Losing a loved one without a will or proper estate planning can create significant challenges. Selling a probate property often involves lengthy proceedings, particularly with larger estates, adding stress during an already difficult time.
The probate process can be both costly and time-consuming. Skipping any legal requirements can further complicate matters and extend timelines. During probate, the deceased’s assets are carefully evaluated and rightful inheritors determined. Executors often need to sell real estate assets, with the probate court overseeing the fair distribution of funds among beneficiaries.
If you’re facing this situation in Lubbock, Electrum Properties can help you navigate the process with a solution that gives you freedom from the burden while ensuring a fair, win-win outcome.
While some aspects of probate law are consistent across jurisdictions, ensuring you’ve meticulously followed all legal requirements is essential for a valid sale of your probate property in Lubbock.
How To Sell a Probate Property in Lubbock
Certified Appraiser
Your first step is connecting with an independent certified appraiser. You can find one through local directories or by requesting recommendations from probate real estate specialists in Lubbock. This essential assessment will determine your property’s true market value, giving you the knowledge needed to make informed decisions about your real estate situation.
Petition
After obtaining your certified appraisal, you’ll need to file a petition with the court to sell the probate property in Lubbock. Your petition should include all relevant property information and specify your intended sales method—whether through auction or on the open market. Submit this petition along with your certified appraisal. Only once you receive court approval can you proceed with the sale.
Offer the Property
When you’re finally able to market your probate property in Lubbock, transparency is essential. Make sure potential buyers understand that any offer is conditional upon court confirmation of the transaction before you can accept it.
Court Confirmation
After petitioning the court for a confirmation hearing, expect delays ranging from 20 to 40 days from your filing date due to crowded court calendars. This waiting period is a normal part of the process.
Deposit
You’ll need to collect a 10 percent deposit from the buyer based on the agreed purchase price. This demonstrates the buyer’s serious intent and financial commitment.
Advertise
Since the primary goal when selling a probate property in Lubbock is to secure the highest possible price for the estate, you must publicly advertise your court hearing for open bidding. This allows additional interested parties to participate, potentially driving up the final purchase price and benefiting the estate.
Court Hearing
You’ll need to attend the court hearing and wait until the unconditional bidding concludes with a cashier’s check presented for the final amount. Your initial buyer can participate alongside any interested member of the public, with bids typically increasing by $500 increments.
Refunding the Deposit
If a new buyer outbids your original buyer during court proceedings, be prepared to refund the initial 10 percent deposit. However, if your original buyer maintains the highest bid, their deposit will be applied toward the final purchase price.
Closing
Finally, you can close on the contract for your probate property in [markte_city]. Ensure that the buyer’s financing covers all property costs. You’ll be responsible for placing the full amount into the estate fund for proper distribution.
At Electrum Properties, we specialize in solving complicated real estate problems quickly and fairly. We’re here to help you during this challenging time with a cash offer that can give you freedom from the probate burden. Call Electrum today at 806-630-0875 or send us a message to sell a probate property in Lubbock with minimal stress and hassle.