How Can A Real Estate Investor Help With Probate?
What is Probate
Let’s explain what probate actually is in terms of probate solicitors. The word probate is commonly used to describe any and all legal and the financial processes which are involved when dealing with properties, money and/or assets of a deceased person. Any person (next of kin, relatives or anybody named in the will) entitled to lay claim to the property, money or assets of the person who is dead needs to apply for the procedure of probate before they can claim and make use of the assets, money or property of the deceased.
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When the court grants probate, the entitled relative can then deal with the property, money or assets of the deceased as mentioned in the will. If any person dies without a will, then it’s up to the law of the state/country to deal with the assets of the deceased.
What Happens If There Is No Will?
If an adult dies without a will, his/her assets such as the property, money and all other financial possessions are sold (liquidated) or transferred to their beneficiaries after the liabilities of the deceased have been paid off. This process is also known as administering of the estate.
If a person dies without a will, the beneficiaries are then determined by the state law. However you need to know that these laws are very harsh and most commonly they do not allow the modern family relationships to lay claim to assets. The only people entitled to lay claim and receive the assets of the deceased are those who are recognized as the next of kin. Unmarried couples, step children, unregistered partners, step siblings etc. are not entitled to receive anything at all.
When no will probate is require, you need to file an application in the court, before the beginning of the estate’s legal administration.
The Probate Process
The process of probate is very complex and involves a lot of legal, financial and tax complexities. These can however be best explained when broken down into the five phases mentioned below:
- Phase 1: during this phase all assets of the deceased including property, possessions and investments, liabilities, debts, utilities and loans are identified to estimate the value of the entire estate. Entitlement to estate is also verified under the terms mentioned in the will of the person deceased and as per the laws of intestacy of the state in case a person dies off without a will. The necessary documentation of the beneficiaries is also obtained during this process.
- Phase 2: during the phase inheritance tax is paid to the HMRC where it is applicable and all inheritance tax return is submitted. Also application is filed for probate registry to obtain a legal document for confirming legal authority for estate administration.
- Phase 3: once the grant of representation is issued by the court or probate registry of the state, the deceased assets are sold off (liquidated) to settle liabilities, pay estate administration expenses and any amount remaining to the HMRC and taxes.
- Phase 4: estate documents accounting for all the payments made in and out of the estate, and showing the remaining balance to be distributed to the beneficiaries are prepared. Estate accounts are also sent off to personal representatives mentioned in the will for approval.
- Phase 5: if there are no more challenges to the estate or any complicating factors, then distribution occurs. The transfer of assets and balance of estate funds to the beneficiaries is conducted during this final phase.
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When Do You Need Probate?
Probate is usually required when
- The deceased owns any property (house, land or buildings)
- When the bank or any other financial institution requires a grant of representation in case the deceased held assets with them. This usually happens when the amount held by the deceased is over and above a specific threshold set by the bank or the financial institution.
- The banks and financial institutions have a specified limit over which they require probate.
How Can A Probate Solicitor Help You?
The terms of probate law are very confusing and therefore you need proper representation and explanation of the process before you get involved with the probate process. A probate solicitor can help you to understand the estate administration processes and the probate laws and also guide you during the process and your decisions. A probate solicitor will be able to take care of all legalities, taxes and also the estate administration process on your behalf as well.
How Can A Real Estate Investors Help With Probate
To know this first of all you need to have a know how about probate real estate investing. For me, this one is quite beneficial. The groups of investors involved in probate investing are perhaps the most motivated of all as those involved in probate want to sell off the properties mostly and this is the opportunity that most investors can really cash on. Also probate investing isn’t really crowded and can be very beneficial for all those who need to make good money.
Why Are Probate Sellers Very Much Motivated?
At times probate sellers are more than willing to sell off their properties because they inherit properties they do not really need and can use the extra money. Usually the property inherited is in need of repairs and mostly people do not have the required funs that they can spend on repairing the house. So in usual occasions probate sellers don’t want to invest and sell the property inherited upfront. Also there might be an existing mortgage on the inherited property which some people would not like to be a part of with a limited supply of funds already. And at more than one occasion people really wouldn’t need another house so they list it out on MLS and want to be rid of it as soon.
