After facing the loss of a loved one who didn’t have a will or investments protecting against the process altogether. To sell a probate property can mean long drawn out proceedings, especially with larger estates.
It can be costly to go through, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.
Should you find yourself in this position, read on for information on how to sell a probate property in Milwaukee.
Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in Milwaukee.
How To Sell a Probate Property in Milwaukee
Certified Appraiser
Your first step in selling a probate property in Milwaukee is to hire an independent certified appraiser. This is crucial because the court will rely on the appraisal to ensure the property is fairly valued, protecting both the heirs and any potential buyers. In Milwaukee, certified appraisers familiar with probate properties can be found through the Wisconsin Association of Certified Appraisers or by asking for referrals from local probate attorneys or real estate agents who specialize in estate properties. It’s essential to choose an appraiser with experience in probate property valuations, as the appraisal will be a key document when filing with the court. Additionally, make sure the appraiser is aware of any unique aspects of the property that could impact the valuation, such as historical significance or zoning considerations, as these factors can affect the sale price and court approval.
Petition
Once you’ve obtained your certified appraisal, you’ll next want to proceed by filing a petition with the court to sell the probate property in Milwaukee. While filling out your petition, be certain the information includes any pertinent information about the property along with the method that will be used to complete the sale, be it at an auction or on the open real estate market. Submit your petition along with your certified appraisal. Once you’ve obtained the court’s approval, you may then proceed with the sale.
Offer the Property
For sale, with conditions! Now that you can finally take action and sell your probate property in Milwaukee, you’ll want to make certain to disclose to your potential buyer that the court’s confirmation of the transaction is required before you can accept, making the offer conditional.
Court Confirmation
After filing your petition to sell the probate property, the court will schedule a hearing to confirm the sale. In Milwaukee, you can typically expect a delay of around 30 to 45 days, depending on the court’s current caseload. During this time, the court ensures that all legal requirements have been met, and that the sale price aligns with the appraised value and benefits the estate. If any issues arise—such as a dispute among heirs or concerns over the buyer’s offer—this could lead to further delays. It’s important to stay in close communication with your probate attorney during this period to resolve any potential challenges before the hearing. Additionally, remember that Milwaukee probate courts may require specific documentation during this stage, such as proof of advertisement and confirmation of the buyer’s deposit, so having these materials prepared in advance is essential to avoid any setbacks.
Deposit
Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.
Advertise
To maximize the sale price of the probate property, Milwaukee probate law requires you to publicly advertise the upcoming court hearing to allow for open bidding. This process ensures that all potential buyers have a fair chance to place competing offers, ultimately benefiting the estate. In Milwaukee, advertisements should be placed in local newspapers, such as the Milwaukee Journal Sentinel, as well as online platforms like MLS and real estate websites to reach a wider audience. It’s also recommended to work with a real estate agent experienced in probate sales, as they can help you navigate the advertising requirements and ensure compliance with Wisconsin law. Be sure to follow court guidelines for the duration and scope of the advertisements, as failing to properly advertise can delay the sale and potentially reduce the final sale price. Additionally, consider highlighting unique selling points of the property—such as location, size, or investment potential—to attract more bidders, which could increase the competitive bidding and result in a higher closing price.
Court Hearing
Now you’ll need to attend the court hearing and wait until the unconditional bidding has concluded and a cashier’s check is presented for the final figure. Your buyer will be able to participate along with any member of the public who so chooses, bids increase by $500 at a time.
Refunding the Deposit
Should a new buyer overbid your buyer during the court proceedings, be prepared to refund their 10 percent deposit. Otherwise, should your original buyer maintain the highest bid, the funds you previously collected from them would be applied to the purchase.
Closing
Once all court confirmations and open bidding processes are complete, you can finally close the sale of your probate property in Milwaukee. At this stage, it’s critical to work closely with your attorney and real estate agent to ensure that all legal and financial aspects are in order. The buyer’s financing must cover the total sale price, including any outstanding property taxes or liens, which need to be addressed before closing. The final sale proceeds will then be deposited into the estate’s account, as required by Wisconsin probate law. Make sure you also account for any closing costs, such as attorney fees, appraisal costs, and court filing fees, which will come out of the estate’s funds. After closing, the court will distribute the remaining funds to the heirs according to the will or probate court ruling. Ensuring all financial and legal documents are properly filed with the court is vital to avoid any delays in distributing the estate’s assets.
We’re here to assist you during this difficult time and make the process easy. Call Northwoods Property Resources today at (920) 851-9727 or send us a message to sell a probate property in Milwaukee.