This is Brad from arborviewhomebuyers.com and probateresource.com. We’re a real estate solutions company located in Metro Atlanta, specializing in buying houses across the state of Georgia with a focus on the probate and inheritance niche. With years of experience and numerous successful transactions, we’re grateful for your interest in this video.
So, let’s delve into 3 TIPS FOR SELLING A HOUSE IN PROBATE.
The first tip, which we consider the most crucial, is consistently observed: SET CLEAR EXPECTATIONS WITH THE HEIRS. It’s imperative to communicate what the house will be sold for, who the buyer will be, the expected timeline for the sale, and the necessary preparations to ready the house for the market.
1. Set clear expectations
What’s your plan if it doesn’t reach the expected selling price? Having a backup plan is crucial, so it’s essential to set clear upfront expectations. That’s tip number one.
2. Organize paperwork
Organize your paperwork meticulously. Ensure everything is in order. If the probate process isn’t finalized yet, and you’re aiming to sell the house, you’ll typically need one of two key documents. About 90 percent of the time, either letters of administration or letters of testamentary are necessary.
Letters of testamentary are for executors dealing with a will,
while letters of administration are for those handling estates without a will. As the administrator or executor, securing one of these documents is vital.
The documents that you have received will authorize you to sell the assets or property on behalf of the estate. Once you have these documents, you can proceed with the sale without any delay.
It is important to ensure that you have all the necessary paperwork in order to avoid any last-minute complications. Imagine being ready to close the sale, only to find out that the closing attorney requires additional documents that you do not have. This can prevent the sale from going through until you have the required documents. So, make sure you have everything in order before you proceed with selling the property.
Please make sure to have the required document in your possession or ensure that you will receive it within the next 30 days as it is necessary for selling the house.
3. Work with a real estate agent who is knowledgeable in PROBATE
Ensure that you are selling your house to an experienced company or with a real estate agent who specializes in the world of probate and inheritance. It is important to note that most real estate agents are unaware of what occurs during a sale of an estate or through probate or inheritance. Therefore, it is crucial to work with someone who has the right experience in this field.
It’s important to be careful when choosing an advisor to help you sell your house. Some people might not have enough knowledge or experience to give you the best advice. They could make mistakes or give you unrealistic expectations. For example, they might promise to sell your house quickly, but then find out later that you’re missing important documents, which could cause delays. To avoid these problems, you should work with a company that has a good reputation and plenty of experience in this field. If you’re selling to a fast cash investor, like us, it’s especially important to choose a trustworthy company that knows what they’re doing.
There’s a flood of folks out there claiming they buy houses for cash, and so on. Over the past few years, especially with the rise of the internet and platforms like YouTube, TikTok, and Instagram, tons of individuals dub themselves investors. Just last week, some might have been flipping burgers at Wendy’s, and suddenly, they’re diving into real estate without a clue. Now, I get it, everyone has to start somewhere—I sure did—but many don’t bother to learn the ropes or improve their skills.
You’d be surprised how many of these so-called investors lack basic people skills. They can’t hold a conversation, show disrespect, and refuse to listen to sellers. Especially in the world of inheritance and probate, things get intricate and emotional. These situations are complex, and dealing with them requires empathy and understanding, which some of these newcomers seem to overlook completely.
Tailored Approach
One of the things that we take pride in at our company is our ability to listen to our clients. We pay close attention to their problems and the dynamics of their situation, and based on that, we tailor our approach to resolve their situation in the best possible way. It’s important to work with a reputable company as there are many out there that may offer you unrealistically low or high prices. For instance, we recently had an appointment with a client who had received four offers for his property, which he was selling for $130,000. One investor offered him $140,000, while we offered him $121,000. However, upon visiting the property, we discovered a major structural issue that would have made it challenging for us to purchase it at $130,000, let alone $140,000.
The rimboard on the back deck was rotten due to water damage. For those who are not familiar with construction terms, the rim board is what holds up the walls and the floor system. As a result, the entire back wall of the house had sunk down by an inch and a half, causing all the windows upstairs to crack and everything to sag and collapse. Although I would have liked to offer $130 for the house, it would cost me around $7,000 to $10,000 to fix all the structural issues and address this problem.
He had gathered a bunch of estimates, but lacked the experience to identify the structural issue and understand what was happening. On the other hand, I immediately recognized the problem. After reviewing the property, we made an offer of 121, which was close to what other investors had offered: 122 and 123. However, one investor offered 140, claiming that he would give the seller 130 plus more. Although I wished him luck, I knew that the investor would realize his mistake as he had miscalculated the numbers, and the seller would be left hanging with no other options. Make sure to stay prepared and keep in touch with the person in question.
Bottomline
It’s important to work with a reputable company that knows what they’re doing, as there are many who don’t. Remember to set your expectations, have your paperwork in order, and only work with trustworthy companies. By following these tips, you’ll have a successful experience.
Thank you for your time and consideration. My name is Brad, and I represent arborviewhomebuyers.com and probateresource.com. We are a real estate solutions company based in Metro Atlanta. Our services include purchasing houses for cash or listing them the traditional way.