The Probate Process: Everything You Need To Know

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.

Despite this fact of life, real estate transactions can still be very risky propositions! Especially when it comes to probate property, if the prospective buyer doesn’t understand the probate process.

What is a Probate?

probate process

A probate is a legal way of administering the property of a deceased person (decedent) if the person never left a will or if the will had specific instructions on how his or her property was to be administered after they are dead.

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 Dallas, Texas.

How Does The Probate Process Work?

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.

How To Complete The Probate Process

Get some advice

The first step you should take is to get some professional advice. You must understand the status your house is in. Make sure that you verify your ownership.

Seek advice from a real estate attorney. Get info from other experts, too.

Next Step: Begin the probate process in Dallas

Before you embark on the selling process, your house must go through a probate. Most countries allow for a summary probate – which is just a simple process that takes a very short time and involves less legal processes.

Once your house passes the probate process in Dallas, then you can then put it on the market.

probate sale

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 home buyer.

In this case, we would suggest you choose Metroplex Homebuyers to purchase your property because as you can see from our website we have not only given the best deals on probate property in Texas but also on short sales!

Tax consideration

The tax basis of your property is the house value on the date that the person who willed you died. The difference between the amount you realize from the sale and the value is basically the gain on which you owe the taxes.

Want to sell your house 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 home buyer in Dallas and the surrounding areas, you are always free to contact us through our website form, our social media pages, as well as giving us a call at 972-487-7653.

For immediate assistance, you can leave an email message on our site and we shall call you within the shortest possible time. In addition, you can leave a text message and we shall respond, as soon one of our real estate agents is free.

Call us today at 972-487-7653 to get a cash offer on your inherited house today!

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