After a loved one passes, their assets need to be identified and transferred. One asset that often receives the most attention is the home. If you choose to sell the home of your loved one, you need to understand the full process. 

The Probate Process

Typically, a home and all other property will enter probate after someone has died. Probate is the legal process in which the will is validated and the property is transferred to any beneficiaries. This process is overseen by the court system and will often take months at a time. In order to sell a home in probate, the executor of the will must receive permission from the court. You also will need to determine if it is a formal or informal probate situation because the process of selling differs between the two. 

Preparing to Sell 

Once you’re permitted to sell, you need to prepare the home. One of the biggest decisions you will make is whether or not you will renovate the home. Renovating is a great way to fetch a higher price for a property, but it can also be expensive. You should make this decision carefully. If you choose to sell as is, you may want to consider finding a cash buyer. These buyers often take homes as is and a cash sale will go much faster than a traditional sale. Additionally, most home buying companies will fix homes up before selling them again. It’s not necessary for you to renovate before selling. 

Selling the Home 

Your final step will be actually selling the home. If the home is in probate, there are two paths for the home. In a formal probate situation, the home will be listed as a probate sale by the executor. Potential buyers will all attend a court hearing to bid on the home until the court settles on the final buyer. In an informal probate situation, the executor will follow all state probate laws, file the necessary paperwork, and then sell the home normally. 

If you need to sell the home of a loved one, selling it to a cash buyer can be very beneficial. A cash sale is much easier and faster. There are fewer steps to follow and you don’t need to put more money into the house before selling. 

Leverage Companies has tools available to help out in a probate sale. Click here to find a solution to your situation.