor or doing an FSBO sale could net you a few thousand dollars more than the cash offer, many sellers find the extra time and hassle involved to not be worth it.

If you are looking to sell a home in the Phoenix, Arizona area, consider going with BuyMyHome, a local home buyer that is able to make cash offers for virtually any type of property, including those in “as is” condition or needing repairs. Contact us today at: 602-883-4767.