Coping with the loss of a loved one is one of the most challenging experiences in the course of your life. And, trying to make legal and financial decisions while dealing with a loss is often difficult. If you have inherited a home from a relative and have decided that you want to sell it, you have come to the right place. In this blog, you’ll learn five ways to sell a home while in probate.
What is a Real Estate Probate?
A probate is a legal process following a homeowner’s death. It occurs when a court reviews a deceased person’s will to determine if it’s valid and authentic. Suppose there is no appointed heir when the homeowner passes away. In that case, the property is turned over to the courts and then assigned to the closest relative. The person appointed will be the executor in charge of managing the property.
Who is an Executor?
The executor or personal representative is the person in charge of managing the property of a deceased person. The executor’s primary duty is to distribute the assets of the person who died according to the will and ensure that all debts and taxes are paid.
So How do I sell a loved one’s property after they have passed away? A probate sale is much more complicated than a standard deal. And while selling a home while in probate can seem intimidating, knowing your options will ease the process. Here are five ways you can sell your home while in probate:
You can list the inherited property on the MLS with a real estate market, go the FSBO route, or sell your house to a home buying company.
Find a Real Estate Agent with Experience in Probate Sales
Although both probate and regular home sales work in very similar ways, it’s crucial that your real estate agent knows the legal aspects of probate, especially if there is a legal battle going on over the property.
A probate purchase agreement contains a couple of different clauses that aren’t included in a regular home sale. For example, it lays out for the buyer that there might be a need for probate court confirmation, which would likely delay the home sale.
Your real estate agent must ensure that you follow the law and meet all requirements and deadlines.
An agent with experience in the field can also help handle an inherited property with current tenants with a lease agreement and whether or not the home sale needs to wait until the lease is up.
Sell Your Home As Soon as Possible
Trying to sell a home fast while dealing with grief isn’t easy. However, the more time you take, the more expenses you’ll have. Mortgage, utility bills, taxes, and insurance are some of the costs you will have to deal with while the home sits there.
As with any home sale, you’ll have to empty the home first. For probate home sales, this can be daunting, as it involves going through all of the decedent’s belongings and personal items.
Court-appointed executors who are not emotionally attached to the deceased owner can also run into issues getting the house cleared out. The most common problem outside executors face is dealing with disagreements between heirs. Problems between benefactors may delay the process and agree on what happens to the contents inside.
Sell Your Home As-is
When listing a home, investing in maintenance and repairs is a must. Besides, the buyer might request you to get specific certifications. If your inherited property is not in optimal condition, you will hardly get potential buyers’ attention.
In many cases, heirs live out-of-state or dont have the funds or the inclination to update the home before selling it. In these cases, selling the property to a home buying company is the best choice. Homebuyers buy houses as-is; this means that you won’t have to worry about decluttering, repairing, or even cleaning the home.
Benefits of Selling Your Inherited House to Home Buyers
- You can end up with more money to divide among the heirs since you’re not spending on cleanup, maintenance, mortgage payments, taxes, insurance, agent commissions, and certification.
- You can reduce strain on family relationships.
- You can get your money right away and in cash. Homebuyers can close the sale as quickly as in ten days.
Sell Your Home to KC Property Connection
Selling inherited property is more complicated than selling a standard home, as it involves many legal and financial responsibilities. If you’re convinced that selling your inherited house as-is is the right option, At KC Property Connection, we buy houses in probate in Kansas City.
Submit our online form with your home’s basic info and get a fair, all-cash offer as little as in one day. We can close whenever it works best for you, and you won’t need to spend time cleaning or doing costly repairs. Get in touch with us to learn more about how we buy houses in probate in Kansas City.