What is Probate Real Estate?
What is Probate Real Estate?
We may best know of the term “probate” in relation to the process that takes place when someone dies without leaving a will. This is called “intestate probate.” But truthfully, probate is necessary both with and without a will. When a will is present, probate helps to determine whether the will is genuine and valid. It’s also a way to then administer the will and distribute property. There are some ways to avoid property from ending up in probate, but these would need to be researched and implemented beforehand. If no specific provisions are in place at the time of death, then probate is inevitable.
Probate real estate specifically addresses any home(s) left by the deceased. Sometimes family members are happy to inherit property. But other times, a home that’s left behind may need work, care, and investment that could create a financial burden for the family. In cases where the heir cannot juggle an extra property, they’ll likely sell. Probate real estate properties are sometimes sold quickly and at a very affordable rate, and probate real estate investors are often eager to acquire them.
Once the estate’s executor works through the will and determines that heirs prefer to sell the property, it is appraised, listed, and hopefully, sold. The entire process is variable in length, based on many factors, some of which could be the number of heirs and any issues with the will, along with potential taxes or debts linked to the property. A round time estimate lands somewhere between a few months and a couple of years.
When it’s determined that a property will be sold, both buyers and sellers will need expert advice to make the best decisions. That’s where a probate realtor comes in.
The Role of a Probate Realtor
The real estate industry is broad, with many specialties. A certified probate real estate specialist is the individual who can connect folks who inherit property and want to sell, with investors who want to buy. They will be able to both introduce buyers to inherited homes currently on the market, and use their insider know-how to source properties that are not yet listed. The overall process differs from traditional real estate transactions, which is why a probate realtor is the best person to handle the job. And because rules and regulations change from state to state, it’s vital that a chosen probate realtor is familiar with local procedures and probate laws.
Partner With a Probate Real Estate Expert
If you’re interested in Cleveland homes for sale, you’ve come to the right place. The probate real estate process is generally a complicated one, best navigated by an experienced professional. Will Davis of Ohio Probate and Luxe Realtor is a certified probate real estate specialist. He’s been a tremendous asset for countless customers who needed help through the home buying process. Will’s roots run deep in this community, and he’s ready to help you find the ideal Cleveland property. Get in touch with Will today!