Probate liquidators buy inheritance assets from estate administrators who manage decedent estates. There are many reasons Administrators sell inheritance property, but the most common is to obtain cash to pay-off outstanding debts or liquidate assets which are costly to maintain.
Real estate typically sold to probate liquidators in order to eliminate monthly mortgage payments and related expenses. Estate executors are accountable for maintaining real property throughout the probate process. When a mortgage note exists, the estate must continue making mortgage payments. Otherwise, the home could be in danger of foreclosure.
The estate must continue paying property taxes and insurance, homeowner’s association dues, and maintenance expenses such as lawn care or pool service. When decedent estates do not possess the financial means to cover property expenses, the estate executor can list the property as ‘For Sale by Owner’ or through a expert.
It can take months to search for a qualified buyer in today’s recessed housing area of interest. When estates are strapped for cash, selling real estate to probate liquidators can bring about a quick resolution. Although probate estate liquidators buy inheritance property below market value they usually buy houses with cash to quickly expedite the sale.
Selling probate marketplace can be complicated, so it is better to work using a probate lawyer to ensure proper protocol is followed. Probate is handled differently each state. Some states allow estate administrators to sell inheritance assets without court interference, while others require court choice.
When decedents bequeath real estate to multiple heirs they must all agree to trade the property. 1 or more heirs refuse to relinquish property rights as well as the estate is unable to maintain mortgage payments or related expenses, a probate judge can order the property be sold.
Most probate liquidation companies buy all types of real estate including single- and multi-family homes, condos and townhouses, manufactured and mobile homes, rental and vacation properties, vacant land and commercial real holdings.
In addition to estate realty, probate liquidators purchase all kinds of valuable inheritance assets. Popular estate assets include cars, trucks, boats, RVs, motorcycles, antiques, collectables, jewelry and household items such as furniture and major models.
Many probate liquidation companies offer additional estate services which may be beneficial to estate executors. These consist of organizing estate auctions; locate missing heirs and lost property; and locating buyers for rental properties, commercial real estate and businesses belonging to the decedent.
Estate administrators should take time to check into probate liquidation companies prior to going in a contract. Begin by checking with the greater Business Bureau to see if prior complaints happen to filed. Check with local government agencies to ensure vehicle is licensed to conduct business and holds proper permits and business insurance coverages. Selling probated property could be emotionally difficult, so be certain happen to be selling your family member’s property to a reliable probate liquidator.
The Estate Settlers – The Transition Management Team
Suite F6-273 20423, FL-7, Boca Raton, FL 33498
(561) 207-7654