A property that is in probate is an inheritance property that is not passed on to anyone while the person is still alive. The former owner may have indicated in the will who the property goes to. Alternatively, it will not have been passed to one specific person. Rather, the beneficiaries split the proceeds from the sale between them equally.
When it comes to probate real estate, it is important that you know where the probate needs to occur. Often states stipulate that the probate must occur in the county that the property is located in. Then, a person will need to hire a lawyer who will analyze the will. The lawyer will also prepare all of the paperwork necessary.
The paperwork will be presented at court. Then, it is up to the judge to determine who owns the property now based on the will. The judge will usually rule in favor of what the will is unless the will is being contested. The probate can be paid for before court or after the sale of the home. The cost can range from a couple hundred dollars to a couple of thousand dollars.
The executor of the will is the one who will handle the sale of the home. They determine the price of the home and do the negotiating of the contract. However, this will all occur after the probate is completed. You should contact the probate lawyers once you choose a title company. The lawyers will get their money from them.
All in all, the system is set up to try to sell the home. The executor seems to have a large say in what the home will go for. If people in the process want the home sold quickly, then a lower price will probably ensure that this happens faster.
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