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Selling Inherited Property in Arizona
Losing a loved one is difficult, but the situation can become even more complicated if you’ve been appointed an executor or administrator of your loved one’s estate. In a perfect world, people would pass on with no debt and with a well-thought-out will that leaves no room for interpretation.
However, a tidy ending isn’t always the case. Sometimes it’s necessary to sell a house while the estate is still in probate. While the probate property sale procedure can be complex and intensive, with the right help and information, you can navigate the process and sell a house in probate. We created this probate guide to help.
What Is Probate?
If you’ve recently been named the executor or administrator of an estate in Arizona , you may be wondering what exactly probate is and how the process works. An estate is usually put into probate if someone passes away without leaving a will and there’s no one else named on their deeds, titles, and financial holdings. Since no one is named, it’s left to the court to decide who’ll receive the components of the deceased’s estate.
Even if the deceased did leave a will, the estate may still go into a probate just so the court can make sure that the will is carried out properly and that each person involved is treated justly.
Reasons for Selling a House in Probate AZ
There are several reasons why an executor may decide to sell a house while in probate. One of the most common reasons is that the deceased left a lot of unpaid debts. The executor will often sell the home to settle the debts, which may need to be taken care of immediately.
Sometimes a person passes away without a will and leaves behind more than one potential heir, typically children. If the kids can’t decide on who will get the house, then it may be sold in probate and the proceeds split amongst the children.
In other cases, the deceased left the house to two or more heirs. The heirs may decide to sell the house and divide the profits instead of keeping the home.
Steps for Selling a House in Probate in Arizona
There are quite a few steps to the probate property sale procedure, and it’s more involved than selling a house conventionally. Follow these steps to sell probate property.
Decide How to Sell the Property
You have a few options for selling the house. You can work with a real estate agent and have it listed just as you would with a regular house. You also have the option of selling it privately to an individual or an investment company in Arizona , such as Fast Easy Offer. By selling privately, you can avoid paying agent fees.
If You Go the Traditional Route
If you decide to go with a traditional sale, you’ll go through these steps, which vary slightly to sell a probate house. Obtain information about each step of probate on nolo.com
1. Valuation or Appraisal
Before you can list the house, you’ll have to hire someone to do a valuation or appraisal. You can usually hire a certified appraiser or get someone like a real estate agent to do this for you.
2. Listing the House
Your real estate agent will list and market the house just as they would any other home. The only difference is that there will be a note on the listing stating that the house is in probate. The realtor will take their standard fee, which is usually 6%.
With a conventional sale, once you start getting offers, you can choose the one you want. When the house is in probate in Arizona , the buyer must pay 10% down. The probate court will have to approve the offer before you can sell the probate house.
4. Notice of Proposed Action
As expected, the process to sell probate property can take some time. Once the court has approved the buyer’s offer, the probate attorney will file a sale confirmation. They’ll next send a Notice of Proposed Action to anyone with a legal stake in the estate.
This Notice allows them to appeal to the court if there’s something wrong with the sale. They’ll usually have 30 days to file an appeal. If no appeal is filed, then the sale can move forward.
Even after the Notice period, there are still a few more hurdles before the sale can be finalized. The court requires the house to go through a bidding process. This gives others an opportunity to bid on the house. Arizona law requires that the first bid be $500 plus 5% more than the original offer. Each subsequent bid must also be $500 plus 5% more than the previous bid.
6. Finalization of Sale
If there are no competing bids, then the sale can go forward as normal. You’ll close on the house with the buyer just as you would in a traditional sale.
Doing a Private Sale While in Probate in Arizona
Many executors decide to go with a private sale for probate houses. The process is often faster and less complicated. In many cases, the house may need a lot of work before it’s ready to market. You may not have the time or money to put into these repairs.
You may opt to sell the house to a private investment company. While you’ll still have to go through the same steps as with the traditional route, the process is much less complicated when you do a private sale. If you’re in Arizona State, Fast Easy Offer specializes in buying houses as-is. You can save the time and money you’d spend getting a house ready for a traditional sale.
Mistakes to Avoid When Selling a House in Probate Arizona
Since selling probate houses is so complicated, it’s easy to make mistakes. Be sure to avoid these mistakes so you don’t make the process any longer than it has to be.
Jumping the Gun
Whether you have debtors to pay or just family members ready to have the estate settled, you’re likely ready to get the house sold so you can move forward. However, you mustn’t skip any of the steps in the process.
