Options for a Home in Probate
After a homeowner has passed away, the property goes into probate. This is the process of handling the deceased’s estate. For a home, there are several different options that can be taken into consideration.
Left to Heirs
The simplest course is if the homeowner left a will and named an executor. Once the homeowner has died, the executor is tasked with setting a court date in order to begin the process of transferring the property to the named heir or heirs. It’s important to set a court date as quickly as possible because the executor cannot make any changes regarding the property until after they’ve appeared in court. The judge will then grant the property to the named heirs. It’s then up to the beneficiaries to either keep or sell the property.
Left to Spouse, Children, or Next of Kin
If no will is left and no executor is named, then the court has full control over what happens to the property. In these situations, the judge will typically name either a spouse, child, or next of kin as the executor or beneficiary of the estate. The individual who is named as the executor will depend on the state’s succession laws, but it is typically an immediate family member. This process also takes place if there is no transfer-on-death, joint tenancy law, or the home was not transferred via a living trust.
Property is Sold
The final option for a home in probate exists if there is no heir named in the will. In these instances, the executor is typically tasked with selling the property. This process is fairly similar to a traditional home sale. First the executor will partner with a real estate agency to sell the home. It’s important to find an agency with experience selling homes in probate and one with strong connections to vendors. Homes in probate may need repairs, but the funds for those repairs may be unavailable while still in probate. This means vendors don’t get paid until the closing of the sale. Finding the right real estate agency and the right vendor connections is important because of this caveat.
When a home is in probate, it can complicate the process, especially when selling the home. In order to make the selling process easier, it may be helpful to consider a cash sale. These sales are fast, easy, and cheaper.
If you’re looking to sell a home in probate, consider a cash buyer. Click here to find a buyer for your property.