1. Not Gathering the Required Information
It is the
most common mistakes executers make when they are dealing the probate house
selling cases for the first time. It is because there arise some great chances
of fraud with properties when the owner has been died. So you can be surprised
with many different information at different timings which you should have
gathered in the very beginning like which step needs to be taken at which
stage. The main reason behind this is also that every state has their own rules
regarding a probate house so make sure to gather all necessary information
before reaching out to court for any hearing.
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2. Not Considering Basic Repairs in House
When an alive person sells his/her house, the basic repairs are of course made first and then the house is put up in the listed houses. Same is the case with probate houses as no potential buyer will buy a house which requires some basic repairs. Generally, due to some legalities, executers find it a bit difficult to make any changes in the house which is also correct but it should not include the basic repairs. This way, you are only going to lose the potential buyers which feels least attracted towards this house.
3. Hiring an Inexperienced Probate Attorney
It is a huge risk to hire an inexperienced probate attorney just for saving a few bucks as you might end up losing all you have. Honestly, it is one of the biggest mistakes made during selling the probate houses and people regret it badly later. It is because a probate attorney is responsible for gathering all the required documents, drafting and filing the petition, solving income tax issues, collecting money from insurances and most importantly speak on your behalf to the judge presiding over the estate. Also, a probate attorney is the general advisor throughout the process so make sure you are hiring a wise enough person for this job.
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4. Choosing an Inexperienced Real Estate Agent
Another big mistake is choosing an inexperienced real estate agent and put the property in their listed houses without any second thought. But you should know that probate houses include additional legal documents and contracts which are very critical to handle for making any final deal. It requires extensive experience to make a successful deal without any loss of money and costly mistakes you might incur during the process.
5. Not Securing the Assets
This is also another important aspect of probate houses when the deceased left a will with proper names for dividing property and assets. Because even in that case, the property and assets become the property of the estate until the probate is settled. So, it is executer’s responsibility to secure the assets before anyone named in the will come and help themselves for getting the thing they have been awarded in the will. As people don’t like to wait when the will is already there telling the division clearly but the executor has to jump in between to proceed things properly in a legal manner.
Again, if you’re a buyer, there is a space to sell my house fast Watauga Texas. Just start digging!