Want to sell a house during probate in Nashville? The good news is, it’s totally possible.
But first, let’s get clear on what probate is. Probate is the legal process of transferring property from an estate to the property holder’s beneficiaries after death.
The probate process clarifies a will and protects an estate from challenges to the specified beneficiaries.
Things like an estate’s assets being solely in the deceased’s name or a decedent owning property in joint tenancy, make probate necessary.
And as you may already know, if the probate process is required, thinks can get a bit sticky.
But we’ve broken down all the steps you need to take to keep things as simple as possible – we know grieving is stressful enough.
Here’s how to sell a house during probate in Nashville:
What You Will Need:
- An appraisal of the property
- Petition to sell the property
- A newspaper ad
6 Steps for Selling a House During Probate in Nashville
- Get the Property Appraised
The first step is to get the property appraised to determine its value. You can easily find an independent certified appraiser via an online search.
- Fill out a Petition Form
The next step is to seek probation from the court. This means you will need to fill out a petition form.
Be sure to include all the details related to the sale of your Nashville property, including the method of sale.
Then you will need to wait for approval from the court.
- Put the Property Up for Sale
Once the property has been approved, you can put it on the market and accept an offer from a buyer.
Just make sure to let the buyer know that the property can’t be sold until you get confirmation from the court.
- Get Confirmation from the Court
In order to confirm the sale, you’ll need to petition the court for a hearing. Hearings typically take place within 20 to 40 days.
You’ll need to get a 10 percent deposit on the purchase price from the buyer before the scheduled date of the hearing.
- Advertise in a Local Newspaper
You’ll definitely want to advertise the sale of your property, along with the offered price from the buyer, in a local newspaper. This allows for open bidding at the court hearing so you can get the best price.
- Attend the Court Hearing
The court hearing is where buyers come for bidding. Bids are made in $500 increments above the original buyer’s offer. The buyer is also allowed to bid.
The winner will give a cashier’s check to the court for a deposit after the bid is confirmed. If the original buyer is outbid, you will need to refund their deposit.
You can then complete the sale.
Ideal Buyers
If you want to sell your probate property quickly, real estate investors make good buyers.
They will buy the property as-is (so no repairs or clean up) for cash and close quickly.
But do consider that they look for properties that follow all the proper procedures and abide by the rules of the court.
If you’re looking to sell your probate property in Nashville fast for cash, we can help. Just fill out the form below.