If you have a home in probate then it’s likely you’ll want to sell it as smoothly and quickly as possible.
Keep reading for our tips for selling while under probate.
What Is Probate?
Probate is the legal state of a deceased’s property during their lifetime. Probate is a legal term, and its provisions are entirely consistent with our state’s constitution. What this means for you is that you do not need to use a lawyer to handle probate on your own behalf, but you should be aware of its associated issues. If you own a home and have it in probate but have not lived there during your lifetime then your equity (the amount of money you would have had if you had owned your home as the owner) would be what you are paying to the estate during probate. If you are not living in the home or have not lived there during your lifetime then the value of your home would be the proceeds from the sale.
The Process of Probate
Probate is the process of making sure that any remaining assets in a deceased estate go to the correct person. Once a person dies without a will then the state needs to ensure that the heir or estate receives as much as they are owed in order to carry on with their life. If the estate is large then the state steps in and works to protect the remaining assets and allows you to keep the home, but if it’s small then it’s likely that the heir or estate will receive a fraction of what they are owed. In most cases under probate the executor of the estate must sell the home as well. In Utah the state will conduct an investigation to determine who the heir is and then the court will decide which person gets the home.
Tips for Selling Your Home
Selling a home in probate means there are different things to consider and different steps to take to avoid a lengthy delay on the sale. When you get a notice of the order for probate, it means that your loved one (spouse, parent, child, etc.) has died and left their home to someone other than themselves or a guardian. As a general rule, this probate order goes into effect immediately after the legal death, unless the legal death is a result of a tragic accident or suicide. However, if your loved one passed on due to natural causes, the order will not be enforced until six months after the legal death.
Contact Utah Sell Now
If you’ve been trying to sell a home in probate unsuccessfully, contact the experts at Utah Sell Now today. We buy homes in the Salt Lake City, Utah, area in any condition fast and in cash so you don’t have to go through the hassle of staging and showing your home, or paying a realtor. Call us for your no-obligation written offer and you could have money in hand for your home in as little as seven days.