Probate is the fair and equitable distribution of a person’s property after they have pass away. Probate may involve changing the title, determining the validity of a will (if one was drawn up) or establishing ownership of bank holdings, bonds, stocks, etc. Some estates do not go through probate- such as when there is a joint owner or when a life insurance policy lists beneficiaries. So, the question arises – “Can a home be sold for cash if it’s in probate?” Homeinc has the answer.
Yes, it can. However, the proceeds from the sale of the home may not be dispersed or distributed as you would assume. For example, if you are the executor of a person’s estate, you can sell a home that was owned by the deceased to cover all probate costs as long as it hasn’t been willed to a beneficiary. Once the home is sold and the proceeds have covered the debts of the estate as well as the legal fees associated with probate, the courts will divide all profits among the beneficiaries listed in the will.
What should You do if the Home is in Probate?
The word “probate” can sound intimidating because the process can be costly and take a considerably long time. If the deceased doesn’t have a living trust, the home could go into probate. So, if you’re wondering if you can sell the home to cover all costs, the answer is “YES” and Homeinc will explain how.
Homeinc Simplifies the Probate Process
Properly filing with the courts is a requirement when probate begins. Furthermore, the court must approve selling the home. The process can take anywhere from 45 to 60 days (or longer) to complete. Additionally, involving a real estate agent or broker could lengthen the process. Homeinc can ensure making the highest cash offer on the home and enable you to sidestep the messy legal issues. If you want to sell a home that’s already in probate, here’s how easy it can be when you work with us:
- We’ll make you a cash offer on the home after a brief property analysis.
- Once you accept Homeinc’s offer, a petition to sell the home must be filed with the courts.
- After it is filed, the petition must be approved by the probate court.
- When the court approves the petition, we can close the sale within 5 to 7 days.
If you want to sell a home while it’s in probate, call or text Homeinc today at (888) 850-2636. Let us show you how easy it can be. Our real estate advisors are available to answer your questions or offer you more information.