Don’t do anything until you’re legally allowed to. You shouldn’t even start repairing the property until everything is in process with the probate court. If you move forward without permission, you may wind up in legal trouble and you could wind up spending even more money and time.
Real Estate Disclosures
In a typical house sale, the seller is required to complete a detailed disclosure about the home. This disclosure is intended to make sure potential buyers are informed of any issues with the house before they go under contract.
When selling a house in probate, the executor likely hasn’t lived in the house and won’t have knowledge of the different elements that would be included in a normal disclosure. Thus, the courts often don’t require you to complete a disclosure.
Still, you may want to proceed with caution here. If you don’t complete a disclosure, you may be opening yourself up to legal action in the future if the buyer feels the house was misrepresented during the sale. You can work with your agent and lawyer to make sure everything is being disclosed.
Not Hiring a Lawyer
One of the biggest mistakes you can make when trying to sell a house in probate is failing to hire a lawyer who specializes in probate law. Unless you have extensive knowledge of the probate process in Arizona , it’s easy to make mistakes during the process that may have lasting legal and financial consequences.
A probate lawyer can help guide you through the process and help you avoid any pitfalls. They understand the law and process to ensure you do everything correctly and make the process go more smoothly. By hiring a probate lawyer, you can eliminate much of the stress of selling a house in probate.
Waiting Too Long to Start the Process
When you’ve just lost a loved one, you probably want to take time to grieve and may not want to get caught up in legal issues. However, since you can’t do anything to the house until the probate process has started, it’s to your benefit to get things moving as quickly as possible.
If you let the house sit for too long, new maintenance issues may arise. You’ll then have to spend extra time and money to get the house ready for sale if you plan to go the traditional selling route. It’s best to start as soon as possible to get through the probate process and sell the house.
Frequently Asked Arizona Probate Questions
You likely have many questions about selling a house in probate in Arizona. Read on for some answers.
Can a house be sold while in probate in Arizona ?
Houses can be sold while in probate. It’s sometimes recommended to sell during probate if the deceased had outstanding debts or if they neglected to name an heir. Since selling a house in probate is more complicated, follow the steps to the letter to avoid any setbacks or issues.
How long does it take to sell a house while in probate in Arizona ?
The probate process can be lengthy, especially compared to a traditional sale. The entire process can wind up taking several months or even a year. You’ll have to go through the process of getting the estate in probate, finding a buyer, going through the Notice period, the bidding, and then finalizing the sale. Even small hiccups can set you back weeks.
Can I sell a probate property fast In Arizona ?
Yes, depending on the type of filing and whether or not the person handling the estate has “full authority” to sell. Assuming you have the right filing, you may be able to sell the asset under the Independent Administrations of estate act. Give us a call 602-878-7740 or click here to get a fair offer. We can close in as little as 10-14 days
Arizona Probate Resources And Related Articles
“Probate” proceedings normally begin before an inherited house is sold. Probate litigation has five stages. Obtain information about each stage of probate on nolo.com.
- Common Tax Questions When Selling a House in Probate
- How Probate Works in Arizona
- How to Sell A Probate Property in Arizona
Who Buys Houses In Probate In Arizona ?
If the property needs to be sold, we may be able to help. We are able to pay cash, purchase directly from you (saving you from hefty realtor fees), and can close quickly or at the date of your choice.
We will even buy the property “ As-is” meaning you will not have to worry about repairs, updates, or cleaning and removing of unwanted items. Nor will you have to deal with any lengthy tenant evictions or lengthy and costly reports as would be required if you were to go through the standard methods of “listing” the property. We will do it all for you!
Simply put, you will not have to dust, vacuum, or even take out the trash! Just CASH YOUR CHECK and move on with your life!
Rest assured with our experience and buying power we will help solve your real estate concerns confidentially, quickly, and conveniently.
Can a house be sold while in probate? While the process of selling a house in probate is difficult, especially if you’re also dealing with grief from the loss of a loved one, it’s possible and sometimes necessary. As long as you follow the steps and seek legal advice, you should be fine.
If you’d like to make the process of selling a probate house in Arizona easier, Fast Easy Offer buys houses in probate. We give fair prices for the house and work with you to make the process as easy as possible.
Or Give Us A Call Now At 602-878-7740
These findings apply to all cities in Arizona including, Phoenix, Mesa, Gilbert, Glendale, Apache Junction, Tonopah, Pinetop, Tucson, and more!