We Buy Houses In Concord North Carolina. As local homebuyers in North Carolina, we are often asked this question “Can a house be sold while it is in probate in Concord NC?”
Yes- but only if you follow North Carolina’s probate process to the letter. The probate court will monitor every step and all aspects of the sale, and if you’re the executor or executrix, you, too, must monitor and approve all the terms of the sale. It can be a complex process, but understanding it will make things a little smoother. You can learn more about NC’s Probate Courts (or Estates Court) here.
Can A House Be Sold While In Probate In Concord NC?
Appointment Of Administrator/Executor In NC
If the deceased individual had a properly done will that expressly named a specific person as the executor and that person is willing to act in that capacity, then he or she is officially appointed as the executor. If on the other hand, no one has been designated as executor in the will, then the court and/or other relatives will appoint a near relative to act as administrator. I have also seen examples where the court-appointed Administrator was not “doing their job” (ie: not showing up at scheduled court hearings, or doing things that the courts requested), and the court will “fire” that person, and appoint someone (usually a local attorney) to act as administrator. Why is this?
The Probate Process Exists For The Benefit Of Creditors Of The Deceased Person In Concord
There it is, in a nutshell- the entire reason for the probate process is conducted is so that someone cannot die owing money to a number of persons or companies, and have his or her heirs sell valuables like real estate and pocket the money while leaving these debts unpaid. Only after all debts of the deceased considered valid by the court are paid, will the money be distributed to the heirs.
Appraisal In Concord NC
The next step is to have a real estate appraisal. But you must make sure the appraiser you choose is a licensed, reputable appraiser. The property in Concord NC must sell at a price that is at least 90% of the appraised value, so you need an appraiser who can get it right. This applies strictly when there are more debts owing than there are liquid assets (like cash) in the estate. If the person that died had a lot of money and very little debt, the courts are far less concerned with approving the sale price.
Sale In Concord North Carolina
This is the step where the answer to “Can a house be sold while it is in probate in Concord NC?” begins to become a reality. And you’ll start by having your agent list the property on a multiple listing service so that buyers will know it’s a probate sale. An interested buyer makes an offer along with a 10% deposit, an offer which you can accept or reject. If you do accept it, the offer is then subject to court confirmation. You must submit the offer through your probate attorney to the court for confirmation. If everyone is in agreement, then a date is set for the sale to be finalized in court.
When the offer on the house in probate has been accepted and confirmed by the court, a Notice of Proposed Action must be mailed to all the heirs. This document states all the terms and conditions of the proposed sale. Heirs then have 15 days to review the notice and raise objections if they have any. If none of the heirs has any objections, the sale can go forward without a court hearing.
Overbidding In North Carolina
Now, here’s where it gets a little complicated. Before the court confirms and approves the original buyer’s offer, the judge will ask those present in the courtroom if any of them would like to bid on the property. If no one does, then the sale proceeds in the standard fashion mentioned above.
If, however, there is an overbid, the original buyer’s 10% deposit must be refunded before the new sale at the new bid price can proceed. When the overbid is accepted, the new buyer must then put up a 10% deposit, which is required to be a cashier’s check. This check for the accepted overbid deposit is presented to the North Carolina executor/administrator at the winning bidder’s acceptance hearing.
Upon court confirmation and approval, a contract can then be signed. But it is a specialized kind of sale contract because it cannot have any contingencies, and escrow closes soon after the hearing, usually within 15 days. As you can see, there are some complicated rules for selling a property while in probate. It is advised to consider contacting an attorney in Concord NC for more specific help.
Sell My House In Concord NC
Many of these problems can be overcome when you present the courts with a cash offer from a buyer like Property Solutions, LLC, with proof of funds that they are able to purchase and are not going to back out of the sale later or be unable to close because they could not get financing approved. Our attorneys are used to working with probate court judges to close these types of transactions as quickly and painlessly as possible.
The entire probate process may seem quite challenging, but as professional North Carolina home buyers, we can help you every step of the way. If you need guidance in meeting all requirements for putting a property on sale while on probate or wish to sell your house in NC fast, feel free to reach out to us. We offer cash for houses in Concord and other areas in North Carolina as well as excellent and reliable services to our growing list of happy clients!