If you find yourself in the position of inheriting a property located in Ohio, and you are contemplating the possibility of selling it, it’s only natural to harbor a degree of curiosity regarding the complexities inherent to this venture. Selling a probate property is no small feat, often involving a web of intricate procedures and demanding requirements. Nevertheless, fear not, for with the acquisition of the appropriate knowledge and expert guidance, you can navigate this path to success. In the following exposition, we will delve into the five pivotal facets that should form the bedrock of your understanding when embarking on the journey of selling an Ohio probate property. Furthermore, we’ll explore how Homesmith stands ready to not only assist but also streamline this process for your convenience.
1. Understanding the Probate Process
Probate denotes the legal procedure that unfolds following an individual’s passing to facilitate the transfer of their assets to their beneficiaries. In the presence of a valid will, the probate court will oversee the distribution of property in accordance with the deceased person’s wishes. In the absence of a will, state laws will dictate the distribution. Throughout this probate journey, the court designates an executor to oversee estate management and asset distribution.
To see a brief video explanation of the fundamental probate process in the Buckeye State from the legal viewpoint of a local Ohio Probate Attorney, please visit the following link: https://youtu.be/FdEbxZb_j1c
2. Responsibilities of the Executor
If you happen to be the appointed executor of the estate, it becomes your duty to oversee the property and ensure its timely sale. To operate on behalf of the estate, you’ll be required to secure essential paperwork from the court, including letters of testamentary. This paperwork grants you the authority to act on behalf of the estate. Engaging a real estate agent is also imperative to assist with the property sale. The selection of an agent experienced in selling probate properties is crucial, as they possess insights into the unique challenges involved in such transactions. In certain scenarios, selling the property directly may prove to be a more straightforward option, especially if repairs are needed, there are multiple heirs, or people are residing in the home
3. Valuing the Property
Before you can proceed with a property sale through an agent, it’s necessary to have it appraised to ascertain its value accurately. The appraiser will consider various factors, including the property’s size, condition, location, and recent sales of comparable properties in the vicinity. Ensuring an accurate appraisal is vital as it assists in setting a fair asking price for the property. Opting for a direct sale to a cash buyer like Homesmith can streamline this process.
4. Disclosing Pertinent Information
When selling a probate property, full disclosure of any known defects or issues pertaining to the property is of utmost importance. This encompasses aspects like water damage, mold, or structural problems. Neglecting to reveal known defects can potentially lead to legal consequences against the executor and the estate. Your real estate agent can aid in preparing a disclosure statement that outlines any known property issues. At Homesmith, we purchase houses in their current ‘as-is” condition, irrespective of their state.
5. The Sales Procedure
Once you have obtained an accurate appraisal and fully disclosed any known defects, it’s time to consider listing the property on the market or selling directly. An agent working on a commission basis could assist in listing the property and promoting it to potential buyers. Upon receiving an offer, the executor must review and approve it before it can be accepted. Following acceptance, the buyer typically has a specified window to conduct a home inspection and secure financing. If all the contingencies can been met, the sale can be finalized, and the property can officially change hands to the new owner. If they are not met, the process would start over. If you choose to sell to a direct buyer like the local professional buyers at Homesmith, a sale of your property can be faster, with no showings, no repairs or cleaning, no closing costs and no hassles – a quick and effecient transaction.
Selling a probate property in Ohio can be a complex and challenging process, but with the right guidance, it can be done successfully. If you have recently inherited a property and need to sell it, it is important to work with a professional who has experience with probate sales and who understands the probate process, whether that’s an agent or a direct buyer. They can help you navigate the process and ensure that the property is sold in a timely and efficient manner. With the right approach, selling a probate property can be a smooth and stress-free experience. Reach out to Homesmith today to learn more about how we can help you! (614) 401-3651 or (877) HOMESMITH.