Sell4Cash

03/28/2024

BRAND SPANKIN NEW 3/2/2
MIDLOTHIAN 76065

Owner Finance
10% DOWN

dm me for Access, Info, Details

Wont Last

10/12/2020

7 Ways to Flip Houses With No Money

Newbie real estate investors often ask how to flip houses with no money. And to them, it might feel like a stupid question: There's no way you can get started flipping houses without at least a little money of your own… right?

True—to a degree. Investing in real estate is easier with money. But you can indeed flip houses with no money. It’s not even as hard as you might think—even if you’re a new investor. You just need a little bit of hutzpah, the courage to escape your comfort zone, and an understanding of how to start.

How to Flip Houses With No Money Down
Flipping houses without funding projects yourself involves using other people's money (also called "OPM") to fully finance your deals. A lender extends a loan to you to purchase and rehab the property, and you repay them the initial loan amount plus interest.

However, traditional banks and lenders rarely extend a loan covering both the property and rehab. So where do you find OPM for flipping homes?

1. Real Estate Investor Partners
One of the simplest ways to start investing with no money is to find a partner with money. Think about close friends, business associates, co-workers, relatives, business owners, or even another real estate investor or rental property owner.

If you can’t think of anyone off the top of your head, then start thinking about the people you see on a regular basis. This may include:

Anyone in your network with a successful business
Your doctor or your dentist
Your attorney
Anyone who invests in the stock market
Ideally, you ask the partner for the money to finance the deal and you to do all the legwork. In this simple arrangement, the two of you will split the profits 50-50. Your partner reaps the financial rewards of the deal by chipping in the money but not the time.

When you first enter the house flipping business, it may be tempting to create a formal partnership right away. We recommend holding off for now. Many real estate investment partnerships succeed wildly, but just as many go down in flames. As an amateur home flipper or new investor, remain independent until you have a business plan and the flipping know-how needed to attract a solid partner.

Partnering with House Flipping Investors
Real estate investors of any sort can make great partners, but investors already flipping homes will likely be even better. A veteran home flipper brings both money and experience to the table.

To attract an experienced investor, figure out first what value you add to the deal. Maybe you have the deal-finding know-how or a long list of contacts. Utilize all your skills and exhaust all your options.

2. Hard Money Lenders
Another great source of funding for a rehab deal is a hard money lender. Hard money lenders lend at a very high interest rate—and usually charge points on top of that. But on the plus side, they tend to care less about whether you have good credit and instead focus on the property's potential—specifically, the after-repair value (ARV).

This source of OPM can be especially useful if the property can be rehabbed and sold quickly—requiring only a short-term loan. Like any other kind of loan, the shorter you hold the loan, the less you pay in interest. The longer you hold the property, the more you pay.

Hard money interest typically ranges between 14 and 20 percent—often with four to six points on top of that—so pay off these loans quickly. While hard money lenders can be a great starting place, there are certainly better sources of funding with better rates.

For example, if you borrow $100,000 from a hard money lender at 16 percent and it takes six months from start to finish for repayment, your interest charges would be $8,000. And if you are required to pay points on top of that, it'll be an even higher price—four points equals an additional $4,000, for a grand total of $12,000 in interest charges!

If you hold the flipped property only half that time, your interest charges would be $6K as opposed to $12K. This is why hard money is solely preferable for properties you know you can flip quickly.

3. Private Money Lenders
Private money lenders are perhaps the best source of funding for no-money deals. They're just regular people, like family members, friends, and acquaintances, who want to invest.

Sometimes, these individuals aren't actively seeking investment opportunities—they just have money sitting around that they may be open to investing if you ask. Private money lenders might have money in banks, IRAs, 401(k)s, mutual funds, or even an abundance of home equity in their home.

Because you can typically negotiate better interest rates, private money lenders are preferable to hard money lenders. With private money lenders, you can control terms and interest rates more often because you set the rules and rates… not the lender.

