real estate

Laurie and Frank Woods

Selling a probate property can mean long drawn- out proceedings, especially with larger estates. It can be most difficult if facing the loss of a loved one who didn’t have a will or investments protecting against the process altogether.

It can be costly to go through, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.

Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in Nashville.

Your first step will be to locate an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate professionals in Nashville.

 

Once you’ve obtained your certified appraisal, you’ll next want to proceed by filing a petition with the court to sell the probate property in Nashville. While filling out your petition, be certain the information includes any pertinent information about the property along with the method that will be used to complete the sale, be it at an auction or on the open real estate market. Submit your petition along with your certified appraisal. Once you’ve obtained the court’s approval, you may then proceed with the sale.

For sale, with conditions! Now that you can finally take action and sell your probate property in Nashville, you’ll want to make certain to disclose to your potential buyer that the court’s confirmation of the transaction is required before you can accept, making the offer conditional.

Commonly, once you’ve petitioned the court for a hearing to confirm your sale, you can expect delays on the court calendars ranging from between 20 to 40 days, from the filing date.

Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.

 

Because the ultimate goal of the sale of a probate property is to garner the highest amount possible for the estate, you must advertise your court hearing to the general public for a process known as open bidding. This allows any additional interested parties to participate in the purchase of the real estate, aiding in raising the final purchase price.

Now you’ll need to attend the court hearing and wait until the unconditional bidding has concluded and a cashier’s check is presented for the final figure. Your buyer will be able to participate along with any member of the public who so chooses, bids increase by $500 at a time. 

Should a new buyer overbid your buyer during the court proceedings, be prepared to refund their 10 percent deposit. Otherwise, should your original buyer maintain the highest bid, the funds you previously collected from them would be applied to the purchase.

Finally, you can close on the contract for your probate property. Be certain that the costs of the property are covered by the financing. You’ll also be responsible for placing the full amount into the estate fund.

Probate is a long process but once finished and the estate is turned over, you’ll want to sell your property quickly.  Closing quickly is the light at the end of the tunnel and we can do that for the property owner.

Making the right moves with an advocate as guidance for the greatest benefit is in your best interest.  We are local advocates in our community and willing to answer your questions.

Laurie and Frank Woods are with Tiger Lily Real Estate LLC, TigerLilyRE.com.

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