Buying and selling of real estate is big business in any economy in the world. As a population increases, more houses are needed for people to live in and offices for people to work in. With inventory low it can be difficult for buyers to find an affordable property. Some people are looking into probate sales hoping to find a a property they can either fix up an flip or to find one they will ultimately live in at a more affordable price. Here, we will explain some of the possible risks involved in buying or selling a probate property. All real estate transactions involve some risk. But probate properties can be very risky propositions if the prospective buyer or the seller doesn’t fully understand the probate process for a house in Fort Worth, TX.
So what is a probate anyway?
A probate is the court supervised process of settling the estate of a deceased person. It involves assessing the assets of the estate, paying off any debts and distributing any remaining assets according to the wishes of the decedent (person who passed away) or according to the guidelines of the court if the decedent did not have a will. These proceedings take place in probate courts. Sometimes they can end up being the best real estate deals that any buyer or seller might get in Fort Worth… And often the process is long and complicated. So be prepared to run a marathon not a dash.
For the seller the probate process in Texas begins with the personal representative or executor of an estate. If an executor has not been named in the will then the family of the deceased can nominate someone to file for probate. The court will name an official representative or executor as well. But the first job of the executor is to submit the will and file a petition or request for probate in the deceased’s county court. It needs to be done within 4 years of the death. It is also very important for the executor to familiarize themselves with the property and to inspect the property for issues that might affect the future sales price and sale of the property to ensure the property will sell for a fair price. Being fully informed on the value of the property will hedge some of the risk for the seller when the time comes to sell.
What happens after the petition for probate has been filed the county clerk will post a public notice of the petition. This allows potential heirs the chance to contest or challenge the will.
If the will is not contested, the county court will confirm that the will is valid and then give the executor the legal authority to act as the executor and to sell the estate. At this point the executor will have 90 days to inventory the assets and identify debt and taxes that might need to be paid.
The executor will contact beneficiaries or if no beneficiaries are listed, state law will determine who will inherit the assets. The executor will also notify creditors and give them a chance to file a claim. Then the executor will pay debts, bills and taxes owed from the estate and distribute any remaining assets to the beneficiaries. The last step will be to attend a hearing and ask the court to close out the estate.
You can check out this guide for what happens if the deceased does not have a will. Understanding Intestate Succession: Who Inherits Your Property
Some estates in Texas qualify for a simplified version of probate called a muniment of title. It is a way to avoid going through the full administration process and can take as little as 30 days to complete. You can only qualify if you have a valid will and there is no debt other than a mortgage and if you’ve never filed a claim for Medicare benefits.
The best ways for Texas residents to ensure their assets don’t go through probate are to create a trust, or to set up joint ownership, payable on death accounts, transfer on death deeds and other small estate procedures.
How to begin the probate process for a house in Fort Worth
The probate process begins after a person dies. Soon after this, the seller is expected to inform the court, which appoints an attorney to take care of the sale. Once this is done, the attorney advertises the property just like other real estate properties. The price is based on the agent’s suggestion and also from an independent appraisal ordered by the probate court. Note: It is important for the seller to familiarize himself or herself with the property to avoid being short-changed. This can be avoided by choosing the right partner in Fort Worth and that would be us, Texas Best Home Buyers. Click the link here, fill out the form and we’ll help you get started now.
Click here for more info about probating a will in Texas
Okay, my property is on the market, now what?
Now, after the property is advertised on the market then it is up to the seller to wait for the buyers to make offers on the property. Once this process is completed, the final decision is made by the probate court on who should buy the property based on an auction if there was more than one interested buyer…. In this case, we would suggest you choose Texas Best Home Buyers to purchase your property because as you can see from our website we have not only given the best deals on probate property in TX but also on short sales!
Want to sell your house in Fort Worth fast (and securely)?
We have been in this industry for years and our reputation speaks for itself. If you are interested in choosing us as your partner in Fort Worth, you are always free to contact us through our website form, and our social media pages, as well as giving us a call at (817) 808-4911. For immediate assistance, you can leave an email message on our site and we’ll call you within the shortest possible time. In addition, you can leave a text message and we’ll respond usually within 24 hours.
We are always here to help walk you through the probate process for a house in Fort Worth, we look forward to speaking with you. 🙂