Steps for Selling a House in Probate in Miami
If you find yourself in the position of managing a probate property in Miami Dade County and have decided that selling is the best course of action, understanding the proper steps for selling a house in probate is really important. Local and state laws dictate a straightforward procedure designed to help you navigate this complex situation. To sell a probate property in Miami, it will go through Miami Dade County court.
The journey begins with ensuring that an executor or administrator has been officially appointed to oversee the estate’s matters. This role is crucial, as it grants the authority needed to make significant decisions about the property, especially in scenarios where selling becomes necessary due to financial obligations or practicality issues related to the estate.
The next crucial step involves getting an accurate appraisal of the property. This step is not just about determining the market value; it also sets the stage for the upcoming legal processes by establishing a clear financial baseline for the estate. Following the appraisal, you and your legal counsel will need to formally petition the Court for the go-ahead to sell the property. This petition is a critical phase where you’ll outline your intended method for selling the property, be it through an auction, a traditional market listing, a direct sale to an investor, or any other viable avenue.
Once you receive the Court’s approval, the property can officially be listed for sale. This is where you decide on the sales strategy that best suits your situation. Whether you opt to manage the sale yourself, engage a real estate agent with experience in probate properties, or sell directly to an investor, having knowledgeable support is invaluable. This guide aims to provide a clear roadmap through the steps for selling a house in probate in Miami, ensuring you feel prepared and confident as you proceed with the sale.
Decide How to Sell Property in probate in Miami Dade:
- Valuation or Appraisal
First up is finding out how much that property is worth. To do this you’ll need a valuation of the land by a trusted professional, or you’ll need to hire a professional appraiser or broker that understands the law in the area as it pertains to the process of evaluating the property’s current value. In many states, the Court requires the property to be sold for at least 90% of its appraised value. That makes it even more important to find an appraiser with probate property experience that won’t balloon the worth of the land.
- Finding Your Buyer
Once you have your appraisal, you, the executor, and/or your lawyer will need to file an intention to sell the house and other assets with the court. This form will include the final appraisal amount and which method you would like to use to sell the property. Methods can include auction, a traditional market sale, selling directly to an investor, and more. When the petition is approved, you are ready to list the property to let buyers know that the property is available. Whether you choose to sell the house yourself, use an experienced real estate agent, or sell directly to an investor, make sure that you have someone in your corner that has experience with probate properties.
- Offers
Whether offers fly in or trickle, eventually you’ll need to decide which offer is right for you. Evaluating your goals for the sale of a house is an important part of this step. Do you need a quick sale so that you can pay off the estate’s debts? Would you prefer to wait a bit longer and see if you can get more profit from the sale? Or is the property in disrepair and needs a special buyer who can handle a complete remodel? These are all things you’ll need to take into consideration when you decide when and how to list a property in probate.
Knowing what goals you need to meet with the sale of the property will help you decide which offer to accept so that you can move on to the next step.
- Notice of Action
Once a buyer makes an offer, they need to be informed that the sale can only be completed after the court’s confirmation. Due to disclosure law, this should not come as a surprise but a buyer inexperienced in probate may balk at the added time needed for the sale. This is often one of the reasons why a probate house is skipped over for another property, even if the probate property is priced to sell fast. The delayed timeline may cause a buyer to decide it’s not worth the wait. But if a buyer has come forward with an offer and doesn’t mind the wait, the Court will review the bid before releasing an order to approve the sale of the property.
- Approval to Sale
A property in probate can be marketed as ready to sell before the Miami Dade County Court finalizes an Approval to Sale to help draw in more interested parties to bid. In the case of auctions, the Court often is the one who handles the bids. There are strict rules and guidelines that must be followed for this type of sale, making it only used as a last resort. Once someone has won the bidding the executor will petition the court to authorize the sale of the property, but if any of the Heirs object the sale can be canceled and the property put on hold as the Court decides the next steps.
- Finalization of Sale. Distributing The Assets.
Hopefully, the sale of that house, condo, rental property, or piece of land is a smooth and straightforward experience. Even if you experienced a few hitches along the way, once you have an offer that the Court accepts it’s time to finalize the sale. The executor or lawyer will need to file a final account and petition for the final distribution but once the Court approves this, title documents can be signed to make the house sale official.
Take the Next Steps for Selling a House in Probate in Miami
Looking to sell a probate property in Miami? Trust our experienced team to guide you through the probate process. Contact Future Generation Homes today at (786) 400-2628!