The legal process of probate is rarely easy, and typically comes at a time of grief. If you recently inherited a home and were appointed the executor to the estate, you have a long list of responsibilities that may leave you feeling overwhelmed. By inheriting property, you typically have three options (source):
- Move in
What Is Probate?
Probate is the formal legal process that proves a will to be valid after death. Additionally, an executor is appointed at this time who is to manage the estate and distribute the deceased’s assets to beneficiaries (source).
Inherited property generally goes through probate, which is a notoriously pricey and time-consuming legal procedure. In , the probate process takes a minimum of six months, costing at least $2,000 to $2500 dollars. A more complicated probate process, however, can go on for over two years, costing thousands of dollars.
Selling an Inherited Home Through Probate
The process of selling real estate through probate is essentially a long line of court-regulated steps that must be closely monitored. For those who inherit a home, selling the property through probate involves court oversight throughout the marketing process, offer, negotiation and the final sale of the home. Additionally, those who inherit a property are responsible for paying any final expenses left on the home, filing taxes on behalf of the previous owner as well as going through its assets.
The sale of inherited property typically involves many individuals, including:
- The executor or administrator to the estate
- An attorney
- Real estate agent
- Interested buyers and their real estate agents
- The personnel of the court itself
The Process of Selling Real Estate Through Probate: An Overview
Although each sale of property through probate may be different, the overall process is typically the same:
- Administrator or Executor Is Appointed to the Estate
An executor is generally named in the will of a loved one. Assuming the appointed individual is named and willing to serve as the executor, he or she is then responsible for distributing assets and is granted the authority to list and sell the inherited property.
- The Executor Determines the Listing Price for the Property
With the assistance of a real estate agent and an appraisal by a probate referee, the executor can list the property and its selling price in a multitude of publications and selling services.
- Marketing the Real Estate Property
Once the home’s price is listed, an appointed real estate agent can market the home to the general public and make appointments to show the property to interested buyers.
- Accepted Offer
Once an offer is accepted, a Notice of Proposed Action is sent to each heir of the estate with the terms and details of the sale offer. If there are no objections regarding the sale, the offer may be accepted and the property sold without the necessity of a court hearing.
You Can Seek Guidance
At Fair Property Buyers, we understand how overwhelming inheriting a home can be. That’s why we offer free consultations to provide the information you need to make the right decision.
If selling your inherited home is in your family’s best interest, Fair Property Buyers makes it easy. We buy homes in any condition at any time. In fact, if you choose to sell with us you won’t need a contractor, realtor or a lawyer. Contact Fair Property Buyers today for honest guidance.