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Have you Inherited a Property Recently?
Inheriting a home can be a blessing with hidden challenges coming with it. More than likely, a loved one left their property to you, with the thought in mind of it benefiting you. If you don’t have a solid action plan in place, tensions can rise among family members quickly. From the frustration of clearing out personal belongings, repairs, conflicts among family, to waiting for the house to sell, month after month, thats money out of your pocket. Wouldn’t you like to forego all of those challenges, and get compensated without having the stress?
Then we come to Probate. If you have been named “Executor of the property”, you are in charge. You have to make the tough decisions. We know the probate process is stressful. Selling a house on top of everything else can only add to the frustration. At Vector Home Properties we can help you with a fair and fast sale of your Inherited, and possible probate home in DFW. Keep reading to learn more about our best tips for selling quickly.
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 An Inherited 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 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
If there are 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.