A court process can make selling your home seem daunting and almost impossible. Probate itself is a nerve-wracking and tense process; now, add selling your house to the mix- disaster.
By reading this article, you will be able to understand the probate process better and successfully sell your home.
What is Probate?
In the legal world, probate refers to the process of administering a person’s estate after they pass away. This includes revising the will, validating it, and distributing the properties per the will or state law (if no valid will exists). As this is a court process, having a specialized attorney in probate is best.
It can take anywhere from 6 months to a year for the process to be completed since several issues need to be dealt with through paperwork and court appearances.
Probate involves several processes, including:
- Filing income taxes
- Proving the will is valid
- Appraising the property
- Paying outstanding debts
- Inventorying the estate’s assets
- Locating all estate planning documents
Why Sell Your Probate Home?
When someone passes away, they frequently leave behind outstanding debts or ongoing expenses (such as mortgages). In most cases, the estate may not be able to pay these debts. Selling the estate property is the best way for the executor to avoid foreclosure and the hassle it brings.
A portion of the proceeds from the property sale will pay off outstanding debts. Following the will’s specifications, any remaining balance will be distributed among the heirs.
How the Probate Process Works
The executor will be responsible for selling the home if there is no heir left. Any interested buyers must submit a written offer and a deposit to the court. The court will then approve the offer if there is no better offer, and a proper home inspection will be required to finalize the sale.
Should the court determine that the house has not been sold, you will probably have to wait until the probate process is over so you can sell it. You can, however, begin the process with your local home buyer, who can give you an offer and tips for when you are ready to sell.
Furthermore, it’s crucial to consider all parties involved in the will. Estate executors have the legal right and authority to sell the property as they see fit.
What to Expect in the Sales Process
While selling a home in probate can save you time and money, it has the potential to become quite complex. It is essential to know the possible complications involved in the process, whether you decide to handle it on your own or hire a real estate agent. Generally, the process can be lengthy, and it may take months before you reach the closing phase.
Sell Your Probate House Without the Hassle & Stress
At Favor Home Solutions, we buy houses as-is, regardless of their financial or legal status. Get cash for your home quickly and easily with the help of our team of experts. Best of all, we save you the headaches associated with commissions and fees.
Our team will buy your house no matter its condition or location. You won’t have to worry about repairs or maintenance. Rather than spending time searching for an agent, let us get you a cash offer and close the deal in less than a week.
Give Favor Home Solutions the chance to take care of your probate home for you. We buy houses in Charleston, SC, and we’re ready to provide you with the fair cash offer you deserve.