Real estate is an integral part of any world economy. It is a product that will always be in increasing demand for as long as our population continues to grow. People will always need a roof over their head and businesses will always need offices for their employees to work in. However, the buying and selling of real estate can be risky if you don’t know your way around it. This is especially true when it comes to probate property if the prospective buyer doesn’t understand the probate process for a house in Portland Or.
Let’s define what a probate is before we dive deeper…
A probate is a legal term that encompasses the process of administering the property of a deceased person (decedent). Ideally, the deceased person would have left a will designating who was to be the heir to the property that he or she owned. However, if that person never left a will or if they left a will with specific instructions on how he or she wishes to have the property administered after they pass then then legally you must go through the probate process. These proceedings take place in probate courts; if you are in Portland, Or then it will take place in a Multnomah County court.
How to start the probate process for a house in Portland
The probate process begins after a person dies. Shortly after, the executor of the probate (seller) will need to give notice to their local court so that the court can appoint an attorney to facilitate the sale. By law, the attorney is obliged to publicly advertise the property in various publications as a means to give an opportunity to any potential creditors or heirs (other than yourself) who may have a claim against the property. Once the waiting period for creditor claims is over, the attorney will market the property to agents or cash house buyers.
If using an agent, the price is based on the agent’s suggestion and also from an independent appraisal ordered by the probate court. To get the most amount of money possible for the house, it’s important to familiarize yourself with the property. Assess the property and determine if it’s best suited for the retail market or if it’s a property that needs quite a bit of updating and repairs to get it market ready. The reason being is that if the property needs work then it won’t be financeable using traditional bank financing so if it goes on market then it has to sell to a cash buyer to bypass the financing obstacles. Selling your house to a cash buyer on the market using an agent will require commissions, fees and closing costs to be paid by you.
To get the absolute most money for your property, you can sell directly to the cash buyer and avoid paying all of the fees and hassles of having to list your property on the market. It can all be avoided by choosing the right partner in Portland and that would be us, Rubix Properties. We can be your trusted cash buyer and we can make you the most money on your property by paying a fair price and helping you avoid agent commissions, fees, closing costs, showings, repairs, clean-up, etc. When selling to Rubix Properties, you can take what you want from the house and leave the rest for us to clean-up. It is our job to make the process of selling your inherited property for cash as stress-free as possible. Click the link here to learn about our process and fill out the form to have us help you get started right away.
Okay, my property is on the market, now what?
Now, once 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 if there was more than one interested buyer. In this case, we would suggest you choose Rubix Properties to purchase your property because as you can see from our website, we have not only given the best deals on property in Portland, OR but also on short sales!
Want to sell your house in Portland fast & 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 Portland, you are always free to contact us through our website form, our facebook page, as well as giving us a call at (503)597-8519. For immediate assistance, you can leave an email message on our site and we shall call you back as soon as possible.
We are always here to help walk you through the probate process for a house in Portland, even if we aren’t going to be the buyer. We look forward to speaking with you.