After a loved one dies, it can be difficult to process the grief of their loss. However, you still need to acknowledge everything that needs to be taken care of after their passing. Their home is likely their biggest asset and you need to understand what happens next.
Probate
When someone dies, their estate and all their assets will enter the probate process. This is a legal process, overseen by the court, where the will is verified and then all the wishes listed within are carried out. The court will look to the will to determine what will happen to the home. Typically, a beneficiary is named. This could be the surviving spouse, a child, next of kin, etc. If no one is named, the court will appoint a beneficiary or they will determine that the home should be sold. Once the house is passed to a beneficiary, they may also choose to sell the home.
Selling the Home
At first, the process of selling a home in probate is much like any other sale. The home will be listed and a real estate agent will be assigned to sell it. Usually, the real estate agent will be someone who has experience selling homes in probate. People can view the home and make offers on it. When an offer is made, this is where the process deviates. All offers made must be reviewed by the court and they will make the final approval before the house is sold.
Preparing the Home For Sale
If you are the executor of the estate or if the house has been left to you, there are a few decisions you need to make before selling. First, you should determine if repairs need to be made. Having an inspection can let you know the extent of any damage and what needs to be fixed or upgraded. You can choose to follow through with repairs, or you can opt for selling the home as is. In many cases, it can simply be too expensive for you to fix up the home. If you want to sell as is, then you should consider a cash sale. Selling to cash buyers, such as home buying companies, provides you with a faster, cheaper, and more convenient sale.
When a home is in probate, selling is often the best option. A cash buyer can quickly take the home off your hands. You can contact home buying companies directly so you can get the sale moving right away.
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