Offer private money lenders a high enough interest rate to entice them to invest. The rate must be lucrative enough to make it worthwhile and fair enough for you to make a profit—even in the worst-case scenario.

Consider finding out the returns from their other investments, then beat that number. When the stock market performs erratically, lending to a flipper with a guaranteed rate of return is attractive.

4. Wholesaling to Other Flippers
Wholesaling allows investors to make money from real estate without ever taking ownership. Sounds great for flipping houses, right?

Real estate investors looking to wholesale properties must find properties worth flipping and get them under contract. You negotiate the terms with the seller, such as closing costs and purchase price. Next, you find a house flipping investor to actually purchase the property and complete the rehab.

Wholesalers make money based on the spread they negotiate between the deal and the amount the buyer is willing to pay. Alternatively, wholesalers can make money based on a fixed price of the final sale—i.e., when the flipper sells to the end buyer. This could range from 5 to 10 percent. You don't take ownership of the property or do any rehab yourself, making wholesaling an easy way to start flipping homes without any money.

Wholesale successfully by building up a group of investors or contacts interested in flipping houses. Then, your job is done after negotiating a deal with the seller. The investor handles the closing and rehab.

5. Crowdfunding Your Flip
Crowdfunding is when a group of individuals collectively finance a loan. These lenders—aka investors—each contribute a small amount of the needed funds. In return, they earn interest on top of repayment.

This method can be time-consuming when it comes to raising money. However, some specialty crowdfunding real estate websites may pre-fund a deal.

One downside to crowdfunding: you have a limited ability to negotiate. However, in some cases, you can avoid a down payment.

6. Seller Financing
When traditional lenders or other creative financing options aren't available, consider seller financing. With this method, the property's seller finances the purchase. You won't need to qualify for financing (i.e., have a good credit score) or exhaust your network of private lenders.

Investors can search for available properties with optional seller financing or find a fix-and-flip opportunity and reach out to the owner to see if they’re interested in financing. Yes, seller financing might require a down payment but often a smaller one than conventional mortgages or traditional lenders require.

What’s even better, you may be able to avoid paying commissions to real estate agents by dealing directly with the seller.

7. Traditional Banks
Yes, banks do lend money—sometimes even to real estate investors! If you have a good relationship with a banker or your bank, they may offer a workable loan for flipping a house or funding your investment.

Don’t walk into a bank thinking, “There’s no way they’ll ever give me a loan.” Then you’ve already lost.

Although traditional bank loans are more time-consuming and challenging to acquire, they are an option if you have a solid business plan and you are confident in your ability to turn a nice profit.

Where to Find Investors for House Flipping
Your first task, if you want to flip houses with no money: get off the couch and get out there! Order some business cards and start networking.

Immerse yourself in the local real estate market. Surround yourself with people already doing what you want to be doing, such as fellow real estate investors and flippers.

The people you meet at networking events are usually some of the best possible partners—as well as potential new investors. Absorb as much real estate investment information from these new friends as you can.

Here’s where to find them:

Your local REIA (Real Estate Investors Association)—or form your own
Real estate investor meetings advertised on various meetup websites
Your local Chamber of Commerce, Business Networking International chapter, and other community organizations
Volunteering at a local charity.
Don’t wait for opportunities to come to you. Instead, learn the house flipping business, actively acquire the know-how, and go find investors on your own.

Yes, flipping houses is easiest when financing projects on your own. But aspiring investors can still get started if they're lacking cash—here's how.

10/08/2020

What Happens When My COVID19 Mortgage Forbearance is Over?

