Information on Selling a House in Probate
Is selling a house in probate possible? During the probate process, when a family member dies, that is a frequent question. The probate process and the administration of an estate can quickly become complicated, particularly if several heirs are involved. Disputes about the validity of a will or trust, as well as the proper manner in which they should be executed, can easily emerge, and resolving these issues often requires legal intervention.
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, a property 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
Selling a House in Probate
You may sell the house in question if it is not subject to probate. It happens all the time. If the house is subject to probate, the heirs may still quickly dispose of the property when the court appoints an executor. 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.
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.
