3 Common Challenges in Selling Inherited Property Probate
Probates are not exactly known for the convenience they offer the people involved in the deceased’s will even if it’s associated with an inheritance. It has so many pitfalls and challenges that often, it’s almost a stroke of misfortune to be an heir especially as an executor of the will. Probates are ironic that way. People generally don’t refuse being an executor for the sake of the deceased. Even if they want to get rid of the inheritance, they will still be dragged through the challenges in selling inherited property. Brushing up on possible pitfalls saves all parties involved from a good deal of headache.
The larger the property, the bigger the responsibilities. The executor needs to make an inventory of the real estate and possessions of the deceased and usually, a normal-sized house can already take up a massive amount of time. If the property happens to be worth millions, then he and the beneficiaries should brace themselves for a time-consuming endeavor. It will be impossible to get anything done efficiently as that is not typically how the process operates. So it is important to enlist the services of a lawyer to at least assist the executor in the legal aspect of the probate. An experienced agent of the law is always handy.
There will always be additional expenses when it comes to probates and in selling inherited property. These expenses include fees for the lawyer, documentation, overhead costs, third party agents and probate court. Sadly, this is shouldered by the heirs and sometimes by the executor. The latter need not cover any expenses but he is tasked to oversee the property distribution and to ensure that it goes well. Often, a person who is burdened by the responsibility of the property is willing to provide financial assistance to make the process smoother and to get it over with as soon as possible.
Perhaps the biggest challenge when it comes to selling inherited property is finding a buyer that will give a good price. Probate houses are not the easiest to sell typically because of the many repairs to be made, outdated design, undisclosed history, frequent maintenance and expensive inspections. Most buyers do not want a run-down old house and if they do decide to settle for a probate house, they will bargain hard to get the lowest price possible. If an executor does not know how to handle the sale, he might end up with a rate that will disappoint the waiting heirs.
Satisfying the heirs is the biggest contributor to the challenges in selling inherited property. They constantly need to give their input before any decision can be made which consequently delays the process. Not only do they want to oversee everything without handling the details, they also like to put pressure on the executor to hurry up. These are the challenges an executor is expected to encounter during the probate process and subsequent selling of the property. It’s important to get help from ideally from people with a legal and real estate background, keep a cool head and never hurry anything.
In you are in Florida, contact us at Probate Solutions FL and we can give you assistance as to what all of your options are. There is no obligation and we truly want to find the solution that’s best for you.