Probate liquidators refer to people that buy inheritance assets from probated estates. Probate is required when a person dies without establishing an irrevocable trust. The probate process can last a few months or extend for years and oftentimes results in financial hardship to decedent estates.
Estate administrators can sell inheritance property to probate liquidators to relieve financial burdens. Funds can be used to pay off outstanding debts and provide cash to beneficiaries designated within the decedent’s last will and testament.
Liquidating probate assets can be particularly beneficial when mortgaged real estate is involved. Estate executors are responsible for all facets of maintaining real estate throughout the probate process. If a mortgage note is attached, the estate must continue making home loan payments or risk having the property fall into foreclosure.
The estate is also responsible for paying homeowner’s insurance, homeowner’s association fees, property taxes, and maintenance expenses including lawn care and pool service. If the estate does not have the financial means to cover expenses they can attempt to sell the property on their own or through a realtor.
In today’s recessed housing market it can take months to locate a qualified buyer. Estate administrators act as fiduciary for the estate and are required to make responsible financial decisions. Although probate liquidators purchase inheritance assets below market value, they buy houses with cash in order to quickly close transactions.
Selling probate real estate can be somewhat tricky, so it is best to obtain legal counsel to ensure proper protocol is followed. Some states require estate executors to obtain court authorization to sell probate property.
When more than one heir is entitled to real estate, all beneficiaries must agree to the property sale. If heirs refuse to relinquish property rights and the estate does not possess adequate funds to maintain the home, a probate judge can order the estate administrator to sell the property to probate liquidators without obtaining approval from beneficiaries.
Probate liquidators purchase all types of probate real estate including: single family residences, individual condominium units, manufactured and mobile homes, vacation and rental houses, vacant land and commercial real estate.
While real estate can be one of the more profitable investments for probate liquidators, they will buy nearly any type of inheritance asset that will yield a profit. Popular items include automobiles, boats, recreational vehicles, motorcycles, jewelry, antiques, art, collectables and valuable household items such as refrigerators, washers and dryers, and furniture.
Many probate liquidators offer other types of estate services which can assist the personal probate representative. Most probate liquidators can assist in organizing estate auctions. Others offer assistance in locating missing heirs and lost property. Some specialize in locating buyers for commercial real estate, rental properties, or businesses.
It is imperative to conduct research before entering into contract with probate liquidators. Check with the Better Business Bureau. Make certain the individual or company is licensed to conduct business and holds proper permits and business insurance. Selling inheritance assets can be a difficult experience, so be certain you are placing your loved ones belongings in the hands of a trustworthy probate liquidator.