Probate is the legal process of transferring property to beneficiaries after a person passes away. When someone dies, they leave behind their loved ones and assets. In some cases, the individual leaves a will (Testate), while in others, no will is found.
Regardless of whether a will exists or not, the property is transferred to the heirs through a court-supervised process known as probate.
One common question that arises is, “Can a house be sold while in probate in Massachusetts?” The answer is that it is possible to sell the house if certain steps are followed. As real estate investors in Massachusetts, Mass Probate Pros recommends that sellers adhere to specific guidelines and advises other investors to familiarize themselves with the procedures when purchasing property during the probate process in Massachusetts.
So… Can a house really be sold while in probate in Massachusetts?… Yes, but make sure to follow these steps first – Here’s What You Need to Know!
Property Appraisal
When investing in real estate, it’s crucial to have a certified appraiser assess the property. You can find an appraiser in your area by searching the web or asking a real estate agent for referrals.
As real estate investors, we target probate properties in Massachusetts that have already undergone a professional property appraisal.
Obtain the Petition
When selling a property during the probate process in Massachusetts, it is essential to obtain court approval. To begin, complete the petition form, detailing all information regarding the property sale and the chosen methods of sale.
Next, complete the form with the assistance of an independent appraisal and await court approval.
As investors, we exclusively consider properties that have received court approval through the petition process. Rest assured; we verify that the seller has completed this crucial step before moving forward.
Place your Property for Sale
When you’re ready to sell your property, it’s important to disclose that the sale is contingent upon court confirmation due to probate. All real estate investors only purchase properties that have received court approval. If your property meets these criteria, we may be interested in making you a cash offer.
Seek the Court for Confirmation
As a real estate investor in Massachusetts, seeking court confirmation for the sale of your property is a crucial step in the process. Typically, hearings are scheduled within 20 to 40 days. It’s important to arrange for the buyer to provide 10 percent of the purchase price before the court hearing date. As experienced investors, we emphasize the importance of sellers promptly seeking court confirmation for a smooth transaction.
Advertise in Local Newspapers
Discover exclusive opportunities to purchase properties during the probate period by browsing through local newspapers. This method ensures that the general public is informed about the property sales during this time, facilitating competitive bidding and securing the best possible price for the property. If you are interested in acquiring real estate during the probate period in Massachusetts, consider participating in court hearings to place your bids. Many lucrative probate properties are unveiled through advertisements in local newspapers.
Attend the Hearing
Participate in the court auction where prospective buyers and real estate investors place their bids. Once the final agreement is reached, the winning bidder must provide a cashier’s check to the court. In the event of a new buyer, the previous buyer’s funds are refunded, and the new buyer must submit a deposit after the court’s confirmation. It is customary to pay a deposit to the court after the contract is finalized.
Subsequently, finalize the sale with the buyer following the outlined procedures. Successful real estate investors seek properties that adhere to all court regulations and requirements.
If you are seeking a serious investor to purchase your property in Massachusetts, our expertise can assist you.