Probate is the process of reassigning the property to the beneficiaries after the person dies. When a person passes away they leave their loved ones and their property behind. Sometimes the last will or the Testate is left behind by the person and in some cases it is not. Whatever the situation, the property is reassigned to the heirs with the court of law, and this extensive thorough process is known as probate. Sometimes a question arises, “Can a house be sold while in probate in New Jersey?“, and the answer is that it can be sold if simple steps are followed. As real estate investors in New Jersey, Beacon Realty Investments advises sellers to go through the following steps and also suggests other investors check the procedures when buying property in probate in New Jersey.
Can a house be sold while in probate in New Jersey? Yes, but make sure to follow these steps first!
In the probate process, obtaining a property appraisal is a crucial step to determine its fair market value. A thorough appraisal provides valuable insights into the property’s condition and helps in setting a realistic asking price when placing it on the market during the probate process.
With the help of an independent certified appraiser, a property can be appraised. You can very easily look for an appraiser in the local phone book or by contacting a real estate agent for their recommendations.
So, as real estate investors, we look to buy property on probate in New Jersey that has already sought property appraisal. As with a completed appraisal, we streamline the buying process and ensure transparency in negotiations.
Obtain the Petition
In the process of selling a property during the probate period in New Jersey, obtaining the court’s approval is imperative. Begin by filling out the petition form, providing comprehensive details about the property you intend to sell in New Jersey. It is crucial to explicitly mention the methods of sale in the petition.
Once the petition form is completed, incorporate the information from the independent appraisal to substantiate the property’s fair market value. This step ensures that the court receives a well-documented overview of the property’s worth.
As real estate investors, we prioritize properties in New Jersey that have successfully navigated the petition process. We emphasize dealing with sellers who have obtained the court’s approval, demonstrating a commitment to a legitimate and sanctioned sale.
Place your Property for Sale
After obtaining the court petition, the next crucial step is to place your property on sale. It is essential to transparently communicate with potential buyers that the property is in probate and will be sold only after confirmation from the court. This ensures that buyers are aware of the legal process and the necessary approvals in place.
All real investors only buy the property that is on sale after seeking a court petition. If your property matches these conditions then we might be able to take it off your hands.
Seek the Court for Confirmation
Once your property is placed for sale, the next crucial step is seeking confirmation from the court for the sale to proceed. As a seller, it is essential to initiate this process to ensure the legality of the transaction. Hearings for confirmation typically occur within a period of 20 to 40 days.
It is important to note that, as a precautionary measure, arrangements should be made to secure 10 percent of the property’s price from the buyer before the court hearing date. This ensures a commitment from the buyer and facilitates a smoother confirmation process.
As investors, we prioritize properties where sellers promptly seek court confirmation, demonstrating a proactive approach to the legal aspects of the sale. This not only expedites the transaction but also ensures a secure and legitimate process.
Advertise in Local Newspapers
To maximize the visibility of your property sale during the probate period, inform the public through local newspapers. This strategic advertising not only spreads awareness about the sale but also facilitates open bidding from interested parties, ensuring the property fetches the best possible price.
By advertising in local newspapers, you create an opportunity for potential buyers to participate in court hearings and place bids. This competitive process helps in determining the true market value of the property.
As real estate investors, we actively monitor local newspapers for information on properties in probate. This allows us to identify potential opportunities and stay informed about upcoming court hearings.
Attend the Hearing
Attending the court hearing is a pivotal step in the probate property selling process. This is the forum where bids are placed, and both buyers and real estate investors participate. Once the final agreement is reached, a cashier’s check is submitted to the court after the bid is confirmed.
In the event of a new buyer emerging, it is essential to refund the money to the previous buyer and secure the deposit from the new buyer following court confirmation. As real estate investors, we consistently adhere to this practice by providing a deposit of the original price to the court after the contract has been confirmed.
Following these procedures, the contract can be finalized with the buyer. Real investors look for property that follows all the procedures and abides by the rules of the court.
If you are looking for a RELIABLE investor to buy your property in New Jersey, then we can help.