If you’ve ever lost a loved one, you may be familiar with the probate process. The word “probate” refers to the legal process that distributes the deceased person’s estate to the heirs. When real estate property goes into probate, the process can be long and complicated.
The Probate Process
If the deceased person has a will, the probate process runs fairly smoothly. The will names an executor, or trusted person, who will carry out the instructions in the will under the supervision of a lawyer or court.
Without a will, the process becomes more complicated. If there is a co-owner of the property, such as a spouse, that person will inherit the home. If not, the probate process may involve negotiations among heirs and court decisions on how to deal with the home.
What This Means for Your Home
The home will belong to the estate until the probate is settled, either by transfer of deed or sale. The personal property within the home, such as furniture, vehicles, and personal belongings of the deceased, also belongs to the estate. In preparation for the sale, the executor may arrange to distribute the belongings to heirs according to the will or court, or it may be sold or auctioned off.
If there is no will, the court may order the home to be sold to settle the debts of the estate or to distribute the proceeds evenly among the heirs. State laws differ on who may be considered an heir.
How to Deal with a Home in Probate
If the home is to be sold, the executor or court-appointed representative will make all arrangements for the sale. Often, especially if an elderly person owned the property, the home may be in need of repair. For this reason, many estate properties are sold “as is” because repairs can be costly and time-consuming. While waiting for a sale, the executor or representative has to ensure that any mortgage, insurance, utilities, taxes, or ongoing costs will be paid.
Selling an “as is” property through traditional methods can take months. This lengthens the probate process and delays the settlement of the estate. To avoid the wait, many people now are taking advantage of home buying companies that make a cash offer on the property and close within weeks. The cash offer process is safe, easy, and can conclude an estate sale quickly.
For the reasons discussed above, working with a home buying company can be a great option for those needing to sell a home in probate. The home can be sold quickly and quietly so that family members and friends can take time to mourn for their loved one without having to worry about managing the deceased person’s property. Therefore, talk to a home buying company today if you are the executor of an unwanted or complicated property going through probate. If you are the executor of a property and don’t know what to do, Leverage Companies can help! Click here to get a competitive cash offer for your property in as little as 24 hours!