If you own a property, that is stuck in the courts, it can feel frustrating and overwhelming. All of your hard work handling everything should pay off in one way or another. In our latest post, we will help you learn how to sell a probate property in Northern Kentucky! The probate process is stressful. Selling a house on top of everything else can only add to the frustration. At We Buy NKY Houses we can help you with a fair and fast sale of your probate property in Northern Kentucky. Keep reading to learn more about our best tips for selling quickly. It’s not an easy undertaking to lose a loved one and be left with a tough decision to sell a probate property for the first time. You may have questions like: How do you sell a probate property? Can you sell a property during probate? How long does it take to sell a house after probate? Can probate be granted before a property is sold? Read further to learn about the process and have an informed decision when selling a probate property.
What Is Probate?
Probate occurs when someone dies and heirs receive property listed in a will and the debts of the deceased estate are paid off. If you have to deal with the probate process, it is best to deal with a probate attorney as the process moves through the courts. They will be able to provide you with advice, help you handle debt payments, tax situations, and guide you through an often stressful process. You will need to take an inventory of the estate’s assets and locate all estate planning documents. You will want to notify all creditors and pay off any outstanding debts with money from the estate. There will also need to be income taxes filed, which include a possible inheritance tax. Depending on the situation and if there is a will present, the process can take 6 months to over two years.
Why Would A Probate Home Need To Be Sold?
When a person dies and there are outstanding expenses owed or ongoing expenses such as a mortgage payment, the estate may not have enough income to pay these debts. The executor of the estate may be forced to sell the property in order to avoid foreclosure. If the house is not required to be sold by the court, you will need to wait until the probate process is completed before attempting to sell the house. However, you can plan ahead by speaking to one of our team members and giving them the property basics. We will be able to provide you with a tentative offer, so you can know what to expect once your house has cleared the probate process.
How It Works
Even if the property was not left to an heir, the executor of the estate will be tasked with handling the sale of the home. An interested buyer must provide a deposit along with a written offer. Before the offer is approved by the courts, the court will ask if there is anyone who would like to make a higher offer for the property. Once the court approves the offer, there be an opportunity to have the property inspected before the sale of the home is finalized. Once this process is completed, escrow will be able to close within only a couple of weeks. The proceeds of the sale are used to pay any outstanding debts, with the remaining balances going to the heirs as outlined in the will.
Make Sure Everyone Is Onboard
When you need to sell a probate property with multiple heirs, it is important to make sure everyone is all on the same page. While the executor of the estate has the authority to list and sell the property, it is best to get everyone in agreement ahead of time. You don’t want to have anyone contest the sale or create problems within a family if you can avoid it.
Do you want to learn more about how to sell a probate property in Northern Kentucky? We can answer any question you have about the process. Reach out to us today for more information! (859) 412-1940
I’m Eric. I grew up in Northern Kentucky (Florence) and am proud to call it my home. I love serving people and my community! If you need help selling your probate property, give me a call so I can answer any questions you have, can make recommendations and may be able to provide you an offer over the phone!
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