Three tips to selling a house in probate. Hey guys, this is Brad with arborviewhomebuyers.com and georgiaprobateresource.com. We are a real estate solutions company in Metro Atlanta. We buy houses all over the state of Georgia, and we specialize in the probate and inheritance niche of real estate. We’ve been doing it for a number of years and we’ve bought a lot of houses. So really appreciate you checking out this video. So three tips to selling a house in probate. Number one, I think is the most important tip, and we see this time and time again, is setting expectations with the heirs. Make sure that you’re setting expectations as to what you’re going to sell the house for, who you’re going to sell the house to, how quickly you’re going to sell the house, what are you going to do to get the house ready to sell?
What are you going to do if it doesn’t sell for what you thought it was going to sell for? Do you have a backup plan, right? So you need to make sure that you’re setting expectations up front. So that’s tip number one. Tip number two is get your paperwork in order. Make sure that you have all your paperwork in order. If you’re not done with probate yet, which means in order to sell that house, you’re going to need to have, and there are some exceptions to this, but 90 plus percent of the time you need one of these documents, you need your letters of administration or you need your letters testamentary. Letters testamentary is if you are the executor and there was a will. Letters of administration is if there was not a will, and you’re doing an administration of the estate. So you as the administrator or the executor, you need to make sure that you have one of these documents in your possession.
These documents are going to grant you the authority or the power to sell the assets or the house on behalf of the estate. So as soon as you have that document in your possession, you can sell the property. You got that document this morning, you can sell that house this afternoon if you wanted to, and we’ve done that before actually. So make sure you got all your paperwork in order, because the last thing you want to do is go either go under contract with an investor, or you list a house on the market and you get under contract and you’re ready to close and the closing attorney says, hey, I need your letters of administration in order to sell this house, or I need your letters testamentary and you say, oh, I don’t have that yet. You can’t close yet, they won’t close the sale until you have that document.
So make sure you’ve got that in your possession or make sure you know that you’re going to be getting that here in the next, let’s say 30 days, because you got to have that document in order to sell the house. Okay? So the other thing to do is make sure you’re selling with or selling to an experienced company. So if you’re going to list the house the traditional way with a real estate agent, make sure you’re working with a real estate agent who’s experienced in the world of probate and inheritance, because 90 some odd plus percent of the real estate agents out there are clueless around what happens in a sale with an estate or through probate or through inheritance. They don’t know.
So they just don’t know, they’re not going to be a good advisor to you during this process, and they might miss some things or they might tell you the wrong things, or they might set your expectations a little higher that they’re going to sell your house in a week, and then they find out you don’t have the documents, like I said in step two, and then now you’re stuck. So make sure you’re selling to a company who knows what they’re doing and has experience in this field because that experience is very, very important. If you’re selling to a fast cash investor like us, make sure that you’re working with a reputable company who actually knows what they’re doing.
There are so many people out there that promise that buy houses cash and blah, blah, blah. In the last probably few years since I’ve been in this business, in the age of the internet and YouTube and TikTok and Instagram and all these videos, there are so many people that call themselves investors that last week they worked at Wendy’s and they don’t know what they’re doing. And it’s not to say that everybody’s got to start somewhere, I started somewhere, everyone starts, but a lot of them don’t take the time to educate themselves to become a more savvy investor, to have people skills. I can’t tell you how many of these investors I’ve spoken with that have no people skills whatsoever and can’t talk to people, they’re disrespectful, they don’t listen to sellers because there’s a lot of, especially in the inheritance and the probate world, it’s very complicated, and these are very emotional situations in very complicated situations.
And one of the things that we pride ourselves with at our company is we stop and we listen and we listen to your problems, and we listen to all of the dynamics of the situation and we tailor our approach to resolving your situation. So make sure you’re working with a reputable company. There’s also a lot of guys out there that are going to offer you these crazy prices. We just went on an appointment last week where this guy got, I think he said he got four offers on the house. He had four different offers, he wanted $130,000 for this property, and these four investors came in and one investor offered him $140,000 for the property, and the other three investors, we offered him 121 and I wanted to give him 130, but when we got to the property, there was a major structural issue on the property.
The rim board, which some of you don’t know these construction terms, the rim board on the back deck was rotten. And what was happening is the rim board is what holds up your walls and your floor system. And because the rim board was rotten with water damage, the whole back wall of the house had sunk down like an inch and a half. So all the windows upstairs had all cracked, everything was sagging down and falling in because that rim board was rotten and compromised. So I said, hey man, I would love to give you 130 and I could have given you 130 for this house, but it’s going to cost me probably seven, eight, 10 grand to go fix all the structural issues and fix this problem and everything else.
He was pretty spot on with his numbers. He went out and a got a bunch of estimates and stuff, but he didn’t have the experience to see the structural issue and know what was happening. And immediately, as soon as I saw it, I knew what was going on there. So we offered him 121. Another investor offered him 122, another one was like 123 or something. So we were really close in the ballpark, but then they had this one guy up here that was 140 and he’s like, well, I’m going to go with this guy because he gave me my 130 plus more. And I’m like, that’s great. I hope that deal works out for you, but I know the numbers and I know what this property is worth and I know how much it’s going to cost to fix this house. And I think that investor’s going to figure out that they made a mistake and did their numbers wrong, and they’re going to end up either renegotiating you down or backing out that contract and leave you hanging.
So just be prepared. We’re going to stay in touch with him, we’ll follow up with him, and so on, and so forth. But just make sure you’re dealing with a reputable company who knows what they’re doing. There are a lot of people out there who don’t. So I hope that helps. Again, three tips, set your expectations, making sure your paperwork are in order, and making sure you’re working with a reputable company. Do those three things and I think you’ll have good success. So thanks again guys. I’m Brad with arborviewhomebuyers.com, and georgiaprobateresource.com. Like I said, we’re a real estate solutions company in Metro Atlanta. We buy houses for cash or we can list the house for you the traditional way. So thanks again, guys. Appreciate it. Have a nice day. Bye-bye.
3 Tips To SELLING A HOUSE In Probate
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.