In every corner of the global economy, the buying and selling of real estate stands as a significant enterprise. With the rise in population, the demand for homes and workplaces grows. However, even in the face of this undeniable reality, real estate transactions carry inherent risks. This is particularly true when dealing with probate property in Boston, where a lack of understanding about the Massachusetts probate process could pose challenges for prospective buyers. It’s essential to grasp these intricacies to navigate the real estate landscape successfully.
What is probate?
A probate is a legal way of administering the property of a deceased person (decedent) if the person never left a will or if the will had specific instructions on how their property was to be administered after death. These proceedings take place in probate courts.
How to begin the probate process for a house in Boston
The probate process begins after a person dies. An heir must file a petition with the Massachusetts probate court to become the official personal representative for the deceased loved one’s estate. Normally, and heir is named in the will as the personal representative, though they still must file a petition with the court to confirm this designation. Depending on the circumstance, most personal representatives who have inherited property in Massachusetts will follow the informal probate process or formal probate process. Informal probate in Massachusetts occurs outside of court and without a judge overseeing it. Formal probate in Massachusetts occurs in a court with a judge overseeing the hearings. Once the personal representative is appointed, they are either granted power in the will to sell the inherited house in Massachusetts (known as a Power of Sale), or they must petition the Massachusetts probate court for a License to Sell. It can feel like a complicated path – your Massachusetts probate attorney can be a good resource for you as can we at Mass Probate Pros.
Note: The seller needs to familiarize themselves with the property to avoid being short-changed. This can be avoided by choosing the right partner in Boston, which would be us, Mass Probate Pros. Click the link here, fill out the form and we’ll help you get started now.
What are the options to sell my inherited house in Massachusetts?
You can sell your property with a realtor and have them list it on the market, or you can sell directly to a qualified homebuyer like us. While it’s possible that the house may sell for a higher price on-market than off-market, it’s important to consider that the on-market price is before realtor commissions and closing costs are subtracted. These are not part of the equation when selling directly to buyers like Mass Probate Pros. Additionally, the speed of an on-market transaction is typically much slower than selling off-market which has implications for heirs being able to use home sale proceeds to settle estate debts, fees, and expenses that continue to mount during probate. Waiting 3-5 months to collect those proceeds as opposed to several weeks can leave an estate with more funds to manage those debts.
Want to sell your house in Boston fast (and securely)?
We have been in this industry for years, and our reputation speaks for itself. If you are interested in choosing us as your partner to sell your inherited house fast in Boston, you are always free to contact us through our website form or give us a call at 617-586-2009. For immediate assistance, you can leave an email message on our site, and we shall call you within the shortest possible time. In addition, you can leave a text message, and we shall respond as soon as one team members free.
We are always here to help walk you through the Massachusetts probate process. We look forward to speaking with you.