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Selling a home in probate can be complicated and frustrating, especially since courts are involved. Here’s what the term “probate real estate” means and how you need to handle a house in probate.
Probate: the basics
When someone dies, their assets and belongings go through a court process called probate. Probate carries out a deceased person’s wishes as detailed in their will or if there’s no will, probate follows state law.
Managing real estate in probate is different from traditional real estate transactions because the personal representative must maintain the property and pay bills associated with the home
If the power to sell real property is not included in the will (or if there is no will), court approval will be required to sell the real property, In some cases, such as when the sale of real property is to pay the expenses of the administration, in a given state, a personal representative may want to seek court approval to sell real [estate] property even with express authority to sell under the will.
There are many differences between handling a home in probate compared to a traditional house. If there isn’t a will, the probate court may require that they approve any possible sale and that the sale must be for a minimum value, said Geoffrey Kunkler, a partner at Carlile Patchen & Murphy LLP in Columbus, Ohio. “If there is a will, many states will still require the beneficiaries of the estate consent to the sale of the property.”
While having a will can help the probate process move faster, it doesn’t necessarily avoid probate. Every state has different requirements when it comes to probate law. This is where we can help ease the frustration and headache for you.
Selling a house in probate
If you’re thinking about selling a home that’s currently in probate, you might run into some issues and setbacks, depending on the home and conditions of the probate court’s requirements.
It may take longer because the beneficiaries may need to consent to the listing price and sale price, Also, the court may require an order authorizing the sale of the property if the creditor’s period has not expired.
If you’re selling a home that isn’t your primary residence, you may not be able to answer specific questions about the home that potential buyers may have. For instance, do you know when the roof was installed or how old the appliances are? If you don’t have answers about what’s been done on the home, you might turn away potential buyers. We as investors would do a complete walk through and give a proper evaluation for FREE and we wont require you to know all of the above answers. We would then be able to make a cash offer and hold your hand through the entire probate process.
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