After a homeowner has passed away, their home will go into probate. During this time, all assets, including the home, will need to be distributed to any heirs. It can be difficult to navigate this process and you may be wondering if and how you can sell the property.
What Happens to a Property in Probate?
When a house enters probate, one of three things may happen. If there is an existing will, then the property will be transferred to the heirs that have been named. The executor of the will first need to file a petition with the probate court and the judge will transfer the property to the beneficiaries. If there is no will, then the property is often transferred to the spouse, children, or next of kin. The judge will transfer this property depending on the intestate succession laws. The file option for a home in probate is for the named executor to sell the property.
Is Selling the Property Even an Option?
The short answer is yes. A property in probate can be sold, but the process does vary slightly. When this type of property is sold, the proceeds are not distributed as they normally are. The money from the sale will be used to pay off any debts as well as probate costs. These costs include executor fees, court fees, attorney fees, and the costs of appraisals and valuations. Once all debts and fees are covered, the remaining funds from the sale will be distributed to all beneficiaries. Overall, the process of selling a home in probate is still quite normal, but there are certain laws, specific to each state, that must be followed.
What if I Need the Property Gone, and Fast?
In some cases, you may need to quickly sell a property in probate. There are several options you can pursue. One such option is selling your home for cash to a home buying company. Selling to a home buying company can be a quick process that can take anywhere from a few days to a few weeks once a price is agreed upon. Home buying companies routinely buy homes for cash, fix them up, and sell them for a profit. These buyers can quickly take a property off your hands.
The probate process can often be long and confusing. If you need to sell a property, you may be unsure of how to proceed. Fortunately, there are options for you, and it will just take a little time to understand the process.
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