The probate process can be overwhelming and confusing, and your newly inherited property can get stuck in the courts. We want to provide you with some probate real estate sales 101 to educate you on the process. In this post, learn how to sell a probate property in Kansas City!
The probate house sale process may seem like a burden after the passing of a relative. It is one thing to deal with the grief, and selling a house on top of everything else can only add to the frustration. At Phenomenal Properties KC we want to help you understand how to sell a probate property in Kansas City quickly and with less hassles.
What Is Probate?
Probate occurs when someone passes away and his or her heirs receive property listed in a will. Debts of the deceased estate must be paid off prior to this. Probate attorneys are extremely helpful to guide you through the process of moving 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 anywhere from 6 months to over two years.
Why Would A Probate Home Need To Be Sold?
When a person passes away 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 need 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 The Estate Sale 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 a few weeks. The proceeds of the sale are used to pay any outstanding debts, and the remaining balances going to the heirs as outlined in the will.
Make Sure Everybody Is On The Same Page
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.