Short Answer: YES
You can sell a house in the probate process; however, it is not the same as selling a house that you outright own. This blog will explain exactly when and how you can sell a house while it is in probate.
What Does It Mean If a House is in Probate?
A house is considered in probate while being processed as part of a deceased person’s estate. This process may be easier or more difficult, depending on where you live. When it comes to probate law, rules vary by state and even by county in some cases. However, the general overview is still essentially the same.
How Can You Sell A Property in Probate?
The easiest way to sell a property in probate is when all of the heirs agree that it is ideal to split up the home’s actual value, which is quite often the case.
It is also fairly simple to sell a property in probate when a probate court orders it. This process can happen because the money is needed to pay the expenses and debts of the deceased, or it may be done to mitigate potential arguments among heirs.
How to Sell A House in Probate
There are a few ways to sell a home in probate; however, they must all be done legally and with the court’s approval. The steps are generally the same, with the difference being how and where you go about finding a buyer.
The Court Appoints an Executor
This may be someone named in the deceased’s will, however, not everyone leaves a will, and not all wills are held up by the courts. If an executor is not named in a will, the court will appoint someone in the family, usually the closest living blood relative.
The Executor May Sell the Home
The executor may sell the home before or after probate closes. For example, if the deceased owed debts or an outstanding mortgage on the home that the family did not want to pay, the executor may sell the home, and then any remaining funds will be split among the heirs.
The Court May Order a Sale
The court may order the sale of the home either to offset debts or as a way to handle distribution between multiple heirs.
Even when there is only one heir, it is not uncommon to sell a home in probate. This is especially common to offset debts and mortgages, but it also happens because one person cannot care for the home themselves. Many of these situations occur when someone lives in a state different from that of the deceased.
Why Sell A Property in Probate?
There are lots of reasons that a person may decide to sell a property that is in probate. Handling these situations can be painful and stressful. They can bring about complicated issues for families to deal with. Often, the best and easiest thing to do is sell the property and begin the healing process. Only you know what is right for your family in such a situation.
Who Buys Properties in Probate?
Handsome Homebuyer is a company that buys houses and purchases homes that are in probate. This company can be a great opportunity for buyers who simply want to get a fair price and get the process over with.
Handsome Homebuyer provides a fast and fair bid and can allow you to close in less than a week! If you have a property in probate that you would like to sell, contact Handsome Homebuyer today!