When a loved one passes, you may be an heir to their property, including their home. But you don’t immediately possess the house; it has to go through probate first. Probate can be a long process, especially when there’s a house involved.
What Is Probate?
The term “probate” refers to the legal process by which a deceased person’s belongings are distributed among the heirs. The process is supervised by a court, and the details are carried out by an executor named in a will or an appointed court representative (usually a lawyer) if there is no will.
Probate ensures that any bills or debts are paid from the decedent’s estate and that cash and property are divided fairly among qualified heirs. Sometimes the person’s will names who will inherit the house, but often, the house is sold and the heirs get the proceeds from the sale.
How Does Probate Affect the Heirs?
In the case of a married couple, the spouse will almost always inherit the house and can remain in the home. The spouse and any children or other residents can stay until probate is finished. If the house is being rented, the tenants are usually asked to vacate.
If the house is to be sold, the executor handles the details, with the approval of probate court. The executor will prepare the home to be sold, maintain the home, and ensure all bills are paid while waiting for a sale.
How Can a Cash Sale Help?
It’s in everyone’s best interest to complete the probate process quickly and at minimum expense. That’s why many people who inherit a home decide to sell it “as is.” It can be costly and time-consuming to make repairs.
Selling an “as is” home on the market can be a long, difficult process. Instead, many people choose to sell directly to a cash buying company. The company will purchase the house “as is” and can close within 30 days.
If you have an inherited house to sell, it makes sense to get a no-obligation offer from a cash buying company. There are no repairs necessary, and the company does not charge commission or closing costs. It’s a viable option to speed up the probate process.
Do you have a house in probate in the Omaha area? Click here for more information about how you can sell it quickly.
