“Assess estate liquidity” means determining whether the estate has enough cash or easily converted assets to pay debts, taxes, and expenses without needing to sell major property like a house or vehicle.
means selecting a licensed professional qualified to determine the fair market value of the estate’s real estate or valuable items, so the estate can report accurate values for probate, taxes, and sale decisions.
means submitting the appraiser’s written valuation report to the probate court when the law or judge requires official documentation of the property’s value for estate records.
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means saving written proof of any estate items donated to charities, since these records may be needed to claim deductions or document the estate’s accounting.
A cash investor is a buyer who purchases the home “as-is” with cash instead of a mortgage, which speeds up closing, avoids repairs, and reduces contingencies, often making the sale faster but sometimes at a lower price.
An as-is probate sale means the estate sells the home in its current condition with no repairs or upgrades, and the buyer accepts all faults or issues; the executor is not required to fix anything because the property is part of probate.
“File petition to sell” means submitting a formal request to the probate court asking for permission to sell the estate’s real property, which is required in some states before the executor can list or transfer the home.
means the executor (and sometimes the buyer or agents) must appear in probate court so the judge can review and approve the proposed real estate sale, and in some states confirm the final sales price and terms before it can close.
