After losing a loved one who didn’t have a will or investments to protect against the probate process, selling a probate property can become a lengthy and challenging procedure, particularly with larger estates. Skipping any of the legal requirements could further tie up the property, resulting in even more costly delays.
It’s crucial to be patient during this process as the deceased’s assets are assessed, and the rightful heirs are determined. In some cases, the executor may need to liquidate the real estate, and the probate court will distribute the funds equally among the beneficiaries.
If you find yourself in this situation, it’s important to follow all of the legalities when selling your probate property in Twin Cities. Although some aspects of this real estate law are common across all jurisdictions, it’s essential to ensure that you rigorously adhere to the specific legal requirements in Twin Cities for a valid sale.
How To Sell a Probate Property in Minnesota
Certified Appraiser
When selling a probate property in Twin Cities, your first step should be to locate an independent certified appraiser. You can begin your search by checking phone listings or asking for recommendations from probate property real estate professionals in the area.
It’s crucial to find an independent appraiser who is not associated with any real estate agents or companies involved in the sale. This will help ensure that the appraisal is unbiased and accurate, providing you with an estimated value of the property based on its current condition and local market trends.
Once you have found an appraiser, schedule an appointment for them to visit the property and conduct a thorough appraisal. This will involve an inspection of the property’s condition, including any necessary repairs or upgrades, as well as a comparative market analysis to determine the property’s current value.
Using the appraiser’s estimate as a guide, you can then set a realistic asking price for the property when it goes on the market. By taking this important first step, you’ll be better equipped to sell your probate property in Twin Cities at a fair price and in a timely manner.
Petition
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 Minnesota. 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.
Offer the Property
For sale, with conditions! Now that you can finally take action and sell your probate property in Minnesota, 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.
Court Confirmation
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.
Deposit
Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.
Advertise
Because the ultimate goal of the sale of a probate property in Minnesota 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.
Court Hearing
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.
Refunding the Deposit
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.
Closing
Finally, you can close on the contract for your probate property in [markte_city]. 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.
We’re here to assist you during this difficult time and make the process easy. Call Matt Buys Houses MN today at 612-293-3532 or send us a message to sell a probate property in Minnesota.