Buying and selling real estate is a critical component of every economy throughout the world. In the United States we have seen the real estate market appreciate over the long run (although the prices can go down at certain points) as the population of our country consistently grows.
Despite the fact that the market has appreciated over the long run it is important to understand that there is significant risk that the local [market_ctiy] can quickly see pricing collapse in the short term. Sellers who are dealing with a probate property can become significantly exposed to risk as they tend to have ownership of the property for a decent amount of time.
So what is a probate anyway?
A probate is a legal way of administering the property of a deceased person (decedent) if the person never left a will or if the will had specific instructions on how his or her property was to be administered after they are dead. Depending on the structure of the estate of the deceased the rightful heir of the property may be required to go court and perform the necessary actions in the local courthouse before they are able to legally sell the property.
How to begin the probate process for a house in Chicago
The probate process begins after a person dies. Soon after this, the seller is expected to inform the court, which appoints an attorney to take care of the sale. Once this is done, the attorney advertises the property just like other real estate properties. The price is based on the agent’s suggestion and also from an independent appraisal ordered by the probate court. Note: It is important for the seller to familiarize himself or herself with the property to avoid being short-changed. This can be avoided by choosing the right partner in Chicago and that would be us, Blue Ladder Development. Click the link here, fill out the form and we’ll help you get started now.
Okay, my property is on the market, now what?
Now, after the property is advertised on the market then it is up to the seller to wait for the buyers to make offers on the property. Once this process is completed, the final decision is made by the probate court on who should buy the property based on an auction if there was more than one interested buyer…. In this case, we would suggest you choose Blue Ladder Development to purchase your property because as you can see from our website we have not only given the best deals on probate property in IL but also on short sales!
Want to sell your house in Chicago fast (and securely)?
We have been in this industry for years and our reputation speaks for itself. If you are interested in choosing us as your partner in Chicago, you are always free to contact us through our website form, our social media pages, as well as giving us a call at 630-387-6861. For immediate assistance, you can leave an email message on our site and we shall call you within the shortest possible time. In addition, you can leave a text message and we shall respond, as soon one of our real estate agents is free.
We are always here to help walk you through the probate process for a house in Chicago, we look forward to speaking with you. 🙂