If you have secured a COVID-19 mortgage forbearance that works for you and your family this can be a great help. However, it is important to discuss with your mortgage servicer how they will be handling your past due payments at the end of the forbearance. 30 days before the forbearance ends you should assess your situation with your mortgage servicer to determine your next steps. Some servicers are requiring borrowers to make one large balloon payment when the forbearance ends, which is the worst case scenario for many homeowners. Other options are:

✅Reinstatement
✅Repayment Plan
✅Payment Deferral
✅Loan Modification
✅Refinancing

Reinstatement After Forbearance
If you are able to reinstate your loan by paying what is due in one payment, you should do this as soon as you can. If you wait until the last possible moment, you run the risk of the bank making a mistake and moving forward with the foreclosure of your home.

covid19-grbl
Repayment Plan
If you negotiate a repayment plan with your lender, the typical repayment period is 3-6 months. Your mortgage terms will not change and neither will your loan. The delinquent amount will just be tacked onto your regular monthly mortgage bill.

Payment Deferral
The COVID-19 payment deferral returns your monthly mortgage payment to its pre-COVID amount by adding up to 12 months of missed payments to the end of the mortgage term without adding on any interest or late fees. This will ensure that once you are back on your feet you are able to continue making payments without being punished for the ones that you missed.

If your payments are deferred to the end of your mortgage term, you will still be responsible for your escrow payments during the forbearance period. When you receive your annual escrow analysis statement, you will be given some options to repay the shortage.

loan-modification1-4

Loan Modification After Forbearance
A loan modification is a great option if you have experienced a permanent hardship due to the pandemic. A loan modification will permanently change the terms and monthly payments of your loan to better accommodate for your financial situation. Many banks are offering broader loan modification criteria to help homeowners.

Refinance
If you haven't missed any mortgage payments except for those that were included in your Coronavirus forbearance, you might choose to take advantage of incredibly low interest rates and refinance your home, there will be fees associated with the new financing. There are a few different things you can negotiate with your mortgage lender on. Fees that go to the lender are easier to negotiate than fees that are used elsewhere. For example, the commitment fee you are charged that guarantees the loan can be negotiated because that fee is for the lender. The same goes for the application fee.

It is better to contact your servicer before your forbearance ends, before they contact you and hit you with a lump-sum payment. It is beneficial for you and the mortgage servicer to work out a deal because no one wants your home to be foreclosed on, not even your mortgage lender.

When you decide to move forward with contacting your servicer, consider hiring a foreclosure defense attorney who can represent you, especially if you decide to apply for a loan modification. Your attorney is much more likely to get a great deal for you than if you try to represent yourself.

10/07/2020

Foreclosure Facts (Texas):

When can a lender start a foreclosure?
Most loans from a bank must be 120 days delinquent before any foreclosure activity starts. However, smaller lenders can sometimes start foreclosure even if you are only 1 day late. The lender is only required to send you two notices before a foreclosure sale.

How can I prevent a foreclosure if I am behind on payments?
Talk with your lender about a payment plan, a temporary forbearance, or a loan modification. Pay what you can. If your payments are not accepted, save them until you can pay in full. For free foreclosure prevention counseling, contact the HOPE™ Hotline at 1-888-995-HOPE (4673) or visit http://www.995hope.org/. The earlier you apply for assistance the more rights and options you will have.

What is loss mitigation?
Loss mitigation refers to ways to prevent foreclosure. If you’re behind in payments, ask your lender for a loss mitigation application packet. For most servicers, if your application is complete and received at least 37 days before a scheduled sale, the lender must stop all foreclosure activities. If your lender starts foreclosure after you timely submitted your complete application, you have a right to file a suit to stop the sale.

You can also file a complaint with Consumer Financial Protection Bureau at 855.411.2372 or online at: http://www.consumerfinance.gov/complaint/. Keep a copy of your application, attachments, and proof of delivery (such as a fax confirmation page or tracking number) to prove receipt by your lender. Your lender should also send you a letter telling you whether your application is complete.

What is the foreclosure process?
In Texas, foreclosure is generally a 3-step process. (Exception: If you have a home equity loan, home equity line of credit, a tax lien transfer loan, or owe assessments to a homeowner’s association, a court order is usually required before your property can be posted for sale. In some instances, an order is also required to foreclose on a reverse mortgage. A lawsuit must be filed if a government entity is trying to foreclose, e.g. for property taxes, a condemned property, etc.).

