Have you found yourself in sudden possession of a property or vacant land?
Inheriting a home or land can often come through complicated circumstances, such as divorce or the passing of a loved one. On top of the emotional stress, there are a lot of logistical responsibilities along the way.
If you’re looking to sell vacant land or inherited property in Tennessee, you may need to go through the probate court process. Here’s what you need to know about the probate court process in Nashville, TN.
What is probate?
The probate process is the legal administration of a deceased person’s assets and debts.
When someone dies, not even a surviving spouse or children are entitled to that person’s assets without proper legal process. The probate process determines what happens with a deceased person’s assets, regardless if there were prior verbal promises or discussions.
The state of Tennessee does not require you to hire an attorney for the probate process, but it may be helpful to seek legal counsel from a licensed estate attorney.
Davidson county probate court process:
Probate can often be a long and tedious process. Here are some steps you may need to take to file probate in Nashville, TN.
- File the petition
When someone dies, it is up to the courts how their assets are to be distributed. In some cases, there is a will for the court to follow (Testate succession), and at other times, surviving relatives will need to file a petition with the court to open an estate (Intestate succession.)
- The court appoints an executor of the estate.
After filing a petition, there will be a court hearing to consider the petition and eventually name an executor or personal representative. Before the final decision is made, it is common for differences of opinion or even grievances to arise. Heirs may be eager to take their cases to court with assets at stake.
Once the court officially names an executor, they will issue Letters Testamentary (for testate estates) or Letters of Administration (for intestate estates). These documents serve as proof the executor has the authority to act on behalf of the estate.
- The executor takes inventory of assets and debts.
Once appointed, the executor must assess the decedent’s assets and debts. If there are valid debts to settle, such as a mortgaged property or credit card debt, they will notify the creditors of the decedent’s passing and their appointment as executor of the estate.
- Executor settles debts
If there are enough funds in the estate to pay the debts, the executor will be responsible for doing so. This can include administration costs, funeral expenses, and any other obligations.
At this point, the executor can sell the land or property. They will be the one to put the piece of real estate up for sale, attend the closing, and sign all necessary paperwork. If there is a mortgage, it is paid off at closing.
- Final assets distributed to heirs – probate succession closed.
Once all bills and debts of the estate have been paid off, any remaining assets will be distributed to the estate’s beneficiaries. The court will have named the heirs and the manner of distribution.
After all debts are paid, assets distributed, and liabilities settled, the estate can be closed and the probate process officially finished.
How to sell your land fast in Nashville
Often, the heirs will decide to sell a decedent’s real estate property. In this case, as with any real estate transaction, they have three options:
- Sell with a real estate agent
- FSBO (For sale by owner)
- Sell directly to a professional cash buyer
Selling with a real estate agent
The traditional route is to work with a real estate agent. Your agent will list your home for you and handle the negotiations with potential buyers. They are experts in their fields, but they cost a pretty penny.
Sellers can expect to pay between 4 to 8 percent of the total sales price in real estate agent commissions.
This amount does not include closing costs or additional fees charged by the agents’ broker. For many people, the trade-off is worth it. But sellers need to understand that they have other options.
FSBO (For sale by owner)
Homeowners who opt out of using a real estate agent can list, negotiate, and sell their property independently. This type of transaction is called an FSBO deal. Sellers are responsible for all the things a realtor would typically handle. Selling on your own is a good way to save money, but it has its downsides.
The process of listing, getting the home ready, hosting showings, and negotiating can be very complicated and time-consuming.
Sellers will still have to deal with buyer financing issues, which often causes deals to fall through. Especially for those dealing with an inherited property, selling is another set of responsibilities and hiccups waiting to happen.
Sell to a cash buyer
Many people have made a business out of buying land for cash. They are professional investors with experience buying run-down properties or homes for sale through situations like divorce or death.
The most obvious benefits of selling to a professional cash buyer is keeping more of your proceeds and no financing hold-ups. Professional cash buyers mean a faster sale on seller terms with no hassles and no realtor commissions.
Sherlock Real Estate Investments – We buy land for cash Nashville
“I live in Florida and am trying to sell my house in Tennessee. Michael is so helpful to get connected with people to fix it up and make this happen. I’m so grateful!” – Peter Atkins
At Sherlock REI, we’re a team of solution-oriented real estate specialists. We buy vacant land and properties in all conditions for CASH.
We understand that the probate process can be difficult, costly, and drawn out. By the time you get to selling, you’re ready for something to go smoothly.
Our bottom line is to find win-win solutions. You get a fast closing and a competitive offer while we get to do what we love: making a business of helping people.
All of our offers are fair and based on current market rates. And to help you consider your selling options, get your COMPARABLE SALES REPORT.
Only fair offers and honest business.
So if you’re ready to sell your land fast in Nashville, contact our team today or GET AN ESTIMATE OFFER to see what your vacant land is worth.