When a loved one passes away, there’s a lot you have to deal with before you can start grieving.
It starts with funeral planning and burial; then you have to move on to the logistical side of things – dealing with their property and assets. Probate is the process by which a will is validated, and assets are distributed to a deceased person’s loved ones.
Even when someone has a detailed will, the probate proceedings can become a real slog when they involve property. In this post, we’re going to teach you how to sell a home in probate.
If you inherit a home that you don’t want or need, it’s often easier for everyone to try and sell it. However, there are laws in place that you have to adhere to, so keep reading, and we’ll explain how probate works and what you can do to turn your loved one’s home into cash ASAP.
How the Probate Process Works
Your loved one and their lawyers may have sorted out a will, but it needs to be formally validated through probate. If there is no will, probate appoints an administrator to collect all of the deceased person’s assets, pay off any liabilities, and distribute the rest to the beneficiaries.
In addition to authenticating the will, the probate process may appoint an executor to distribute the assets to the intended people. Probate laws differ from state to state, so reaching out to a local attorney is always a good idea to ensure you’re doing things lawfully.
Regarding a significant asset like a home, probate is almost always required to ensure no fraud occurs and the rightful heir takes possession. If that’s you, you’ve got some decisions – namely, whether to keep the home or sell it.
Inheriting a home has many positives but a few negatives as well. If you’re coming out of probate – or if the probate court approves – you can sell the house instead and turn an asset into a huge financial gain.
Benefits of Making a Probate Real Estate Sale
There are numerous reasons why you might want to sell a home in probate. In some scenarios, it may be necessary to sell a home in order to cover the deceased person’s liabilities, pay any legal fees, or settle disputes among beneficiaries.
A home is also a lot of work to maintain. If you’ve got any financial issues of your own or you just don’t have time to deal with the home, selling is often much easier. Let’s take a closer look at some of the benefits of making a probate sale.
Turning Inherited Property Into Money
Whether you’re selling as the outright beneficiary of the home or you’re selling to contribute to the estate, turning the home into money is the biggest benefit. Generally, probate courts will try to sell a home for no less than 90% of its appraised value in order to benefit the heirs.
Sell Property You Don’t Need
Unless you decide to live in the home or rent it out, an inherited property is often a bigger burden than a blessing. Property maintenance can be time-consuming, and the cost of owning a property can become overwhelming over time.
When you have a family of your own and a career, managing a second isn’t necessarily an enticing option. Selling takes this responsibility off of your plate and gives you significant capital to work with instead. You can put this money away into a college, retirement, or emergency fund instead, where it’s much more useful.
Avoiding Out-of-Pocket Expenses
The fallout of an unexpected death can be financially crippling if the deceased didn’t have their affairs in order. Probate real estate sales are crucial in covering the expenses that a deceased person leaves behind.
What Is a Real Estate Probate Sale?
Depending on where you live, it’s possible to bypass the court entirely. If you can’t, you’ll need to get the court’s permission to sell the home in a manner of your choosing.
If the court demands things to be done their way, they’ll have you get the home appraised, then hire a realtor to advertise it. Unfortunately, this often results in lengthy delays because finding suitable buyers isn’t always easy, especially if the home is in rough shape.
When the court approves of you selling the home, you can choose to go through a realtor and gain access to more buyers. This definitely makes selling the home easier, but the realtor is going to take at least a 5% commission on the sale price.
Often, the best option for a probate sale is to find a good cash buyer.
Making It Easy With a Cash Buyer
Selling your probate real estate to a property investor has numerous perks over any other option. A cash buyer won’t care about the condition of the home, so you don’t have to worry about any renovations or repairs – the sale is simple and straightforward.
There aren’t any sales commissions, either. Whatever price you agree upon is what you’ll get in cash once the deed is handed over. When you have a good buyer, a probate sale can be over and done within a matter of days – this is as opposed to months when a court is left to deal with the sale.
At ibuyhouses.com, we’ve bought countless homes in probate and even purchased some before probate closed. This experience makes us the best choice for selling your inherited home.
All you need to do is visit our site and fill out our online form. We just need your contact information and the address of the home, and we’ll get you a cash offer on your probate home ASAP. If you accept our offer and the probate court approves, we can take the house off your hands in a few days.
Learning How to Sell a Home In Probate
Now that you know how to sell a home in probate, it’s time to find the best cash buyer for the job. Contact us at ibuyhouses.com today, and we can get the process started with a cash offer right away.
Don’t sit on your probate house longer than you have to. Sell it to us, get a fair cash offer, and put the logistics of your loved one’s death behind you.