☝️1. Notice of Default – Demand Letter – By law, the lender/servicer is required to send a written notice allowing you 20 days to "cure" (pay in full the amount owed) to bring the defaulted loan current. Some loans increase this period to 30 days (most FHA, VA and home equity loans).

✌️2. Notice of Sale Filed, Posted and Mailed – Next, the law requires at least 21 days’ written notice of the date on which the foreclosure sale (auction) is to take place. The 21 days begin from the date the notice is mailed, not the date you receive it. Failing to collect your certified mail will not stop or invalidate the foreclosure sale. The foreclosure notice is also posted at the courthouse and filed with the county clerk.

👌3. Foreclosure Sale - Foreclosure sales are held at the county courthouse on the first Tuesday of each month. Anyone may bid. After the auction, you do not have a right to buy back your property from the new owner unless it is being sold by a government entity, a tax lender or for nonpayment of homeowner’s association fees. There are time limits involved and in some cases you must pay a redemption fee.

Can bankruptcy prevent foreclosure?
Filing for bankruptcy will delay foreclosure, but will NOT wipe out your lien or allow you to stay in the home without making payments. Chapter 13 is a reorganization in which certain debts are repaid over time, and the home can be saved. Chapter 7 is a liquidation, and may delay a foreclosure, but usually will not allow you to keep your house if you are behind on payments.

Back to top
Can I refinance or sell my home to avoid foreclosure?
If you are behind in payments, refinancing is usually not an option. You can sell if the sale proceeds would pay off the mortgage and the cost of the sale.

Can I be sued for a deficiency?
Lenders rarely sue for a deficiency because of the time and expense involved. If you are being sued for a deficiency, you should contact an attorney.

Can I stay in my home during foreclosure?
You do not have to move out on the sale date. If you are still living in the home after a foreclosure, the new owner will have to evict you. You’ll get a notice to vacate (usually giving 3 days) before an eviction is filed. Some lenders will pay moving expenses in order to avoid the time and expense of an eviction proceeding (called “cash for keys”)

10/06/2020

Hello World!

