Can You Sell a House in Probate
Can You Sell a House in Probate? The answer is yes as soon as the court appoints an executor.
What is probate?
Nolo Law for All says “Probate is a legal process that takes place after someone dies. It includes:
- proving in court that a deceased person’s will is valid (usually a routine matter)
- identifying and inventorying the deceased person’s property
- having the property appraised paying debts and taxes, and
- distributing the remaining property as the will (or state law, if there’s no will) directs.
Does all property have to go through probate when a person dies?
Quoting Nolo Law for All: Not all assets are subject to probate. Some kinds of assets transfer automatically at the death of an owner with no probate required. The most common kinds of assets that pass without probate are:
- Joint Tenancy assets-when one joint tenant dies, the surviving joint tenant becomes the owner of the entire asset. For example, the property is owned as “Jane Sage and John Sage, as joint tenants with rights of survivorship. if Jane dies, John owns the entire house.
- Tenancy by the Entirety or Community Property With Right of Survivorship-these are forms of property ownership that function like joint tenancy, in that the survivor owns the entire property at the death of the other tenant, but are only available to married couples.
- Beneficiary Designations
- Payable on Death Accounts/Transfer on Death Accounts
Can You Sell a House in Probate
If the house is subject to probate, the heirs may still quickly dispose of the property when the court appoints an executor. If there is no appointed heir when the owner passes, the property is turned over to the courts and then appointed to the closest relative as the executor to sell the property.
Choices for disposal of the property includes using a realtor with an MLS listing, heirs selling the property themselves, or using a real estate investor like Styl Properties, Inc.
UpNest tells us, “A buyer must make an offer accompanied by a 10% deposit, which may be rejected by the sellers. The offer is subject to the court’s confirmation, and the seller is not committed to that buyer even though their offer was accepted. The estate representative, through their probate attorney, will then submit to the court to confirm the sale. If all parties agree, then a future date is set for the sale to be finalized in court.”
After all the steps for selling have been taken, the probate court will handle proceeds being split between beneficiaries.
FREE information on How to sell your house fast
Styl Properties, Inc. is here to help homeowners out of any distressed situation.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and to answer all of your questions.You can reach us at 402 999.0577.
