When a person passes away there is usually an estate to settle which can include any and all personal property, real property (real estate), bank accounts, investments, time shares and more. Dealing with settling the estate of a friend or family member can seem like a very daunting task. If you are named as the Executor/Executrix or Administrator of an estate it will be your fiduciary responsibility to make sure all accounts of the estate are settled in a timely manner. When dealing with Real Property, or Real Estate of any kind, here are a few key points that will help you along the way:
- Beneficiaries – If there is more than one beneficiary named within the estate, make sure that everyone is on the same page, or at least close to it, with how to handle the disposal of any real estate. The last thing you want to do in a time of grief is to quarrel amongst family about what should be done. If the beneficiaries live out of state, it may be easier to sell quickly to an investor who can pay cash and close quickly. Conversely, If the beneficiaries live in state but lack the finances, time, energy or health to make any updates or repairs that need to be made, a cash investor can be an angel in disguise.
- Release of Property – If there is real estate that is going to be sold, there is no need to wait to find a buyer for it until the judge releases it from the estate. Real Property DOES need to be properly released from the estate before you can sell it at closing, however you do not need to wait until then to except an offer and sign a contract to sell the property to an interested party. In many cases, a signed contract verifying that a qualified buyer wants to close on the property is a great way to speed up the process and get cash immediately. Once a price is agreed upon and a contract signed between seller and buyer, the contract must be submitted to the judge for approval and proper release of the property. 9 times out of 10, the judge is going to release the property from the estate. Again, this only applies if the property hasn’t been released from the estate yet. If it has, then you’re good to go.
- Petitioner vs. Personal Rep or Executor/Executrix – It could be the case that as a petitioner for control of the estate, you haven’t been sworn in as a Personal Representative or Executor/Executrix yet. If this is the case, then you cannot legally sign a contract for the sale and purchase of real property. However, the second you are sworn in, you have ability to sell the property.
If you’d like to avoid the hassles of fixing up your inherited property and listing it with a realtor for it to sell who knows when, then I can help. Most of the property I buy comes from probated estates in Louisville, KY so I am well aware of the process. I can close quickly and have a check in your hand within a few days, weeks or months….I typically can close whenever is best for you.
If you’d like to speak more about your property and how I can buy it with cash, my contact info is below.
To Your Success,
– Adam Walker
The King of The City