10/06/2020

Why Do People Sell Their Homes?
The Top Reasons Homeowners Make a Move:
Homeowners are restless, moving every five to seven years on average. Ranging from personal relationships to physical surroundings, there are many reasons why people sell their homes.
However, a home that no longer is a good fit for one family can be a dream home for another. When a home no longer is a good fit, it might be time to make a change.
Home-Related Reasons
The motivation for a move often reflects the residence itself, or the area around it. This does not always mean there is something wrong with the home or the area, but the situation for the homeowners may have changed, requiring something different.
Home is Too Small
Increased family size is the most common rationale for selling a home. First-time home buyers often outgrow their starter residences. As the kids grow, people say they need a larger place.
Made a Mistake
Maybe they thought they could get by without a front yard, but the noise from the street is just too much. Maybe the pool is proving a pain to maintain—and they never use it anyway. Perhaps they're sick of tripping over the steps to the sunken living room. Whatever the reason, homeowners might believe they made a mistake when purchasing their present place and want out.
There Goes the Neighborhood
The neighborhood might have changed economically, socially, or in terms of infrastructure. Perhaps the overall area has developed in a way not to the residents' liking: grown too commercial, too busy, too young, or too quiet.
Financial Reasons
Money matters are another common motivation for moving. Not only do people's incomes change over time, but the values of homes also change over time, introducing another factor.
Moving on Up
People outgrow their homes in a figurative sense as well: Their careers are flourishing or they've come into money and can afford a bigger, grander, more expensive residence.
Deferred Maintenance
Some people don't want to put on a new roof, replace the siding, or buy a new furnace, so it's easier to buy a newer home. When you figure the life of most residential infrastructures is about 15 years, it could make sense to get out before it's time to spend the big bucks.
Cash in Equity
Some homeowners can't stand the fact their place is worth all that money and they can't, as the saying goes, eat the house. Rather than stare at four walls with empty pockets, they find it more financially expedient to sell and use the funds for other things. So they cash in, taking advantage of the appreciation in property values.
Personal Reasons
Life changes in a lot of ways that have little to do with money or the size of one's family. When owning a house is the only thing keeping a homeowner tied to a specific area, it might be time to consider cutting ties to the house as well.
New Job or Transfer
Obviously, work-related relocation makes it necessary to pull up roots—and it doesn't have to be a full-fledged move to another town or state. Many people draw the line at a commute that exceeds a certain distance, especially if it means driving in heavy traffic.
See Family More Often—or Less
People frequently move to be near relatives, especially as they age. Conversely, some homeowners move to put distance between themselves and their kin. Dysfunctional and fractured families have been known to grow closer after being separated.
Need a New Challenge
Some people enjoy fixing up a home—spending time, money, and effort on remodeling. But once the work is completed, they become restless because they have nothing left to do. They like nothing better than selling up and moving on to the next fixer-upper.
Different Interests and Priorities
Some folks are simply tired of owning a home and would prefer to travel, pursue a hobby, or be less responsible. So, for these people, homeownership loses its priority status and selling a home turns into the ticket for realizing dreams.
Life Cycle Reasons
As people reach significant milestones in their lives, their residential preferences and needs often alter.
Changes in Relationships
Moving in with a partner or getting married usually means selling for one or both of the homeowning parties. Conversely, breakups also are a common reason for people to sell homes. One party may need to buy out the other and not have the cash available, the place may not be affordable to sustain on a single income, or the home simply holds bad memories.
Empty Nest
Downsizing a home is a key reason why empty-nesters move. The kids have grown up and moved out, and now the parents want a smaller place. Plus, the older you get, the harder a big house is to maintain, and the better an apartment or townhouse looks. Physical ailments make it difficult to climb stairs, walk long distances, negotiate narrow spaces, or do yard work. Since refitting can be expensive, it's often more expedient to move to a place with a preferable layout or a condo complex with maintenance staff.
Retirement
Active-adult communities are attracting many buyers over age 55. These planned communities offer golf courses, clubhouses, workout and recreational facilities, social gatherings, and health and medical facilities, making it easier to age in place.
Death in the Family
When one half of a couple dies, the survivor often finds the home too big or too full of sad reminders to remain there. Maybe grown children find the familial home impractical to keep after their remaining parent goes. Estate planners often recommend that homeowners transfer title to a property into a trust, which allows their heirs to avoid probate proceedings and sell a home more easily.

10/06/2020

7 Repairs That WON'T Increase Your Home Value
(In fact, these improvements may lower your market price)

People often assume that upgrades and renovations always increase their place's value and make it more sellable. But while many home improvements can add to a house's appeal, they may not, in fact, add value and, in some cases, could even act as a detriment when the property goes on the market. Here are seven of the most common home improvements that could turn out to be mistakes.

Extensive Professional Landscaping
You can build an entire amusement park in your backyard and it won't bring you big bucks upon resale. If you want to put in a waterfall that cascades down into a koi pond, do it because you enjoy the water feature, not because you're hoping to recoup the investment. Landscaping choices are a personal preference, and all the hand-crafted bridges and unique pergolas in the world won't dramatically boost your bottom line. And some buyers will inevitably see only the money required to keep that beautiful backyard well maintained.1

Upgrading the Utilities

Although you may have paid thousands to install new copper or PEX plumbing, replace your sewer lines or septic system, or upgrade the electrical wiring to Romex or conduit, it's unlikely to bring you more dollars. These types of utility improvements are considered home maintenance—and your neighbors probably made them years before you. Of course, getting everything state-of-the-art isn't a bad idea: In certain areas, top-of-the-line is considered the standard, and without it, you could take a hit when selling time comes. But don't convince yourself these upgrades will let you mark up the price tag.2

