Buying and selling real estate is big business in any economy in the world. As the population increases, more houses are needed for people to live in and offices for people to work in. Despite this fact of life, real estate transactions can still be risky! Especially when it comes to probate property if the prospective buyer doesn’t understand the probate process for a house in Chicago, IL.
What is probate?
Probate is the legal process for handling the estate and property of a deceased person (decedent) if that person never left a will or if the will had specific instructions on how their property was to be administered after death. These proceedings take place in the public court system as opposed to between private individuals. Sometimes they can end up being the best real estate deals that any buyer or seller might get in Chicago because they lead to a quicker resolution to the probate process.
Work with an attorney to begin the probate process for a house in Chicago
The probate process begins once a person dies. Soon after, a relative (brother, wife, son or daughter) or close friend is expected to inform the court, traditionally through hiring an attorney. The court, with the attorney’s help, will appoint an administer for the estate, also known as an executor, to handle the affairs of the deceased. The administer or executor will then begin to sell or liquidate all belongings of the estate. Often times this includes real estate. Once the administer is given power over the estate, they can begin to find buyers for the real estate. Sometimes (but not every time) the courts will require the administer to acquire several offers for the property, then choose the best one suited to the needs of settling the estate. The price could be based on an agent’s suggestion, an independent appraisal or the administer’s market knowledge.
Note: The administer/seller needs to familiarize themselves with the property to avoid being short-changed. This can be avoided by choosing the right partner in Chicago, which would be us, Big Rehabs. Click the link here, fill out the form and we’ll help you get started now.
My property is on the market. Now what?
If the administer decides to put the property on the market, the seller waits for the buyers to make offers. Once this process is complete, the probate court decides 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 Big Rehabs 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 the problem-solving business 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, our social media pages or give us a call at . For immediate assistance, you can leave a message on our site, and we shall call you within the shortest possible time. In addition, you can send us a text message, and we shall respond as soon as one of our representatives are free.
We understand the complexities that folks have to endure when loved ones pass away. And we will always be here to help walk you through the probate process for a house in Chicago. We look forward to speaking with you.