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What Does it Mean When a House Goes Into Probate?
Accidents, mistakes, and tragedies can throw your home selling process for a loop. Probate, for example, can require some
What is Probate?
So what is probate? When the owner of a home passes away, the property goes into “probate” meaning the process of establishing and administering the estate—this includes any money, items, and assets. After any necessary debts or taxes have been paid off, the estate is divided up and distributed according to the will. That distribution is overseen by the “executor”, who should be named in the will.
What Happens to a Home in Probate?
The probate process won’t look the same for everyone, but the situation usually falls into one of three scenarios. First, the property is transferred to the heirs named in a will. The executor carries out any actions listed in the will, including the administration or distribution of the estate to other parties. Second, there is no existing will to designate beneficiaries of the estate… however, if the house is unable to be connected to a living trust, it will be attached through probate court to an immediate family member (spouse, child, or next of kin), making them the executor. In the third scenario, where a will does not designate beneficiaries for the estate, the executor must sell the property and is authorized to do so by any means considered beneficial.
What Can You Do if You’re the Executor?
If you are the executor and are faced with this third scenario, in which you must sell the property, home buying companies can make your task simple, straightforward, and fast—a huge benefit to an executor who is struggling through mourning or needing to pay for a funeral. A home buying company will offer cash for a property as it stands, no need for time or expenses spent on repairing damages or renovating old features. Even better, the entire process takes as little as seven days from inquiry to sale. Simply request an evaluation of your property, wait 24 hours for their cash offer, accept, and close within days. No real estate fees or extra expenses, no long wait periods, and no hassle!
Are you the executor of an unwanted property and need to sell fast? Click here to learn how Midwest HomeBuyers can save you all the hassle of selling a home—and in as little as seven days too!
