Probate is the process of reassigning the property to the beneficiaries after someone dies. When a person passes away, they leave their loved ones and their property behind. Sometimes the person leaves behind a Will but not sometimes they do not.
Whatever is the situation, the property is reassigned to the heirs within the court of law, and this extensive process is known as probate.
Sometimes a question arises, “can a house be sold while in probate in Louisville KY?“, and the answer is that it can be sold if simple steps are followed.
As real estate investors in Louisville KY, FairSquare House Buyers advises sellers to go through the following steps and also suggests other investors check the procedures when buying property in probate in Louisville. We also highly recommend reaching out to a reputable estate attorney that specializes in probate. We are happy to connect you with one! Please reach out to us anytime: 502-289-6166
Can a house be sold while in probate in Louisville, KY? Yes, but make sure to follow these steps first!
Property Appraisal
With the help of the independent certified appraiser, a property can be appraised. You can easily look for an appraiser in the local phone book or by contacting a real estate agent for their recommendations.
As real estate investors, we look for buying property on probate in Louisville KY that has already been appraised.
Obtain the Petition
When you are in the process of selling the property during the probate period, you have to seek probation from the court. You will need to fill out the petition form and provide all the details related to the sale of the property in Louisville along with mentioning the methods of sale.
Then with the help of the independent appraisal, fill out the form and wait for the approval from the court.
An investor will only buy a property that has already completed the procedure of obtaining the petition and we do make sure that the seller has gone through the process of obtaining the petition.
Place your Property for Sale
Next step is placing your property for sale. Be sure to inform an interested buyer that the property will be sold only after confirmation from the court as it is a probate property. All real investors only buy the property that is on sale after seeking court petition. If your property matches these conditions then we might be able to take it off your hands.
Fill out the form to see if your Louisville property qualifies for a quick all cash offer.
Seek the Court for Confirmation
As a buyer, you have to seek the court for confirmation to confirm the sale of your property in Louisville. You can learn more about the Probate Process in Kentucky here.
Advertise in Local Newspapers
Inform about the sale and advertise it in local newspapers. This is done so that the public is informed about the property sale during probate period. It also allows open bidding for the other interested people so that the property gets the best price. So if you are seeking to buy property on probate period in Louisville, you can bid in the court hearings. We often come to know of good property on probate through the local newspapers.
Attend the Hearing
Attend the hearing of the court. This is the place where bids are done and buyers and real estate investors come for bidding. After the final agreement is complete, the cashier’s check is given to the court after the bid is confirmed. If there is a new buyer, refund the money of the previous buyer and take the deposit of the buyer after the confirmation has been given by the court. We tend to always pay some money as a deposit of the original price to the court after the contract has been confirmed.
After this, you can complete the contract with the buyer. Real investors look for property that follows all the procedures and abides by the rules of the court.
If you’re looking for a REAL investor to buy your property in Louisville, then we can help.
Fill out this form or give us a call at 502-417-7467 for a Fair Cash Offer
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