After facing the loss of a loved one who didn’t have a will or investments, protecting against the process altogether, to sell a probate property can mean long, drawn-out proceedings, especially with larger estates.
It can be costly to go through, so avoid making the mistake of skipping any of the legal requirements, which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among the beneficiaries.
Should you find yourself in this position, read on for information on how to sell a probate property in Augusta.
Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in Augusta.
How To Sell a Probate Property in Augusta
Here’s a more polished, structured, and professional rewrite of your content, while preserving all essential details and making the process easier to follow:
Steps to Selling a Probate Property in Augusta
1. Hire a Certified Appraiser
Your first step is to hire an independent, certified appraiser to determine the fair market value of the property. You can find reputable appraisers through local listings or referrals from probate-focused real estate professionals in Augusta.
2. File a Petition to Sell
With your certified appraisal in hand, the next step is to file a petition with the probate court requesting permission to sell the property. Be sure your petition includes key property details and the proposed method of sale—whether via auction or the open market. Attach your appraisal to the petition. Once the court grants approval, you can move forward with the sale.
3. List the Property for Sale (With Conditions)
Once court approval is obtained, you may list the property for sale. However, all offers must be made with a contingency: the sale is subject to final court confirmation. This must be clearly disclosed to all prospective buyers.
4. Court Confirmation Hearing
After accepting an offer, you’ll need to request a hearing date to confirm the sale. Expect a waiting period of 20 to 40 days from the date of filing, depending on court availability.
5. Collect a Deposit
At this stage, collect a deposit—typically 10% of the purchase price—from the buyer. This demonstrates their commitment and secures their position going into the court hearing.
6. Advertise the Sale (Open Bidding Process)
To ensure the estate receives the highest possible return, you are required to publicly advertise the court hearing, enabling others to participate in what’s called the “overbid” process. This can lead to a higher final sale price through competitive bidding.
7. Attend the Court Hearing
At the hearing, the property will be auctioned in open court. Bids typically increase in increments of $500. The original buyer can participate, along with any other interested parties. Once bidding concludes, the highest bidder must present a cashier’s check for the full amount.
8. Refund the Deposit (If Applicable)
If another party outbids your original buyer, you are required to refund their 10% deposit. However, if your original buyer remains the highest bidder, their deposit will be applied toward the purchase.
9. Close the Sale
Once the winning bidder is confirmed and all funds are in place, you can proceed to close the transaction. All sale proceeds must be deposited into the estate account, and financing must fully cover the purchase price and any associated costs.
We’re here to assist you during this difficult time and make the process easy. Call HAS Holdings LLC today at 706-873-1213 or send us a message to sell a probate property in Augusta.