Probate sellers just really want the cash that can come in from selling the house and for that they can be willing to sell the house really fast.
We understand this because we have been in similar situations and have dealt with people waiting to sell off their probate properties fast. If you are one of them, then let us tell you how a probate real estate investor can help you settle your state without much problem:
- As a probate seller you might be perplexed with the legal aspects of the entire estate settling procedure. In case you choose to deal with a probate real estate investor you can bail your way out and the investor will navigate the entire process without any problem.
- Often executors and their representatives have no idea about when they can sell the property. A probate real estate investor can best guide those under the matters of settling an estate about how they can sell the property early in the estate settling process.
- If you choose your family to help you with the probate property selling, be certain that you’d be discouraged. The family might take a lot of time sorting through paperwork and personal belongings and in the end decide against selling the house because you have a lot of sentiments attached to the place. A probate real estate investor can help you sort through the paperwork without involving the family and thus hastening the entire procedure.
- No matter what the condition of the estate you want to sell is, a probate investor even invests in run down estates as long as he/she can see potential. So regardless of the appearance and condition of the estate you want off your hands, a probate real estate investor is the easiest way out.
- You will not have to do anything. No cleaning up or showcasing the house. Probate estates are the easiest to get off your hands in case you deal with a good probate real estate investor.
- You, as an executor need to understand that a probate real estate investor will not only buy your estate but also take care of back taxes, liens, arrears of house payments and a whole lot of similar issues that you want off your hands fast.
- A probate real estate investor and attorney can get a lot of mess off your head and save you money in the process too. Also they keep their eyes and ears open for strategies that can settle the estate fast and get cash rolling for you swiftly.
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No matter whatever the problem that’s holding you up, a probate real estate investor can solve it for you without much problem. Probate investors are not in the housing business. They are more in the problem solving business and thus will help you to get the load off your head easily.
One thing that you should know is that when you’re selling probate property, you yourself will get contacted by probate real estate investors. They understand that you are already motivated to sell your house but that doesn’t mean that you should let them make the best deal out of this. Even in the worst of situations, where you have inherited a rundown property, you can make the deal work in your favor. Here is how you can do that:
Make Your Property Presentable
Yes, you don’t really have to make an effort to sell off a probate property but if you do then the deal could be worth it. Just ensure it’s clean and presentable. Remove any personal belongings and strip the house clean of anything that might personalize it. Next hire professional cleaners to do the job and your property would be more than presentable ever. Remember that even probate buyers pay attention to details. Although they love to purchase on low prices, the more rundown the better. But if you have a presentable property, you stand a better chance of striking a good deal.
If you’re dealing with probate investors, then know this that they will purchase the most rundown of properties as well. But what they do here is that they estimate the cost of repairs and cut that from the market value of your property. To have an edge for yourself, you can make the needed repairs yourself. Don’t delve deeper but make necessary repairs and this way you can negotiate a good deal with the investor.
Even though it’s tough losing a loved one and you have a grieving family, you need to ensure that you are well informed of the market rates and trends. Don’t let any investor take advantage of your vulnerable situation. In fact it’s best if you get into talks with more than one investor. This way you will have an idea about the actual worth of your house and know your deal when it’s time to bargain.
Yes it’s a hard time for your family losing a loved one and having a big property on your shoulders that you cannot take care of. But don’t be in a rush to get the estate off your hands and agree to sell it in low prices. Contact real estate agents and find what market value for probate properties is going on your area. Once you do that, negotiate with the probate investors flocking to help you.
Remember that although you are in a desperate need to sell off your property, the investor is in an even more desperate situation to get the property off your hands at the best possible rates. They will appear to be compassionate and accommodating but you need to hold your ground and sell your probate property at the best rates you can find.
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