Selling a property in probate is a bit complicated and time-consuming task. Therefore, it is advisable to sell it to real estate investors like Detroit Cash For Homes. We buy houses for cash in Michigan as-is without repairs and renovations or the need for a real estate agent. For this reason, we can help homeowners sell homes in any condition faster and hassle-free.
What exactly is probate? Usually, when a person dies without a will or the estate has not been transferred via transfer-on-death deed, living trust, or joint tenancy law, it goes into probate. It is a procedure where the court administers the estate of the deceased to an immediate family member. However, not all properties go through the same type of probate.
If you are planning your estate and future, you can decide everything, such as who will be the heir of your will. But you cannot choose whether your property should go through formal or informal probate in Michigan. Your representative will be the one to make this decision after you pass away.
However, before you get involved in writing your will, you must know the differences between formal and informal probate.
Informal probate
One of the primary things that make informal probate different from formal probate is it does not require a judge and there will be no probate hearing. In this process, a personal representative makes an application to a probate registrar. When it comes to paperwork for the application, it must be accurate. After all, the decision of the registrar will depend on the paperwork.
For example, the paperwork should cover information like the assets and debts of the property, the names of heirs, and the personal details of the descendent. If the registrar approves, interested parties, including heirs, the personal representative, and creditors, will get a notice.
Formal probate
On the other hand, formal probate is a process that involves several steps. It begins with hiring a probate attorney in Michigan, filing a petition to a judge, and determining the heirs. In some cases, the court supervises the process by approving distributions to the heirs. It happens when there are multiple successors.
Properties undergo formal probate in situations like:
- When the descendants are minors
- There is a disagreement between the heirs about the existence or validity of the will
- Confusion about whom to appoint as the personal representative.
If you have recently inherited a property that you do not want to keep, selling it for cash is the best decision. At Detroit Cash For Homes, we have helped several homeowners deal with inherited houses and sell at a fair cash offer.
Whether your inherited property is in formal or informal probate in Michigan, we have experience handling all types of probate issues. All you need to do is discuss your property with us and rest assured our professionals will handle the entire selling process.
If you are looking for the best place to sell an inherited property for cash quickly, Detroit Cash For Homes has got your back. We buy houses for cash in Michigan under any condition with no commissions, closing costs, clean-ups, repairs, renovations, and so on.