We buy houses in Knoxville Tennessee. Are you planning to sell your house in Knoxville TN? We are local homebuyers in Tennessee and we can help you! After facing the loss of a loved one who didn’t have a will or investments protecting against the process altogether. To sell a probate property can mean long drawn out proceedings, especially with larger estates.
It can be costly to go through, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.
Should you find yourself in this position, read on for information on how to sell a probate property in Knoxville TN.
Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in Knoxville TN.
How To Sell a Probate Property in Knoxville TN?
Certified Appraiser in Tennessee
Your first step will be to locate an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate professionals in Knoxville TN.
Petition In Knoxville Property
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 Knoxville TN. 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 Knoxville Property
For sale, with conditions! Now that you can finally take action and sell your probate property in Knoxville TN, 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.
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 In Knoxville House
Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.
Because the ultimate goal of the sale of a probate property in Knoxville TN 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.
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 In Knoxville Property
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 In Knoxville Home
Finally, you can close on the contract for your probate property in Knoxville. 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.
Sell My House In Knoxville TN
If you are looking to sell your house fast, make sure it is presentable to all potential buyers. We are Tennessee home buyers and we offer cash for houses in Knoxville in any situation. We will make the process simple so you can quickly sell your house in TN and move on.