Probate is the process of reassigning property to beneficiaries after a person dies. When they pass away, the ownership of their property are passed to their heirs left behind. Sometimes the person has also left behind a “Last Will and Testament”, and in some cases not.
Regardless of the situation, the property is assigned to heirs through the court of law, and this process is known as probate. Having a will makes it so much easier, but regardless, a process is followed.
A question that often arises is, “can a house be sold while in probate in New Orleans, LA?“, and the answer is that it can be sold if simple steps are followed.
As real estate investors in New Orleans, LA, Louisiana Direct Home Buyers advises sellers to follow the steps below, and also suggests that other investors check procedures when they go for buying property on probate period in New Orleans.
Can a house be sold while in probate in New Orleans, LA? Yes, but make sure to follow these steps first!
A property can be appraised with the assistance of an independent certified appraiser. You can easily find an appraiser in the local phone book or by contacting a real estate agent for their recommendations.
As real estate investors, we look for buying property on probate in New Orleans, LA that has already sought property appraisal.
Obtain the Petition
You have to seek probation from the court when selling the property during the probate period. So, fill out the petition form and provide all details related to the sale of the property in New Orleans and mention the method of sale.
Then, fill out the form with the help of the independent appraisal and wait for approval from the court.
An investor looks into properties to see if they have already completed the procedure of obtaining the petition, and only buys properties that have completed that process.
Place your Property for Sale
The next step is placing your property on sale. Make sure to inform the buyer that the property is on probate and will only be sold after confirmation from the court. Legitimate investors will only purchase the property on sale after seeking court petition. If your property matches these conditions, we may be able to take it off your hands.
Seek the Court for Confirmation
As a buyer, to confirm the sale of your property in New Orleans you have to seek the court for confirmation. Hearings typically occur within 20 to 40 days. Please do not forget to make arrangement and take 10 percent of the price from the buyer before the date of the hearing. As investors, we tend to make sure that the seller seeks the court for confirmation.
Advertise in Local Newspapers
Announce the sale and advertise it in local newspapers. This is done so 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 looking to purchase property on probate period in New Orleans, you can bid in the court hearings. We are often informed about good property on probate through the local newspapers.
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. When the final agreement is done, the cashier’s check is handed to court after the bid is confirmed. If there is a new buyer, they refund the money of the previous buyer and take the deposit of the new buyer after the court gives confirmation. After the contract has been confirmed, we typically always pay some money as a deposit of the original price.
After you take all of these steps, you can finalize the contract with the buyer. Legitimate investors look for property that follows all procedures and abides by the rules of the court.
If you’re looking for a REAL investor to buy your property in New Orleans, we can help.