Homes That Go Into Probate
When someone dies, their estate enters the probate process. This is a legal process in which the will is analyzed and all property and assets are distributed. Homes will enter probate and there are three potential options for them. These homes will be processed even if there is no will present.
Home is Left to Named Heirs
In many cases, the deceased has left a will outlining what they want to happen to all their assets, including their home. In their will, they will typically name heirs and these heirs will receive the home. In order to receive the house, the executor must first file a petition with the court before they are given the authority to convey property to the named heirs. Once the named heirs receive the property, it’s their choice to keep it or sell it.
Home is Left to Next of Kin
Not everyone leaves a will behind and this complicates the process slightly. The home will enter probate normally and then the judge will name an executor of the estate and decide what happens to the home as well as all other assets. In most cases, the judge will name the deceased’s next of kin as the owner of the home. This usually will be the surviving spouse or child.
Home is Sold By Executor
If no will is left behind and there are no next of kin, then the executor of the estate (named by the judge) is responsible for selling the home. The executor will have the home inspected and then put it on the open market. Often, the executor does not have the resources or desire to renovate the home before putting the home on the market. Selling to a cash buyer is an ideal option because many cash buyers will purchase the home as is. The executor can sell the home without having to invest any money into it.
Home buying companies facilitate the home buying and selling process and they can help sellers out of many situations. If you have a home in probate that you need to get off your hands, a home buying company is the perfect option. You can get a no-obligation offer in just 24 hours.
Atlas Residential is a trusted home buying company that can offer you a quick option. Click here to receive an offer and begin the home selling process.