Probate is the process of reassigning the property to the beneficiaries after the owner dies. When a person passes away they leave their loved ones and their property behind. Sometimes the last will or the Testate is left behind by the person and in some cases it is not. Whatever is the situation the property is reassigned to the heirs with the court of law and this extensive thorough process is known as probate.
Can a house be sold while in probate in Portland OR? It can be sold if simple steps are followed properly. As real estate investors in Portland OR, Portland Wholesale Property advises sellers to go through the following steps and also suggests other investors check the procedures when they go for buying property on probate period in Portland.
Can a house be sold while in probate in Portland, OR? Yes, but make sure to follow these steps first!
With the help of the independent certified appraiser a property can be appraised. You can very easily look for an appraiser in the local phone book or check with a real estate agent for a recommendation. As real estate investors, we look for buying property on probate in Portland OR that has already sought property appraisal.
Obtain the Petition
When you are in the process of selling the property during the probate period you have to seek probation from the court. Fill out a petition form providing all the details related to the sale of the property in Portland along with mentioning the methods of sale. Then, with the help of the independent appraisal, fill the form and wait for the approval from the court for selling your property. An investor only buys the property that has already completed the procedure of obtaining the petition, and we do look into the fact that the seller has gone through the process of obtaining petition.
Place your Property for Sale
The next step is placing your property up for sale. Be sure to inform the buyer that the property will be sold only after confirmation from the court as it is on probate. All real investors only buy the property that is on sale after seeking court petition.
Advertise in Local Newspapers
Advertise the sale in local newspapers. This is done so that the public is informed about the property sale during the probate period. It also allows open bidding for other interested people so that the property gets the best price. If you are interested in buying property on probate period in Portland, you can bid in the court hearings.
Attend the Hearing
Attend the hearing of the court. This is the place where bids are done and buyers and real estate investors come for bidding. After the final agreement is done, the cashier’s check is given to court after the bid is confirmed. If there is a new buyer, refund the money of the previous buyer and take the deposit of the buyer after the confirmation has been given by the court. We tend to always pay some money as deposit of the original price to the court after the contract has been confirmed.
After this you can complete the contract with the buyer. Real investors look for property that follows all the procedures and abides by the rules of the court.
If you’re looking for a REAL investor to buy your property in Portland, then we can help.