Understanding Probate Real Estate and How It Can Benefit Your Family After a Loss

The loss of a spouse, parent, or other close relative is a devastating event that can have lasting effects on the survivors. In addition to the initial shock and grief at the time of death, stressful situations often arise in the weeks and months afterward as the probate process moves forward. The laws of the state where the deceased resided and the existence of wills or trusts will help determine the process but probate real estate may also be beneficial in dealing with real property. 

Families who currently have questions or problems related to the real estate of a deceased family member may find the following information on probate real estate to be helpful for their situation. 

Understanding how probate real estate works

Probate realty brokerages provide specialized assistance with properties involved in probate due to the death of the owner. Agents and brokers who provide this type of real estate assistance can assist with the process of selling or managing properties involved in a probate court proceeding. For example, if the estate of the deceased has outstanding taxes or debts that will need to be paid before the heirs can inherit remaining assets, the real estate belonging to the deceased may be sold to cover the unpaid taxes or debts. Any assets or money that remains once all debts and taxes are paid will then be distributed to the legal heirs. 

How probate realty brokerages differ from other real estate brokerages

Unlike a typical real estate transaction where the process of listing and selling is straightforward and able to move quickly, a probate real estate sale or purchase can involve months of waiting and adherence to probate court procedures. Agents and brokers who specialize in probate real estate must be well-versed in probate law for their state. During the process, probate realty brokerages regularly provide assistance in helping with the pricing of the property as well as overseeing the process of preparing the property for sale. 

Once the property can be listed for sale, the probate real estate agent will oversee showings, provide information to interested buyers or agents, and help negotiate purchase offers. In addition to working with the family of the deceased, probate real estate agents must also maintain contact with the probate court and provide periodic reports and updates throughout the process. 

If you are struggling to understand the probate process and how it relates to the real property left behind by your deceased family member, taking time to meet with a probate real estate brokerage company like Maher Probate Realty can help provide you with the guidance you need.