What is a Probate Property?
A Probate Property is simply a property that was inherited from the passing of a loved one. I like to refer to probate properties as Inherited Estates.
Every Probate Case has an attorney attached to it. If the person who passed away had a living will than most likely there is an executor (usually a family member) left in charge to handle the financial decisions of the estate. This does not mean the executor is the only one to receive any profits from selling the home. I have closed many probate transactions where there was one executor and up to 8 family members to receive compensation from the proceeds of the estate. The attorney handling the probate case will have all the specifics on who gets what from the living will of the decedent.
For Probate Cases without a Living Will, the probate court makes the Final Decision as to what is to happen to the estate. If there are direct family members involved than usually the attorney attached to the case will go along with what the family members would like to do with the estate as long as it makes sense.
Every probate case is subject to an appraisal in Ohio, and it can not be sold for less than 80 percent of that appraised value. At least in Ohio. This is usually not a concern as most properties that sell for 80 percent of the appraised value need many updates.
Best Options Moving Forward with Inherited Estates (Probates)
What are my best options moving forward with my inherited estate (probate property)? This is a question every family goes through when they have inherited an estate from a loved one. Many questions come up; Should we give it to someone in the family? Should we list the home with a Realtor and sell it? Should we sell it quick to an Investor for cash because we do not have the time or money to make any repairs on the estate? Those are the most common questions. Lets take the first one for example. If the home is in good condition and not in need of many updates and a family member is in desperate need of somewhere to live, I would say give it to that family member. If the home is in good condition and no updates are needed, I would say List it with a Realtor. If the estate is really outdated and you want to sell fast, I would say sell it to an investor that can close fast.
Those remarks are just my general guidelines on what I would do. One thing to note is this also depends on how many people are attached to the living will. This is also where arguments seem to take place. Some family members want to sell the estate and make a profit while others think it should go to a family member. This is the whole reason an executor is put in charge and they get to make the decision.
My family has been through this process with my grandpa. He lived in Michigan and we live in Ohio. For us, it was an easy decision. My dad was the sole executor and only child, so really there was no one to argue with about what we should do with the estate. We knew we were going to sell it. Now, I know how crazy it can get with having many family members attached to an estate. The very first probate property I closed in 2009 in Dayton, Ohio had one executor but 8 family members attached to it. The executor made the decision to sell to my company and the other 7 family members all had to be at closing with a valid drivers license. This was a probate property that was 4 years old. The family had an emotional attachment to the home which is why it took them so long to sell. I understand that part, they all grew up in the home. However, when it was all said and done, they were all completely relieved. They wish they had sold the estate much sooner. Every year it didn’t sell the property taxes had to be paid plus the normal upkeep of the home.
I am actually very grateful that this family was my very first probate property I purchased, I learned so much in how to handle the most craziest of situations from the very start as well as to be mindful and thoughtful of what this family is going through on an emotional level. Since this one, I have closed many probate transactions, but I will never forget it as it gave me great joy to really help out that family in need and that is how I have always proceeded with every transaction. How can I help this family?
Have You Inherited an Estate in Dayton, Ohio?
Do you need to sell an estate (probate property) in Dayton, Ohio?
My company, Home Sold Cash, Inc. is a family owned company that purchases inherited estates in Dayton, Ohio and its surrounding areas. (Beavercreek, Ohio, Bellbrook, Ohio, Centerville, Ohio, Englewood, Ohio, Fairborn, Ohio, Huber Heights, Ohio, Kettering, Ohio, Mason, Ohio, Miamisburg, Ohio, Springboro, Ohio, Springfield, Ohio, Tipp City, Ohio, Troy, Ohio, and Vandalia, Ohio) We make it easy. My brother and I are Investors that purchase homes for cash, but we are also licensed Realtors that can also help people with estates that do not need updated
If so, Home Sold Cash, Inc. will purchase the inherited estate with All CASH and we can close as soon as the title is Clear.
We will pay all the Closing Costs and close whenever it is convenient for you.
There is no need to clean or fix up the inherited estate. We take care of all the updates and repairs needed after we purchase it.
Home Sold Cash, Inc. has closed many probate transactions. We work with the attorneys to cut through some of the red tape to make the estates close much faster than normal. We make the process extremely easy.
*If you have inherited an estate that does not need updates and would still like to sell my brother and I are also licensed Realtors that will list your home for you and get it sold FAST!