Can a house be sold while in probate in Philadelphia Pa?

selling a house while in probate in Philadelphia Pa?

Probate is the legal procedure used to distribute a deceased person’s property to their beneficiaries. Upon someone’s passing, they leave behind not only their loved ones but also their assets. In some instances, the deceased may have left a will (Testate) outlining their wishes; in others, they may not.

Regardless of the circumstances, the property must be legally transferred to the heirs, a process facilitated by a court of law, commonly referred to as probate.

A frequently asked question is can a house can be sold while it’s in probate in Philadelphia, Pa. The answer is yes, provided certain steps are meticulously followed. As experienced real estate investors in Philadelphia, Pa, Russo Acquisitions offers guidance to sellers on navigating these steps and also advises fellow investors on the intricacies of purchasing probate properties in Philadelphia.

Property Appraisal

Securing a property appraisal is straightforward with the assistance of an independent certified appraiser. Finding a reputable appraiser can be as simple as flipping through the local phone directory or seeking recommendations from a knowledgeable real estate agent.

Therefore, as dedicated real estate investors, we specifically target properties in probate in Philadelphia, Pa that have undergone a professional appraisal process. This ensures we’re working with a clear understanding of the property’s value from the outset.

Obtain the Petition

Navigating the sale of a property during probate requires obtaining court approval. Start by accurately completing the petition form, detailing the specifics of the property sale in Philadelphia, including how the sale will be conducted.

Next, leverage an independent appraisal to inform the form, ensuring all information is comprehensive and accurate. Once submitted, await the court’s decision on your petition.

Investors typically engage with properties that have finalized this process, ensuring the seller has successfully obtained the necessary court petition. This step is crucial for investors, as it signifies the property is legally cleared for sale, aligning with our commitment to transparency and legality in our transactions.

Russo Acquisitions are specialist in this process as we are one of the largest buyer of probate properties. We would be happy to guide you though the process and even refer you to one of the may Estate Attorneys we have relationships with to help you.

When it comes to this situation our goal is provide as much assistance as we can to help even if you decide not to sell the property…

Place your Property for Sale

The next phase involves putting your property on the market. It’s essential to communicate clearly to potential buyers that the sale will proceed only after receiving court approval, given the property is currently in probate. Real investors, prioritizing transparency and legality, typically pursue properties that are officially listed post-court petition approval. Russo Acquisitions is the exception to that rule, we stand ready to consider purchasing it at the same time simplifying this complex period for you.

Fill out the form to see if your Philadelphia property qualifies for a quick all cash offer.

Seek the Court for Confirmation

As a seller in Philadelphia, the critical step toward finalizing the sale of your property during probate is to request confirmation from the court. Typically, court hearings are scheduled within 60 to 90 days of filing for confirmation. As investors, we emphasize the importance of swiftly moving forward with seeking court confirmation. This not only helps in expediting the sale process but also in ensuring a smooth transaction for both parties involved.

Advertise in Local Newspapers

To ensure transparency and potentially secure the best offer for your property in probate, it’s advisable to publicly announce the sale. This is typically achieved through advertisements in local newspapers. Publicizing the sale serves a dual purpose: it informs the community about the available property during its probate period and opens the floor for competitive bidding. For those interested in purchasing probate properties in Philadelphia, attending court hearings offers an opportunity to place bids. We often discover promising properties undergoing probate by staying attuned to such announcements in local newspapers.

Attend the Hearing

Make sure to attend the court hearing, where the bidding process unfolds, attracting buyers and real estate investors alike. Once a bid is finalized and confirmed by the court, the winning bidder is required to submit a cashier’s check to cover the bid amount. In scenarios where a new buyer outbids the initial offer, the original bidder’s deposit should be refunded, with the new buyer then placing their deposit, as mandated by the court’s confirmation.

We, as diligent investors, make it a practice to secure our bids by depositing a portion of the agreed price with the court once our offer gains confirmation. This deposit signifies our commitment and readiness to proceed according to the court’s regulations.

Following these steps meticulously ensures a smooth transition to finalizing the contract with the buyer. Real estate investors value properties that adhere strictly to the legal procedures, maintaining the integrity and fairness of the court’s process.

If you’re looking for a REAL investor to buy your property in Philadelphia, then we can help.

Fill out this form or give us a call at 215-693-5600 for a Fair Cash Offer

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