House in Probate? Here’s What Happens
If you’ve recently lost a close relative, you may be dealing with a house in probate. That can sound confusing, but the process is fairly straightforward, at least on the surface. Probate is the legal process that ensures the deceased’s heirs receive what is due to them.
Will or No Will
Probate happens with or without a will, but if there is a will, it’s much easier. The will either specifies that a certain person will receive the house or will ask that the house be sold and the proceeds split among the named heirs.
Without a will, it can get complicated. If the decedent was legally married, the spouse will inherit the house, usually without much trouble. If no spouse, a lawyer or court will have to identify the heirs and discuss what should happen to it.
The Heirs
Each state defines heirs a slightly different way, and it can be complex due to the nature of today’s families. There may be stepchildren, unacknowledged children, adopted or foster children, as well as many other degrees of relatives.
During probate, if several heirs are identified, they may decide to sell the house and divide the cash received. An executor of the estate, either named by the will or the court, will oversee the sales process.
Selling the House
Often, the deceased person’s personal belongings must be cleared out of the house before it can be sold. Then, the executor must decide whether there is cash in the estate to make needed repairs. Many times, the house is sold “as is,” without making repairs.
At this point, many people dealing with a house in probate will turn to a cash buyer to speed up the process. Cash buyers don’t require you to repair the house or clean it up for showings. They give you an offer based on the house’s location, the condition, and the market. The offer comes within 24 hours and you can often close within a couple of weeks.
The cash sale is fast, easy, and there are never any costs to you. You can sell an inherited house “as is” without a hassle. After receiving cash for the house, you can settle probate quickly and allow the heirs to receive their inheritance without delay.
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