We Buy Houses As-Is
Sell An Inherited House Fast in NJ
You can sell an inherited house quickly and without making repairs, paying agent fees or cleaning-out.
I Inherited a House. Where do I start?
- Verify your ownership – by obtaining a copy of the will or trust that outlines the property’s transfer to you.
- Secure the property – and take any necessary precautions to prevent break-ins or squatters. An increasing number of criminals are utilizing online searches to locate unoccupied properties, with the intention of moving in and squatting in them. If a squatter successfully takes up residence, the legal process to remove them costs thousands of dollars and takes at least 9 to 12 months.
- Insure the property – Obtain homeowner’s insurance to protect the property from potential damage or loss.
- Review the property’s financial situation – review any outstanding debts, mortgages or liens on the property to understand its financial situation. There are 3 easy ways to complete a title search:
- Hire a reputable title company – cost averages $100 – $250
- Visit the courthouse of the county where the property is located (links provided below)
- Contact the county assessor where the property is located (links provided below)
- Create a plan to maintain the property – create a list of monthly bills to be paid and services that need to be maintained such as lawn maintenance, etc.
- Determine your plans for the property – Keep it, Sell it, Rent it?
Can Executor Sell The House?
In New Jersey, the executor can sell the property without getting approval from the beneficiaries, however, all beneficiaries are notified of the sale and the property is required to be appraised and can’t sell for less than 90% of its appraised value.
How Does An Executor Sell A House?
- Verify legal authority to sell the property through the will, letters of testamentary, or court order.
- Notify all beneficiaries
- Obtain an appraisal and set a fair asking price.
- Either sell the house by owner, list with an agent or sell direct to a real estate investor like Property Buyer Today.
- Negotiate the offer and sale price, acting in the best interest of the estate and beneficiaries.
- Obtain court approval, if necessary.
- Close the sale (consider using a real estate attorney)
- Distribute the proceeds according to the terms of the court order.
Sell House In Probate
Yes, A House Can Be Sold While In Probate In New Jersey
Surviving Spouse – Property such as homes and insurance policies, in the majority of cases, are exempt from the probate process and the surviving spouse is free to sell the house while in probate if they choose.
A Last Will & Testament – If there is a will in place, it needs to be filed at the County Register of Wills. If there is no will in place, the court and relatives will appoint a near relative to act as an Administrator or Personal Representative to the estate. Regardless, once an Administrator or Executor is appointed and the court has released the “short certificate” documenting that he/she has the right to administer the estate, the process of selling the property can begin.
Did The Deceased Receive Medicaid or State Assistance – The MAER Program (medical assistance estate recovery) dictates that the state has a right to be repaid for expenses associated with the care that the deceased received during the last 5 years that were paid for through Medicaid. If the New Jersey Department of Public Welfare is owed money, they may have a claim against the property. You should work closely with your attorney on this process.
Steps For Selling A House In Probate in New Jersey
Once an Executor/Administrator has been established and the “short certificate” has been assigned, you can begin the process for selling a house in probate:
- Obtain an appraisal.
- Determine how you plan to sell the home. Will you hire an agent to list the property on the MLS or will you sell direct to a Professional House Buyer.
- A comparison of the pros and cons of each option is listed below (link to comparison)
- Obtain court approval to list and sell the home. This should include the appraisal and the method chosen to sell the property.
- When a buyer is found, negotiate the offer and sale price, acting in the best interest of the estate and the beneficiaries.
- The potential buyer must be notified by the executor that the court must confirm and finalize the sale of the property during a hearing. If additional potential buyers show up to bid on the house, the court will facilitate bidding. The process can take weeks or months.
- The potential buyer must make an offer and include a 10% deposit.
- Court Hearing and Approval of Sale
- The offer must be submitted for approval to the court. Once accepted, a hearing date is set.
- A Notice of Proposed Action stating the terms and conditions of the proposed sale must be mailed to all heirs. Heirs are given 15 days to review and respond with objections.
- An ad must also be placed in the local paper to inform the public about the proposed sale, including the offer price and the hearing date.
- During the hearing, if additional buyers show up to bid on the house, the court will facilitate the bid.
- After the court has chosen the winning bid and approved the sale, the property can be sold and the proceeds distributed according to the terms of the court order.
Best Way To Sell An Inherited Home In New Jersey?
If you’ve decided to sell your inherited house, you have several options to consider, each offering their own unique advantages and disadvantages. Most sellers choose to either sell the home using a real estate agent or they choose to sell direct to a professional home buyer like Property Buyer Today.
Using An Agent
|Access to wider pool of potential buyers||Commissions, Fees & Transfer Taxes can consume up to 6 .5% of your profit. ($20k on an average $300k home)|
|Expertise in local market conditions and trends||Required clean-out, repairs, staging and preparation may be needed to show the home (Time and $$).|
|Highest sale price. See example below.||Lengthy process that can take several months or more to complete (NJ average 85-90 days)|
|Sale contingent on bank appraisals and home inspections.|
|No guarantee of sale|
|Long listing agreements|
Selling Direct to A Professional Home Buyer
|No commissions, fees or closing costs means more cash in your pocket.||Typically a lower sales price|
|Quick sale that can be completed in a matter of days or weeks.||Potential for inexperienced or unscrupulous investors to take advantage of sellers. Always check reviews and online presence.|
|Home purchased as-is. No clean-out, repairs or preparations needed.|
|No appraisals or inspections|
|Guaranteed home sale|
|Depending on home and market conditions, seller’s profit may be equivalent to that of a traditional home sale. See example below|
|Simple – A credible home buyer handles everything for you by working directly with the title company to handle all of the paperwork, legal requirements and closing procedures|
Home Selling Made Simple & Hassle Free
Without Sacrificing Equity!
Selling a house does not have to be stressful, complicated or expensive. Homeowners have more options than ever and those options mean power, freedom and ease.
Selling to Property Buyer Today can be as simple as agreeing on a price and choosing a closing date that works for you. No repairs, showings, inspections or appraisals. Just a simple, guaranteed cash closing.
When To Consider Property Buyer Today
Want to sell ‘As Is’ without making repairs or updates
Need to sell quickly to buy next home
House may not pass inspection for FHA or VA loans
You want to sell quickly to avoid foreclosure
You’ve inherited a headache property
Get out of tax delinquency
Would like a guaranteed home sale on your timeline
Wish to avoid listing process
If you’re interested in learning what we can do for you, we would love to connect. Complete the form and we’ll be in touch shortly.
Disclaimer: The content provided on this website is intended to serve as a helpful and general guide. The information on this page is not intended to constitute legal advice and is not updated regularly. We recommend consulting a licensed New Jersey attorney to navigate the inheritance and probate process.