Selling a House in Probate: Things You Need To Know

Selling a House in Probate: Things You Need To Know

When it comes to inheriting a home, it is definitely an attractive add-on to your assets, but sorting out what to do with it can be overwhelming. Often, it becomes challenging to decide whether to keep the house or sell it. In fact, sometimes, heirs have to face certain difficulties when deciding the fate of a loved one’s home.

If you inherit a house, then you need to look for real estate investors that accept probate homes for sale in Wayne County. This is because the house needs to go through the probate process, which is a lengthy legal process. It becomes tough to find the right buyer for such a house. Before moving forward, there are things you need to know when selling the house, as probate sales are not like normal real estate sales.

If a family member left you a property that needs to be sold, while in probate, It can lead to a potentially stressful and overwhelming experience. As mentioned already, selling a house in probate isn’t an easy process. Therefore, to help you sell your house in probate quickly and easily, below are some things to keep mind. Let’s have a look:

  • Hire a probate attorney

Since the legal process around probate sales is complex, it is good to have a probate attorney by your side to help get through the process fairly and quickly. It is important to work with a legal professional that has years of experience in handling probate cases.

  • Be prepared to wait

No matter how eagerly you want to close the deal and move on, you should prepare for a long wait when it comes to the probate sale process. Depending on your state and any complications with the estate, the entire process may take six months to one year for completion.

  • Protect the property with probate insurance

As the probate process may take a little longer to complete, you can take out an insurance policy on your property to protect it against floods or fires. With a traditional homeowner’s insurance policy, the insurance is likely to expire when the homeowner dies. Therefore, opening a new, probate insurance policy is a smart option.

  • Sell your property at the best price

Legally, a property in probate must be sold for at least 90% of its appraised value. This means before you proceed with the sale, you need to have a clear and current appraisal of the property. A real estate agent or cash home buyer can be a real help in this regard.

  • Work with an experienced real estate professional

A real estate professional with years of experience in probate sales can make sure the selling process takes place quickly and efficiently. If possible, check whether your preferred professional is certified as a Probate Real Estate Specialist before finalizing anything.

The bottom line

When compared to other real estate sales, probate sales are complex and take a lot of time, from about six months to one year. By following the advice above, you’ll be able to make your probate sale fair, quick, and efficient. If you’re looking for experienced buyers that offer cash for homes in Wayne County, contact Detroit Cash For Homes.