What is Probate?
When dealing with probate property, it’s essential to understand the unique process involved. Probate occurs when a homeowner passes away without leaving the property in a trust or to a designated individual with survivorship rights. In such cases, the property goes through a probate process to be sold, with proceeds distributed to beneficiaries.
The process begins by determining where probate should take place, typically in the county where the property is located. Next, an attorney reviews the will (if available) and prepares the necessary paperwork. This paperwork is then filed with the court, where a judge oversees the case to identify the rightful owner(s) of the property. Judges usually honor the deceased’s wishes as outlined in their will.
Probate property sales differ from traditional transactions, as the seller is deceased, and the sale proceeds go to beneficiaries. Lawyers and specialized real estate agents play critical roles in navigating this complex process, ensuring legal compliance and smooth property transactions.
How does a Lawyer help?
A probate lawyer, also known as an estate attorney, is a state-licensed professional who guides estate beneficiaries or executors through the probate process. Their responsibilities include identifying estate assets and beneficiaries, collecting life insurance proceeds, and obtaining property appraisals. They assist in paying debts, bills, and taxes (income, estate, and inheritance), prepare and file court documents, and resolve legal issues. Once all matters are settled, probate lawyers ensure the smooth and legal transfer of assets to beneficiaries.
How can a Certified Probate Real Estate Specialist (CPRES)® help?
Working with a probate Certified Probate Real Estate Specialist (CPRES)® l can be just as beneficial as having a probate lawyer, if not more so. While the estate attorney handles the legal aspects of preparing the property for sale, the probate real estate specialist is the one who facilitates the actual sale.
A probate agent has the expertise to price the property correctly—balancing a fair market value with the need for a quick sale. This is often crucial for beneficiaries who want to settle the estate and move forward during a difficult time of mourning and loss.
Probate properties may be sold either on the open market or through public auctions. An experienced probate real estate agent with multiple transactions under their belt knows how to navigate both scenarios effectively. Given the emotional and logistical challenges of managing a loved one’s estate, having a professional to handle the significant task of marketing and selling the property can be a tremendous relief.
Skilled probate agents don’t just market the property; they also connect with motivated buyers. All-cash investors often seek probate properties for their simplicity—free from mortgage issues or liens—and the potential to purchase them quickly, sometimes at up to 10% below market value. However, ethical agents work through proper channels, networking with brokers and investors instead of approaching families directly.
A great probate real estate agent brings in multiple prospects, generating competition and potentially sparking bidding wars that increase the estate’s value. This ensures that all beneficiaries can benefit from a higher return, providing closure and financial support during a challenging time.
