When dealing with a probate property in Myrtle Beach, you may have many questions you would like to have answered. Below, we offer some information about probate properties as well as ways to handle them.
What Is Probate Real Estate?
Probate is the legal process following a homeowner’s death if the property was not in a trust or owned with another person that did not have full rights of survivorship. It is not uncommon for someone to inherit a property in Myrtle Beach and need to go through the probate process. In most cases, the real estate that needs to go through probate will need to be sold so the proceeds from the sale can be split up between the beneficiaries if it was not indicated in the will to go to anyone or more people.
The first thing to do is to determine where the probate needs to occur. The best place to start is the municipality where the property is located. There are many states that require the probate to be done in the county in which the property is situated. Then, you will need to hire a lawyer to analyze the will then draw up the paperwork. The paperwork is then taken to the courts. The judge determines who is the rightful owner of a piece or portfolio of real estate usually based on the previous owner’s will. Very rarely does the judge rule against the will.
Who Pays For Probate In South Carolina?
You can either pay for the probate out of pocket, or you can arrange that the probate costs be taken out at closing. The executor of the estate will determine a listing price for the property, negotiate the sale price and execute the sale contract. The lawyer that is handling the probate for you will then send their invoice to the attorney handling the real estate transaction. The probate will be subtracted from the proceeds of the sale of the property. Their fee can range from a few hundred dollars to well over a thousand dollars. This varies by attorney and value of the property.
Can I List Probate Real Estate?
You cannot sell or even list the property before the probate is completed or without approval from the court. You will have to petition the court to be allowed to list the property. When it is listed available for sale, you may take offers on the property and have a contract; however, the closing will not occur until the probate is complete. When the probate case is filed, the attorney knows who now can legally sell the property.
How Much Should I Sell For?
In order to know how much you can ask for the real estate, you need to have the property appraised so you know how much it is worth and if there are any problems with the structure because these issues must be disclosed on the contract for sale. When you receive offers, you must take into consideration the probate cost. If you own a vacant lot, make sure the offer is enough to cover your bill. Most houses and other types of real estate will sell for way more than the cost to have the probate completed. If you want to sell the probate real estate quickly, you may want to list on the lower end of the market comps or appraisal price, this will ensure your property receives offers very quickly.
I’ve Accepted An Offer, Now What?
When you have received an acceptable offer, or you have negotiated a price you are willing to sell for, execute the contract. If you have any questions about the contract, reach out to a real estate lawyer to help you understand all the terms, conditions, and riders necessary to complete the deal. When the real estate attorney is chosen, make sure you provide the probate lawyers invoice to them so they can take care of the bill out of your proceeds.
We Can Help You With Your Probate Real Estate
We are real estate investors that work with families to buy their real estate holdings while going through the probate process. We focus on real estate probate in Horry County and Georgetown County.
If you have property that is going through the SC Probate process, our team is experienced at navigating the challenges and we can buy probate real estate sale anywhere in Horry County and Georgetown County. When we buy your probate property, our team can expedite the entire process and help you through it.
Some of the benefits of selling directly to us include:
- Get a fair, no hassle cash offer TODAY…no waiting or paying for unnecessary expenses!
- No repairs and no cleaning. Take what you want and leave the rest.
- Cash advances and help with moving expenses.
- Do you live out of state? No problem…we can help with everything.
- We are the BEST…We’re fast, reliable, and LOCAL. Give us a try and see for yourself!
If you’re looking for an attorney that works in the Horry County Probate Court, we recommend Angie Knight with Grand Strand Law Group. Her team is fast and thorough!