New HVAC

Many buyers in the marketplace appreciate a home that features a brand-new furnace or HVAC system, but they won't pay you much extra for having replaced it. However, if the HVAC system is particularly energy-efficient, you should use that as a selling point; it may make a potential buyer more excited about purchasing your home.3

New Roof

The same holds true regarding a new roof: Replacing a roof past its average life expectancy of 30 years is considered a maintenance issue and won't necessarily enable you to up your asking price. But giving buyers who are on the fence the peace of mind that they won't have to make that costly repair anytime soon could spur them to make an offer.2

Swimming Pool or Hot Tub

The TV commercials for pools and hot tubs depict children having a blast splashing around and adults sipping cocktails in the bubbling water. Sadly, though, the cost and expense of aquatic amenities almost never find their way back into your pocket.4 Many people won't buy a home with a swimming pool. They don't want to deal with the upkeep or safety issues. In fact, as part of negotiations, a buyer might insist that you tear out the pool or whirlpool. If you want to install a pool or hot tub, do it because you will enjoy it, not because it will pay off when it's time to sell.

Making Quickly Dated Decor Changes

You might like white appliances and white ceramic counters, for example, but young home buyers do not. They are no longer "in." And don't go down the road of rose gold bathroom fixtures and door hardware. Even 12-inch-by-12-inch ceramic flooring has lost its appeal to some. The point is, don't deliberately decorate in the latest style for resale reasons. Fashion just changes too fast.5

Solar Panels
Sure, the salespeople at the solar panel company tell you that installing solar panels will enhance your home's value, but that's often not true. Going solar may be an admirable thing for the environment, but it usually does nothing for your residence's selling price. Moreover, if you have financed the solar panels, you probably can't sell the home without paying off the balance at closing, something that often is not disclosed.6

The Bottom Line

Some homeowners are devastated to find out that the improvements they invested in—and perhaps borrowed money for—not only do not improve the value of their property but might actually detract from it. Fortunately, while most of these enhancements won't help you turn a bigger profit, they probably won't hurt, either—and they might make it easier to sell your home by giving the buyer peace of mind. Just don't confuse buyer peace of mind with an elevated price tag.

https://www.thebalance.com/things-dont-increase-home-value-4048933

10/06/2020

What Does the Probate Process Look Like?

“Probate” might sound intimidating, but it’s simply the process through which you seek authority from a court of law to act as the official representative of an estate. Once you’ve obtained that authority, you will be able to investigate what assets the deceased owned, what debts they owed, and how much their heirs will receive.

Steps of the Probate Process
The probate process follows a fairly straightforward process. While each case may differ in the details, the basic process is the same.

1) Petition the court to become the legal representative of the estate

2) Notify heirs and debtors

3) Change legal ownership of assets from the deceased individual to the "Estate of [The Deceased]"

4) Pay funeral expenses, taxes, debts, — and then transfer assets to heirs

5) Notify the court of your actions and close the estate



A Detailed Explanation of Each Step
1) Petition the Court
In order to start the probate process, you will need the following:

Probate Petition
Death certificate
Valid will (or know for sure that there is no will if none exists)
The probate petition is a specific set of probate forms the court requires to open an estate. The petition tells the court who died, who is applying to be the executor (if there is no will administrator), who the heirs are, and what general assets are known at that time.

A valid will is the most recent will with original signature(s). When a person revises their will, the new will automatically cancels all previous wills. Thus the most recent will is the only valid will. It is important to note that only physical proof of a will is accepted in court. Neither verbal instructions nor general knowledge of a different will serve as evidence a court will consider. Photocopies of a will may be considered by the court but will require extra forms.

What if there is no will?

