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By Simon Volkov
Probate liquidators are individuals or businesses that buy and sell probated inheritance assets. The probate process is required to settle estates of individuals who have died. During probate the decedent’s last will and testament is reviewed and validated to ensure assets are distributed to rightful heirs. Probate can be settled in a few months or extend for years if heirs contest the will or when decedents die without executing a legal will.
Probate liquidators can be beneficial in liquidating inheritance property for financially strapped estates. Estates holding mortgaged real estate often find it challenging to meet financial obligations of mortgage payments, property taxes, insurance, and overall maintenance of the property.
Probated real estate can be sold to estate liquidators in order to pay off outstanding home loans and related expenses. This strategy can help estate executors avoid foreclosure or obtain lump sum cash which can be distributed to designated beneficiaries.
When multiple heirs are entitled to real estate, they must all agree to sell the home unless the court orders the sale to pay outstanding debts. If the estate is incapable of paying real estate related expenses, but heirs refuse to assign property rights, a probate judge can order the property sold without authorization from beneficiaries.
Probated homes, commercial real estate and vacant land can be listed for sale through a real estate agent, as for sale by owner (FSBO), or as a cash sale to probate liquidators. FSBO sales are generally overseen by the probate personal representative. Since estate administrators have many other duties to manage, selling real estate during the probate process can be overwhelming.
In today’s recessed real estate market locating a qualified buyer has become increasingly difficult. When probate estates are financially insolvent selling houses to estate liquidators can bring about a quick resolution.
Probate liquidators are oftentimes private investors and many are willing to buy houses with cash to expedite the sale. However, selling houses for cash nearly always results in a substantially reduced purchase price.
In order to ensure proper protocol is followed during the sale of probated real estate it is best to work with a probate lawyer. The process of probate varies by state. Some states allow probate executors to manage all facets of estate settlement, while others require administrators to obtain court approval when selling inheritance property.
In addition to buying real estate, probate liquidation companies purchase most types of valuable inheritance property. Popular items include motor vehicles, antiques, jewelry, collectibles, artwork, and household items such as furnishings and major appliances.
Some liquidation service providers offer additional services which can be beneficial to estate executors. Common services include: finding lost property and missing heirs; organizing estate auctions; and locating buyers for commercial properties, investment homes, and businesses owned by the decedent.
Before signing a probate liquidation contract it is crucial for estate administrators to conduct research and ensure they are working with a reputable organization. Request business licenses; proof of business insurance; and list of references. Check with the Better Business Bureau to determine if complaints have been filed.
Selling inheritance property is emotionally difficult. It is imperative to investigate probate liquidators to be certain you are placing your loved ones property in good hands.
About the Author: Simon Volkov is California probate liquidator who specializes in buying and selling probated real estate. His website offers information and resources for selling inheritance property and managing decedent estates at SimonVolkov.com.
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