Trying to sell your home while it undergoes a court process can sound intimidating and almost impossible. The probate process itself is quite nerve-wracking and tense. Just imagine having the burden of selling your house on top of that.
This article will help you better understand this process and sell your home while in probate successfully.
What is Probate?
The legal process that takes place after a person has passed away is known as probate. This includes everything from the revision and validation of the person’s will to the distribution of properties based on the will or state law (should there be no valid will). It’s best to have a specialized attorney in probate for this process as the process is done in court.
This process can take anywhere from 6 months to a year as several matters need to be addressed through paperwork and court appointments.
Some of the processes involved with probate include:
- Proving the will is valid
- Appraising the property
- Paying outstanding debts
- Inventorying the estate’s assets
- Locating all estate planning documents
- Filing income taxes
Why Would You Want to Sell Your Probate Home?
When someone passes away, there are usually outstanding debts or ongoing expenses (such as mortgages) that need to be paid. In most cases, the estate may not have enough money to pay these debts. To avoid foreclosure and the hassle that comes with it, the estate’s executor’s best option is to sell the property.
The money received from the sold property will be used to pay outstanding debts. Any remaining balance will be distributed among the heirs according to the specifications of the will.
How the Process Works
Should the property not be left to an heir, the estate’s executor will be given the task of selling the home. The whole process will be done through the court, requiring a written offer from any interested buyers and a deposit.
If there is no better offer for the property brought to the court, the court will approve the offer, and a proper inspection of the home will be required to finalize the sale. After the sale is completed, the buyer will be able to close within a few weeks.
If the court were to determine that the house is not sold, you would probably have to wait until the probate process is complete to sell it. Nonetheless, you can begin the process with your local home buyer, who can provide you with an offer and tips when you are ready to close the sale.
Additionally, it’s essential to consider all parties involved in the will. The executor of the estate has the legal right and authority to sell the property as they wish.
What to Expect in the Sales Process
While selling a home in probate can save you money and time, you should also know the sales process could become quite complicated. Whether you decide to go about the process on your own or choose to hire a real estate agent, you should be aware of the possible complications that could arise.
Overall, the process can become quite extensive, and months could go by before you reach the closing period. To avoid going through any of this, you may want to consider selling your probate home to your local home buyers. Home buyers offer you cash quickly, and since they buy houses in any condition, any defects found afterward will not be an issue.
Sell Your Probate Home Now
In Colorado Cash For Keys, we buy houses in probate in Colorado Springs. Our team of experts can provide you with a quick and easy solution to sell your home fast and get cash in return. We spare you from the hassle of dealing with commissions or fees.
No need to worry about repairs or cleaning the property as we buy your house no matter its condition or situation. Don’t waste time trying to find an agent that can help you sell your home. We can get you a cash offer and close the deal in less than a week.
Allow Colorado Cash For Keys to take the burden of a probate home off your shoulders. We are your expert local home buyers. Contact us today to get your fair cash offer.