The probate process without a will is relatively similar. Differences will show up in the actual substance of the estate transfer, like who can be the administrator and who will inherit assets from the estate. When someone dies without a will, the process is called “Intestate.” State laws determine the priority of who can serve as administrator of the estate and who will inherit assets.

The general priority in both instances follows this sequence:

surviving spouse
children
parents
siblings
If there is no immediate family then extended family becomes the priority. Learn more about Interstate Succession here.

The executor or administrator does not need to know exactly what the deceased owned when filing the Petition for Probate. At this early stage, an estimate of the estate’s total value is sufficient. Once the estate is open, the executor or administrator will have the ability to determine the exact assets and debts of the estate.

For the court to accept the petition and grant the official appointment, the court requires that all interested parties (heirs, family, etc) consent to both the petition and the will. Parties do this by signing the petition documents. If anyone refuses to sign or wants to fight the petition, a court hearing will be scheduled. In the court hearing, the contestants must provide proof of why either the nominated individual should not become executor or administrator or why the will should not be allowed.

Note: every state has a simplified procedure for estates that meet their “small estate” definition (Each state defines a small estate differently, ranging from $5,000-$150,000). However, you must file the correct petition to qualify for the simplified procedures.



2) Notifying Heirs, Creditors, and Interested Parties
The next step in probating a will is to notify all parties of the current probate process. Initially, the court only requires proof of notification for heirs (will or intestate) and any interested party.

An interested party is anyone that has an interest in the estate (heir) or anyone who files with the court as an interested party. Note that an interested party doesn't have to be a relative. They only have to have filed with the court that they want to know what is happening.

There are two types of notices that must be sent: (1) the notice that a petition has been submitted and (2) the notice that an appointment has been made. Some courts require certified mail; others simply require you to certify that you mailed the notices.

To send out notices, you must know how to contact all involved parties and gather their contact details. We recommend doing a credit report to obtain all the creditor's information and debts. For family members, reach out to all known family. For all others, consider doing Google searches. etc. If you aren’t able to find someone after exhausting all reasonable efforts, you will need to contact the court and may have to turn funds over to the unclaimed property.

3) Changing Legal Name of Assets
After the appointment and the notifications, you will need to change the name of all the assets from the deceased to the "estate of". Bank accounts and investments are usually the easiest. With the letters of testamentary / administration (official court papers that grant the administrator legal authority), you can instruct all bank/investment accounts to change the title. You will need a tax id number, learn how to get a Tax ID.

Physical property (real estate, cars) will require a title/deed change. Note if you are going to sell any real property you can skip this step, and simply sell the property and the estate will receive the proceeds. Changing the title can be handled at the close of the transaction. If however the estate will keep/own the asset than a legal change in title is required.

Typically 3 months after the appointment, you will need to provide the court with an initial inventory of the estate. This doesn't have to be 100% final. Although at this stage you will have gathered assets and have a pretty good understanding of what is in the estate.

4) Paying Creditors, Taxes, Expenses, and Heirs
It is very important that you do not pay any funds to heirs until you have paid all estate expenses or know for sure that you have sufficient funds to pay all expenses. The priority in payments is as follows:

Funeral Expenses
Taxes (Federal, State, Local)
Estate expenses
Heirs
Note if the estate will take time to settle due to the complexity of assets, you can petition the court to set aside funds for spouses and minor children. After funeral expenses, creditors, and taxes are known and either paid or funds set aside; you can pay funds to the heirs.

5) Reporting to the Court and Closing the Estate
The last step in probating a will/estate is to inform the court what you have done and petition the court to close the estate. This step involves providing a final accounting (some courts provide a template, others require you to do it all yourself) which informs the court of all the assets gathered, expenses incurred, and assets distributed to heirs. Should any assets be left in the estate, the final petition asks the court to grant a final distribution and accept the accounting.

Note: interested parties must be either notified and/or accept the final accounting. Additionally, proof of distribution is also needed, often it is just an acknowledgment from heirs that they have received assets