Can I Sell the House While in Probate?
Can I sell the house while in probate? Probate is the court-supervised process of authenticating a last will and testament if the deceased made one. It includes locating and determining the value of the person’s assets, paying their final bills and taxes, and distributing the remainder of the estate to their rightful beneficiaries.
Can I Sell the House While in Probate?
During the probate process, you can sell the house. Even when someone dies intestate or without bequeathing their property, there are sales. When that happens, the state takes over and administers the property’s sale. The court wants certainty the property is marketed and sold at the best possible price after a family member dies.
The probate process and the administration of an estate can quickly become complicated, particularly if several heirs are involved. Disputes about the validity of a will or trust, as well as the proper manner of executing the will, can easily emerge, and resolving these issues often requires legal intervention
Does All Property Have to Go Through Probate?
Nolo Law for All says,
- Most states allow a certain amount of property to pass free of probate or through a simplified probate procedure. In California, for example, you can pass up to $100,000 of property without probate, and there’s a simple transfer procedure for any property left to a surviving spouse.
- In addition, property that passes outside of your will — say, through joint tenancy or a living trust — is not subject to probate.
In cases where there is no will, probate is a requirement to pay the decedent’s final bills and distribute their estate.
The Steps Involved in Probate
The steps involved in probate are generally very similar in each state, regardless of whether a will exists—even though laws governing probate can vary by state. The following are exempt:
- Joint Tenancy assets-when one joint tenant dies, the surviving joint tenant becomes the owner of the entire asset. For example, a property owned as “Jane Sage and John Sage, as joint tenants with rights of survivorship and if Jane dies, John inherits the entire house.
- Tenancy by the Entirety or Community Property With Right of Survivorship-these are forms of property ownership that function like joint tenancy. The survivor owns the entire property at the death of the other tenant, but are only available to married couples.
- Beneficiary Designations
- Payable on Death Accounts/Transfer on Death Accounts
Probate House Sale Process
If the house in question is part of those assets that are not subject to probate, You can easily sell the house. It happens all the time. If the house is subject to probate, the heirs may still quickly dispose of the property when the court appoints an executor. Choices for disposal of the property includes using a realtor with an MLS listing, heirs selling the property themselves, or using a real estate investor like Styl Properties, Inc.
I Am in Probate Can I Sell My House?
Should I engage a realtor, sell the house on my own, or sell to a real estate investor? A lot depends on your needs and the condition of the house. If you are in a hurry, the fastest way to sell the home may involve a cash buyer or a real estate investor who can offer you a cash settlement. The condition of the house may dictate the way to sell the house. It could need lots of maintenance or upgrading. Do you have the money or desire to bring the house up to today’s standards?
Call us, and we will walk through your house, note any deficiencies and needed maintenance, and make you a cash offer. We can close within 30 days.
Paige Panzarello, the “Cashflow Chick,” Founder of The Tryllion Group, Investor/Entrepreneur having done $150 Million+ in real estate transactions; Specializing in Non-Performing Notes. She has been a regularly featured guest on “The Cashflow Guys” podcast, and you can also find her on many other Real Estate and Entrepreneurial podcasts, and in the Wall Street Journal as well. She also speaks at various Real Estate Investing clubs and conferences across the country. Paige teaches the “Building Wealth with Notes” Workshop that drills down into the details of how to successfully buy Non-Performing Notes, create passive income, and mitigate risk. www.CashflowChick.com/training
Surviving the crash of 2007, Paige knows how “life happens” every day. Her passion is to help people build wealth, secure their financial future, to enjoy life, and to be ready-not broken! Whether it is improving communities one house at a time, helping borrowers stay in their homes, or working with other investors to learn a new way to earn higher investment dollars for their retirement years potentially, Paige dedicates herself and her business to helping people improve their lives in every way. For more information got to www.CashflowChick.com.