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 is 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 Montgomery County PA?“, and the answer is that it can be sold if simple steps are followed. As real estate investors in Montgomery County PA, Property Buyer Today advises sellers to go through the following steps and also suggests other investors check the procedures when they go for buying property on probate period in Montgomery County.
As real estate investors in Montgomery County PA, Property Buyer Today advises sellers to go through the following steps and also suggests other investors check the procedures when buying property in probate in Montgomery County.
Can a house be sold while in probate in Montgomery County, PA? Yes, but make sure to follow these steps first!
Real estate investors like us actively seek out probate properties in Montgomery County, PA that have already undergone property appraisal, which can be facilitated by an independent certified appraiser. Locating such appraisers is a straightforward process, as you can conveniently find them in the local phone book or by reaching out to a real estate agent for their valuable recommendations.
Obtain the Petition
In order to sell a property during the probate period in Montgomery County, it is necessary to obtain permission from the court. This involves completing a petition form that includes comprehensive details about the property sale, including the chosen methods of sale. Additionally, the form should be accompanied by an independent appraisal report, which is filled out with the assistance of an appraiser. After submitting the petition and appraisal, one must await approval from the court.
As investors, we specifically focus on purchasing properties that have already completed the process of obtaining the necessary court petition. We prioritize ensuring that the seller has successfully gone through this procedure before considering the purchase of a property.
Place your Property for Sale
Once the necessary court petition has been obtained, the next step is to list the property for sale. It is crucial to inform potential buyers that the property will only be sold after receiving confirmation from the court, as it is currently in the probate process. This information should be clearly communicated to interested parties.
As genuine investors, we specifically seek properties that are being sold after obtaining the court petition. This ensures that the necessary legal procedures have been followed. If your property meets these conditions, we may be interested in acquiring it and assisting you with the sale.
Seek the Court for Confirmation
As a buyer, it is essential to initiate the process of seeking court confirmation for the sale of your property in Montgomery County. Typically, hearings for such confirmations are scheduled within a timeframe of 20 to 40 days. It is important to make the necessary arrangements and collect 10 percent of the property’s price from the buyer prior to the hearing date set by the court.
As investors, we place great importance on ensuring that sellers promptly seek court confirmation for the sale of their property. This step provides legal clarity and safeguards the interests of all parties involved.
Advertise in Local Newspapers
To maximize awareness and attract potential buyers, it is important to announce and advertise the property sale during the probate period. One effective method is to place advertisements in local newspapers, ensuring that the public is well-informed about the opportunity. This approach not only notifies interested parties about the sale but also allows for open bidding, enabling competitive offers that can lead to obtaining the best price for the property.
If you are interested in purchasing property during the probate period in Montgomery County, you can participate in the court hearings and place bids accordingly. Local newspapers often serve as valuable sources of information, as they frequently feature advertisements and announcements related to probate properties. It is through such channels that we often discover promising properties available for sale during the probate process.
Attend the Hearing
Attending the court hearing is crucial, as this is where bids are placed and both buyers and real estate investors gather to participate. During the hearing, interested parties have the opportunity to submit their bids for the property. Once the final agreement is reached, the successful buyer is required to provide a cashier’s check to the court as a confirmation of their bid.
In the event that a new buyer emerges and their bid is accepted, the money from the previous buyer is refunded. The new buyer is then expected to submit a deposit, typically a percentage of the original price, to the court after the confirmation has been granted. This deposit serves as a commitment to complete the transaction as agreed upon.
As part of our standard practice, we ensure that a deposit, representing a portion of the original price, is paid to the court after the contract has been confirmed. This deposit serves as a guarantee of our commitment to the purchase.
After this, you can complete the contract with the buyer after the above-written steps. Real investors look for property that follows all the procedures and abides by the rules of the court.
If you’re looking for a REAL investor to buy your property in Montgomery County, then we can help.
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