Probate laws can be confusing. What is probate? How is the executor determined? What are the executor’s responsibilities? How long will it take to go through the legal system? When can I sell the house? These questions and more can plague the minds of people with a house in probate. Luckily, we have the answers!
What is Probate?
Probate is the legal process by which a deceased person’s estate is reviewed and passed on to the beneficiaries of the will. If there is no will, it is the process by which the beneficiaries are determined and the assets distributed. The executor is given the task of leading the administrative details of probate. This person will either be named by the deceased in the will, or appointed by the court if there is no will. A probate court will review the assets of the deceased and make a final ruling on the distribution of property. If there is a will, probate is generally a relatively quick process. Without a will, the process becomes tricky because the executor must locate next of kin and determine the best way forward.
Can I Sell a Home in Probate?
You can sell a home in probate under the following conditions: First, you must be the executor of the estate. Second, you must have the approval of all beneficiaries. Finally, you must determine if the estate is under formal or informal probate. The difference between the two is that with informal probate, the house has a co-ownership with a surviving spouse or it has been placed in a living trust. With informal probate, the executor can list the house and sell it like normal, after the necessary probate forms have been filed with the court. Formal probate is a bit more complicated, but you can still sell the home while it is in probate. It simply requires a few extra steps with the court.
Is There a Way to Sell Quickly?
Often, the beneficiaries of real estate don’t have the time or resources to care for the home, make repairs, or list it in the traditional way. If your top priority is to sell the property quickly and stress-free, you can turn to a home buying company. Home buying companies will make you a fair, cash offer on your home as-is, and you can be on your way in as little as a week or up to 30 days.
If you have a home in probate that you don’t know what to do with, click here to set up your free, no-obligation consultation. Just answer a few questions and be ready to be blown away by how quickly you receive a fair, cash offer.