Inheriting a property after losing a family member or loved one can be an an emotional experience. Regardless of whether a will exists, estates must go through the probate process. Naturally, if there is a will, the process is tends to go much smoother and faster. In an ideal scenario, the home would be in perfect condition with the mortgage paid off and no debts filed as liens against the property. Unfortunately though, most properties fall short of this mark which adds to an already overwhelming experience.
The financial obligations assigned to the property carry over to the beneficiaries, along with the mortgage, insurance, taxes, and any monthly utility bills. There is no saying how long the probate process can last, and because of that the expenses which accumulate during the probate can often be a heavy financial burden to the beneficiaries. Sometimes, selling the property as quickly as possible is the best solution for all involved. Read on as we explore five tips for selling a probate property in South Carolina.
The Probate Timeline
Basically, probate is the process of the proving of the will; the courts ensure that the deceased’s instruction for the disbursement of their property is completed and require that a judge oversee the process. Because of all of the legalities involved, our first tip for selling a probate property in South Carolina is to understand that when a property is in probate, you will need to prepare for a long-lasting period of time before the beneficiaries can sell the property. You will also need to keep a close eye on deadlines, carefully complete any paperwork, and follow the rules and order of operations set out by the probate court. Its a very strict process that you must go through.
For Sale By Owner
Once ownership of the property transfers to you, suppose you don’t have any issues with investing money into the property to prep it for sale yourself and making any necessary repairs. In that case, our next tip for selling a probate property in South Carolina is to consider selling it as an FSBO or for sale by the owner. If you decide to go down this path, be sure you understand the laws surrounding disclosure. Even if there’s an issue with the home you aren’t aware of, the buyers could take legal action against you as the seller in the future. Finally, to determine a realistic price for the property, you should find comparable properties nearby that have recently sold and see how much the average property in similar condition has sold for. And remember, when posting ads on the common home site, don’t skip on the high-quality photography and staging the home, as more and more home buyers will scroll past the properties that don’t present well online.
Now, for folks with no time constraints or a need for a full sum payment, a great tip for selling a probate property in South Carolina is to consider offering owner financing. You’ll still need to do the same prep and repair work and are still under the same risks from disclosure after the sale, However; this way you will be offering the opportunity of home ownership to buyers who may not be quite ready to assume a conventional mortgage because of their credit or not having enough down payment. As they save towards their down payment and get their credit prepared for the lender’s approval, you’ll end up making a higher profit on the property. To add to that, you can benefit by setting the sales price higher than the current market value because you risk the market taking off and potentially selling at below market in the future.
Real Estate Agent
Now if the property is in great shape and you can afford to make all of the repairs that are needed to bring it up to market condition, selling a probate property in South Carolina with a real estate agent may be your best route. Even after the commissions, broker fees, taxes and closing costs, some properties are best suited to this method selling a home and can provide the beneficiaries with a sizeable profit right away and all at once. Just remember, a real estate agent cannot provide you with the closing date for sale or even guarantee the property will sell at the price listed; if you or the other beneficiaries are in a financial bind, this may not be the best way to sell the home you have recently inherited.
Our final tip for selling a probate property in South Carolina is to consider selling directly to a local investor and cash home buyer; you’ll save a lot of time and headache with a guaranteed closing date that works best for you. Sometimes as quickly as a few weeks. As professional investors, cash home buyers don’t work on commissions; instead, they work full-time buying properties for cash, in the current condition they are in and rehabilitating them, one by one. As a result, direct buyers like us know the current real estate market extremely well. After taking the time to talk to you about your property and any hurdles that you’re facing with the probate property, a direct buyer like ourselves will help you understand your options so you can make a knowledgeable decision and one that is best for you. Direct Buyers can provide you with a realistic estimate and detail how much you would profit from each type of sale vs. the offer for a direct sale.
Doesn’t it make sense to talk to a direct buyer like those at House Hub Real Estate Solutions before you decide on one of the more common ways of selling a South Carolina property? Contact House Hub Real Estate Solutions today at 864-272-5400.