After facing the loss of a loved one who didn’t have a will or investments protecting against the process altogether, probate can mean long drawn out proceedings, especially with larger estates. It can be costly to go through, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined.
How To Sell A Probate Property In Columbus Ohio
Executors/Administrators may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries. As your local homebuyers in Ohio, we want to help you! Should you find yourself in this position, read on for information on how to sell a probate property in Columbus and throughout the Buckeye State.
Certain aspects of this real estate law are common 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 Ohio.
Certified Appraiser In Columbus
Your first step will be to locate an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate professionals in the Columbus area.
Petition In Ohio
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. While filling out your petition, be certain the information includes any pertinent information about the property along with the method that will be 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 then proceed with the sale.
Offer The Property In Ohio
For sale, with conditions! Now that you can finally take action and sell your probate property, you’ll want to make certain 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 In Ohio
Commonly, once you’ve petitioned the court for a hearing to confirm your sale, you can expect delays on the court calendars ranging from between 20 to 40 days, from the filing date.
Ohio Probate Attorney Summary For Selling House
Deposit From Buyer
At this stage of the transaction, it is advisable to collect a deposit from the buyer amounting to 10 percent of the purchase price. This deposit serves as a show of good faith and commitment from the buyer, indicating their serious intent to proceed with the purchase. By securing a 10 percent deposit based on the agreed-upon purchase price, you can ensure that both parties are invested in moving forward with the sale. This upfront payment not only provides some financial security but also helps in solidifying the buyer’s commitment to the deal, reducing the likelihood of last-minute changes or cancellations.
Advertise In Columbus OH
Because the ultimate goal of the sale of a probate property in Columbus 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 additional interested parties to participate in the purchase of the real estate, aiding in raising the final purchase price.
Court Hearing In Ohio
Now 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 along with any member of the public who so chooses, bids increase by $500 at a time.
Refunding The Deposit In Columbus OH
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 In Ohio
Finally, you can proceed to close on the contract for your Central Ohio probate property. At this crucial stage, it is essential to ensure that the financing arrangements are adequate to cover all associated costs of the property. This includes any outstanding debts, taxes, and expenses that may have accrued. Additionally, you will have the responsibility of placing the entire sale amount into the estate fund. This step is vital for the proper management and distribution of the estate’s assets. By meticulously covering all these bases, you can ensure a smooth and successful closing process, thereby fulfilling your obligations in the probate proceedings.
Sell My House In Columbus OH
If you think you need to sell your house in Ohio, call Homesmith. We are your local Columbus area home buyers and we offer cash for houses throughout the Buckeye State. We are always here to help walk you through the probate process for an Ohio property. Just reach out to us so we can quickly look at your situation and make you a fast-fair cash offer on your property.