Do Probate Properties Need Court Approval to Be Sold? – Episode #444
Today we’re going to talk about whether probate properties need court approval to be sold, and how to handle the current problem tenant residing in the property.
This question was from a person new to probate who was both an agent and an investor. She was trying to help the seller who inherited the property but was stumped by how to proceed with this unusual and very sticky situation.
Here’s the situation in a nutshell:
The seller inherited a property with a non-paying tenant who also happened to be a relative. To make things even worse, the tenant refused to let the new owner into the condominium for inspection or to show the property so it could be sold. The new owner was reluctant to evict the relative but found himself in a really uncomfortable position. He inherited a property he couldn’t even enter and was getting no rent on the property.
What would you do in this situation?
Listen in to hear more about what I had to say.
[00:00 – 02:33] – Opening & Question Overview
- Question comes from real estate investor & realtor, wants to purchase inherited duplex
- One unit occupied by problematic non-paying tenant who is a family member
- Asks if court approval is needed beyond typical probate court
[02:34 – 04:19] – Tenant Issues & Offer Considerations
- Tenant not paying rent, only utilities, refused $700 cash for keys offer
- Not allowing showings or access to property
- Should factor in lower offer price & costs for repairs
[04:20 – 05:56] – Probate Court Approval Process
- Requires probate court approval but standard, no special approvals
- Attorney can provide proper contract language on closing timeline
- Good to know local state laws, can have small regional differences
[05:57 – 07:27] – Financial Impacts & Offer Adjustments
- Estimate 4-6 months before re-renting: eviction, clean up, repairs
- Factor in costs for lost rent during this period
- Adjust the offer price accordingly
[07:26 – 10:07] – Closing Tips
- Don't reveal as owner to tenant, pose as property manager instead
- Check local laws, get probate investing starter kit & resources
Resources Mentioned in this show:
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