Understanding the Probate Process in Illinois: What You Need to Know Before Selling a Property

  The probate process can be confusing and overwhelming, particularly when you inherit property that you need to sell. If you're navigating probate in Illinois, understanding how it works and the steps involved in selling property during probate is crucial. Whether you're an executor of the estate, an heir, or simply looking to liquidate property quickly, this guide will break down the key aspects of probate in Illinois and what you need to know before selling a property. What is Probate and Why Does it Matter in Illinois? Probate is the legal process of administering a deceased person's estate, which includes verifying their will, paying debts, and distributing assets. In Illinois, probate is handled by the circuit court in the county where the decedent lived. The probate process can be lengthy, sometimes taking a year or more, depending on the complexity of the estate. When someone passes away, their assets, including any real estate, must go through probate unless the pr...

5 Red Flags to Look for When Buying Land for Investment in IL

 

Let’s invest in land! But wait, it’s not so simple; there are many factors to consider before you sign on the dotted line. It is well worth considering consulting with professionals to ensure you’re on the right track and the right piece of land when purchasing. So read on as we explore five red flags to look for when buying land for investment in IL.

Utilities and Access

A huge red flag to look for when buying land for investment in IL is that there is access to the land by road and that all required utilities will have the ability to provide service to the location, which isn’t always a given. You may need to work with neighbors to provide you with entry to your land, which could end up being costly if you’ve already purchased, you’re at the mercy of a stranger. This information is better to know before buying your land and feeling stuck in a bad situation.

Neighbors

Speaking of neighbors, another red flag to look for when buying land for investment in IL is an obvious use of the property by your neighbors, which may give them rights to the property in the event the use of any part of the land has been for a prolonged period. Unpermitted use of the land is one of the reasons we suggest that you or a personal representative always physically observe any real estate before purchasing. You should also pay attention to the smells coming from nearby properties or anything else that could inhibit your full use and enjoyment of the land in the future. You’ll also want to ensure that undeveloped land hasn’t become a local dumpsite for trash. Another aspect of the neighboring homeowners to consider is their attitude towards your proposed land use, especially if you’ll be seeking rezoning and there could be trouble.

Zoning

One of the big red flags to look for when buying land for investment in IL is the zoning and how it could interfere with your intended purpose for the land. In addition, there are many agencies involved with land and various laws governing land use at federal, state, and local levels. Other concerns are regarding environmental impacts and protected species; for example, if you’ve already done the deal, you’ll own land that you cannot use as you wish.

Boundaries

Another red flag to look for when buying land for investment in IL is an oddly shaped property, the very boundary of which could inhibit your intended use of the property.

Value

Another red flag to look for when buying land for investment in IL is someone rushing you to buy when you’re unsure about land values. It isn’t easy to determine market value, unlike developed real estate, where you can easily compare. An appraisal of the land is a strong backup for the asking price. You should be aware that many experienced professional land investors, like the direct buyers at Cardinal Creek Properties, can provide a general estimate within about 5% of the value off the top of their head.

Don’t risk it! Let the pros at Cardinal Creek Properties help you spot the red flags when you’re buying land for investment in IL. Cardinal Creek Properties makes the process easy, our direct buyers will help you step by step, so you understand the process and feel great about the deal long after closing. And Cardinal Creek Properties has a steady inventory of the best land available for investment in Belleville if you don’t already have your land in sight! Let us help you find the best fit for your investment goals. Contact Cardinal Creek Properties today at (314) 467-8137.

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