Difference Between a Real Estate Agent and A Probate Real Estate Expert
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When a homeowner dies intestate (without a will), it can trigger a long legal process called probate. During this lengthy legal process, a court sorts through a deceased person’s property and determines which assets belong to whom. Moreover, if you’re on the buying or selling end of a probate home sale, it can be shocking to find out just how different the entire process can be from a standard sale. That’s why it’s essential to have a probate real estate expert on your side. Here are just a few of the many ways that working with a probate real estate agent can make your sale go much smoother:
What Is Probate?
In short, probate is the legal process of distributing a deceased person’s property. If the deceased person left behind a will, the probate court would follow the instructions laid out in that document. However, if the deceased person dies without a will (known as intestate), the court must determine how to distribute the property according to state law.
This process can be long and complicated, especially if the deceased person’s assets are complex or there is disagreement among the heirs about who should inherit what. Furthermore, it’s not just the heirs who can get caught up in probate—anyone named in the will as a beneficiary or stands to inherit property if there is no will can get pulled into the process.
Probate can take months or even years to complete and can be costly. The court will appoint an executor (also known as a personal representative or administrator) to oversee the probate process. That person will be responsible for paying any debts and taxes owed by the estate and any legal fees associated with probate.
Traditional home sales vs. probate home sales
There are some critical differences between a traditional home sale and a probate home sale. For one thing, a probate sale can take much longer to complete. The entire probate process can take months or even years, so it’s not uncommon for a probate home sale to drag on for months—or even longer.
Another key difference is that a probate home sale generally requires the court’s approval, whereas a traditional home sale does not. This approval procedure can add another layer of complexity and delay an already complicated process.
Finally, it’s important to note that a probate home sale is not the same as a foreclosure or short sale. In a foreclosure sale, the bank sells the property to recoup its losses after the homeowner defaults on their mortgage. In a short sale, the homeowner is selling the property for less than they owe on the mortgage in order to avoid foreclosure.
A probate home sale is different in that it involves the sale of a property by the executor of an estate. The proceeds from the sale go to the heirs of the deceased person, as determined by the probate court.
What Is a Probate Real Estate Agent?
A probate real estate agent is a real estate agent who specializes in helping people buy and sell homes that are going through the probate process. Because probate can be such a long and complicated process, it’s essential to have an expert on your side who understands the ins and outs of probate real estate. An experienced probate real estate agent will be familiar with the probate process in your state, and they will know how to navigate the often-complex legalities involved.
Why you need a probate real estate expert
If you’re considering buying or selling a probate home, it’s crucial to have a probate real estate expert. Here are just a few of the many reasons why:
- Probate can be a long and complicated process.
- A probate sale generally requires the approval of the court.
- A probate home sale is not the same as a foreclosure sale or a short sale.
- The proceeds from a probate home sale go to the heirs of the deceased person, as determined by the probate court.
- A good probate real estate agent will be familiar with the probate process in your state, and they will know how to navigate the often-complex legalities involved.
How To Choose A Probate Realtor
Choosing someone you can trust is essential when working with a probate real estate agent. After all, this is likely to be a long and complicated process, and you need someone on your side who knows what they are doing.
Here are a few things to look for when choosing a probate real estate agent:
- Experience: Look for an agent who has experience handling probate real estate transactions. This is not the time to work with a novice.
- Knowledge: Make sure the agent you choose is familiar with the probate process in your state. Each state has its own laws and procedures, so it’s essential to choose someone who knows the ins and outs of probate real estate in your state.
- Integrity: This is a big decision, so you must work with someone you can trust. Choose an honest agent and upfront with you, and ensure they have your best interests at heart.
- Communication: The probate process can be long and complicated, so you need an agent who keeps you informed at every step. Choose someone who is good at communication, and ensure they keep you in the loop.
- Patience: The probate process can take months—or even years—to complete. Please make sure the agent you choose is patient and that they are prepared to see the process through to the end.
See Why Experience Matters
Working with a probate real estate agent can make the process of selling a probate home much more manageable. When choosing an agent, be sure to look for someone who is experienced, knowledgeable, and trustworthy. Furthermore, most importantly, ensure they are patient—the probate process can take a long time, so you need an agent who is prepared to see it through to the end. If you are thinking about buying or selling a probate property, call Josh V Realty or visit our website today at (213) 465-0936, www.joshvrealty.com. You’ll be glad you did.