When someone dies, any property they owned must go through the probate process. If you have the task of dealing with a home left behind by a loved one, you have questions. Understanding probate can inform your decisions about what to do with the house.
What Does Probate Mean?
Probate is the legal, court-supervised process of distributing the property of a deceased person. After someone dies, their real estate and personal property become part of their estate, which is held in escrow. Before any assets can be divided among heirs, it must go through probate.
If there is a will, a lawyer will appoint an executor (usually named in the will) to make sure the details of the will are carried out. If there is no will, the lawyer or court will advise how the property is to be distributed, according to law.
Who Decides What to Do with the House?
The executor will make the decisions about selling the property. The responsibility of cleaning out the house, making repairs, and preparing it for sale often falls to the decedent’s children or heirs.
Often, the house will be placed on the market “as is,” meaning that the heirs do not intend to do repairs. This can deter some prospective buyers who want to buy a house that is move-in ready. Waiting for an offer can take many months.
What Happens When Probate Ends?
The heirs cannot receive their inheritance until the probate process completes. The proceeds of the home sale will be used to settle any debts. Then the money leftover is divided among the heirs according to the will or as determined by law.
Waiting for a house to sell is one of the most common reasons that probate takes so long. To speed up the process, some people choose to deal with a cash buying company. They can receive a cash offer within days and settle the estate more quickly.
If you need to sell an inherited house as part of the probate process, look into getting a cash offer from a reputable company. You can get a no-obligation offer within days and close within a week or two.
Probate is not pleasant for anyone, especially the heirs, but you can make the process go more quickly by looking into a cash offer. To learn more about how to sell your inherited house for cash, click here now.