What should you know about probate sales in South Carolina?
Probate sales occur in order to liquidate a deceased homeowner’s assets. These sales happen during the probate process, and the probate courts oversee the sale. In some cases, proper estate planning can eliminate the need for an estate sale after your death.
Reasons for probate sales
The probate process occurs for two reasons. If a deceased homeowner did not make a will before their death, the court sells the home in order to liquidate the home’s asset value and divide it between the heirs. Probate courts may also put a home up for sale if the deceased homeowner died with significant debts. Profits from the sale go to pay creditors in that instance.
Probate sale process
The exact probate sale process may vary depending upon the number of creditors and beneficiaries the deceased left behind. However, the sale process typically includes these steps:
- The probate court appoints an executor to oversee the sale.
- The executor hires an appraiser to determine property value.
- The executor hires a real estate agent to list the home.
- Buyers make offers with at least 10% down payment.
- The Executor decides to accept an offer.
- The Court makes the final decision about whether the offer can be accepted.
- Court hearing confirms the probate sale.
- Buyers sign the contract and closes on the home.
- The probate court distributes the money from the sale to creditors or heirs.
Probate sale conditions
When the probate court sells a home, the properties typically get sold “as is.” Sellers rarely take the time to update the home in any way. While buyers may still request a home inspection, this typically serves as an alert to any future potential issues with the home.
Preventing probate sales
Probate sales of homes can increase the amount of time that your heirs spend in probate court. Proper estate planning that includes a will or trust may eliminate the need for a probate sale of the home.