After a loved one has passed, there are several things to take care of in order to address their estate. Their home is likely their biggest asset. Like everything else in their estate, the home will enter probate and the process varies from there.
The Basics of Probate
Put simply, probate is the legal process of validating a will and carrying forth everything laid out in the will. All assets will enter the probate process and then they will be distributed to any beneficiaries. Typically, the deceased will be named an executor. If not, the court will appoint one. The executor of the will assists in the probate process and carries out the wishes listed in the will under the court’s supervision.
Following the Will
If a will is left behind, it is the blueprint for what will happen to all the assets. The will generally determines who will get the house after the owner has died. Before the beneficiary receives the home, the will needs to be verified and authenticated. Afterward, the beneficiary chooses what to do with the house. If no will is left behind, there are a few potential options. The court may decide to leave the home to the surviving spouse, child(ren), or next of kin. The court may also choose to sell the home instead.
Selling the Home
If a house is in probate, the process is a little different from a typical sale. If there is no will, the court is responsible for the sale. The home will be appraised and listed like normal. However, any offer made on the home must be approved by the court before the sale can take place. Waiting for this approval adds a great deal of time to the sale. In order to move the process along, you can sell the home to a cash buyer. Cash sales are much faster and you can complete the whole process in under 30 days. Once you get approval from the court, you can sell the property quickly.
Since the probate process is overseen by the court system, there are many legal requirements and qualifications that must be met. A home can be in probate for a long time. When it comes time to sell, you want to make sure you can sell quickly.
Selling to a home buying company allows you to quickly begin the sale process. Click here to learn more about selling your home to Go to House Buyer.