Probate is a common process that many people will need to experience during their lifetime. During this process, the finalities of an individual’s estate are handled after their death. This is a bit of what happens to their house during this process.
Settling of Debts
As soon as a property goes into probate, an executor of the estate is appointed by the court to handle the entirety of the process. Sometimes this individual is named in the decedent’s will, and other times the courts decide on the proper individual for the job. However, one of the first jobs the executor needs to do is to settle any remaining debts the individual may have incurred. Often, some of the decedent’s assets are sold to cover the costs. Doing this allows the estate to begin to be sorted, and any remaining financial obligations taken care of.
Transfer of Ownership
In many probate scenarios, the home and property may be directly transferred to an heir of the decedent. Usually, this occurs when that individual was specifically left the property in the will. If this has been done, the process of transferring the property is fairly direct. It becomes slightly more complicated when the will is not as clear. Sometimes, the property is left to multiple heirs, or it isn’t mentioned specifically in the will. In situations like these, a few different outcomes can occur. First, the heirs can decide among themselves who will take care of the property and give their decision to the courts. If no specific heir is left the property, the court can make the decision of who will inherit the property. Often, it is left to a surviving partner or the closest living relative.
Possibility to Sell
After the direct transfer of the property, or if a direct transfer doesn’t occur, the executor may need to sell the property. With this outcome, the process of selling is usually fairly complicated. You need to hire a real estate agent with probate expertise. They need to work around all of the probate laws within your state and make sure everything is handled properly during the sale. However, adding this time and commitment to the probate process is exhausting. To speed up the process of selling a home in probate, consider reaching out to a cash buyer. These companies purchase homes as investment properties, and simplify the process significantly. In as little as 30 days, you can list, negotiate, and close on the sale of the probate property.
Probate is an unfortunate process that many individuals will eventually need to go through for a loved one. It can be emotionally and mentally demanding to handle the estate of the deceased, especially their home. Consider selling the property to a cash buyer to simplify the process.
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