Probate liquidators buy inheritance assets from estate administrators who manage decedent estates. There are many reasons Administrators sell inheritance property, however the most common is to obtain cash to pay-off outstanding debts or liquidate assets which are costly to maintain.
Real estate is often sold to probate liquidators in order to eliminate monthly mortgage payments and related expenses. Estate executors are chargeable for maintaining real property throughout the probate process. When home financing note exists, the estate must continue making mortgage repayments. Otherwise, the home could be at risk for foreclosure.
The estate must continue paying property taxes and insurance, homeowner’s association dues, and maintenance expenses such as lawn care or pool service. When decedent estates do not possess the financial means to cover property expenses, the estate executor can list the property as ‘For Sale by Owner’ or through a broker.
It can take months to select a qualified buyer nowadays in this recessed housing area of interest. When estates are strapped for cash, selling real estate to probate liquidators can bring about a quick resolution. Although probate estate liquidators buy inheritance property below market value they usually buy houses with cash to quickly expedite the sale.
Selling probate property can be complicated, so it is better to work by using a probate lawyer to produce proper protocol is followed. Probate is handled differently in each state. Some states allow estate administrators to sell inheritance assets without court interference, while others require court authorization.
When decedents bequeath real estate to multiple heirs they should all agree to offer the property. If one or more heirs refuse to relinquish property rights along with the estate is not able to maintain mortgage payments or related expenses, a probate judge can order the house and property be sold.
Most probate liquidation companies buy a variety of real estate including single- and multi-family homes, condos and townhouses, manufactured and mobile homes, rental and vacation properties, vacant land and commercial real assets.
In addition to estate realty, probate liquidators purchase different types of valuable inheritance properties. Popular estate assets include cars, trucks, boats, RVs, motorcycles, antiques, collectables, jewelry and household items such as furniture and major models.
Many probate liquidation companies offer additional estate services that are beneficial to estate executors. These can include organizing estate auctions; locate missing heirs and lost property; and locating buyers for rental properties, commercial real estate and businesses owned by the decedent.
Estate administrators should take time to check into probate liquidation companies prior to getting into the a contract. Start by checking with the better Business Bureau to determine if prior complaints happen to filed. Check with local government agencies to ensure vehicle is licensed to conduct business and holds proper permits and business cover. Selling probated property could be emotionally difficult, so be certain you are selling your loved one’s property to a reliable probate liquidator.
The Estate Settlers – The Transition Management Team
Suite F6-273 20423, FL-7, Boca Raton, FL 33498
(561) 207-7654