After a family member passes away, selling their home may seem like a difficult task. Family members are unable to grieve properly because they have to go through a probate process. The process involves establishing the validity of a Will if there’s one, and selling the deceased individual’s home and other property. Selling a house in probate is a delicate process and therefore should be approached carefully.
Can a House Be Sold While In Probate?
Yes, you can sell a house while in probate, however, the profits from the sale may not be shared exactly how you would assume. If you’re assigned as the executor of an estate, you can sell the house of the deceased to help pay off probate costs. You can sell the house of a deceased if it hasn’t been willed to a beneficiary.
The court shares the remaining profits of the house among the beneficiaries after the proceeds have been used to clear off probate costs and estate debts.
What Should You Do When Selling A House This Way?
When a family member is deceased, there are things you need to put in order and take care of but you don’t have to exert yourself during the process. It’s no news that the process can be long, exhausting, and expensive. When it comes to selling the property or estate of a deceased, probate may be enforced if there’s no naming of a living trust or beneficiary.
Not to worry, you don’t have to spend any money from your pocket, because the sale of the house can cover probate costs and there might be some profit left to share among the beneficiaries.
What Issues Are Involved in a Probate House Sale?
The location of the house you want to sell can affect the process because the process will be governed by the state where the house is located. If the deceased owns property in another state, the process will follow the laws under the jurisdiction of that state.
The process is determined by the state where the property is and not where the deceased lived. The executor can list the house for sale and even accept an offer from a buyer while the process is ongoing. However, this process can be stressful as you have to monitor the sale process while adhering to the state probate laws. Also, the probate court must approve the terms of the sale before the house can be sold to any buyer.
Does It Cost Anything?
Probate isn’t free because of the process involved. The court cost and fees have to be paid especially when there’s a valid will to work with. However, in the absence of a will, the process could be prolonged which may even increase the cost of probate. The fees can take up to 6-10 percent of an estate.
This doesn’t include before any liens or deductions are taken out. The profit made from the sale of the property can be used to pay for the funeral, taxes, and other debts accumulated by the deceased. Afterward, whatever is left of the proceeds can be shared among the beneficiaries of the will.
Conclusion
You can decide to sell a house while in probate the traditional way, however, it may take time to find a buyer who’s willing to pay fast. In this case, the best option is selling to a cash house buyer.
So if you’re looking to sell my house Philadelphia, you can count on us at Home Cash Guys. We buy houses fast and at the best price. With our services, you can get your house sold fast and move on with the probate process.
Contact us today to get started!
