Can a House Be Sold During Probate?
Are you expecting to inherit property from a loved one after they pass? You may wonder, “Can a house be sold during probate?” At Chattanooga Property Solutions, we help hundreds of residents like you understand their options.
Probate is a legal term describing the transition of real estate from a deceased person to a beneficiary. Typically, the process requires you to receive court approval and pay off any outstanding debts attached to the deceased person. Consider the following information, then call our Chattanooga Property Solutions team to determine if a probate sale is right for you.
Understanding the Probate Sale Process
Can you sell a deceased person’s estate during probate? The simple answer is yes. However, it’s important to follow a formal probate sales process to ensure the legal transition of ownership.
Here are a few things to consider during your estate planning:
- Designating an executor: In most cases, a deceased person will name the beneficiaries of their property in a will or trust. The court will then appoint one of these individuals as an ‘executor’ to manage the probate and sale of the estate.
- Appraising the property: It’s crucial to hire a qualified property appraiser to assess the value of your real estate. This step will ensure that all parties have accurate information when it comes time to sell the property. Most inspectors can issue an appraisal report within one or two weeks.
- File an Executor Sell Petition: Before the executor can sell the property, they must register a petition at their local court. This document outlines key details regarding the value, size, and status of a property. The court may then approve or deny the property for listing.
- Prepare the property: Selling a house in probate requires the same level of preparation as any other piece of real estate. You may need to hire photographers, landscapers, and home service contractors to revitalize the space for potential buyers. Remember, it is the executioner’s duty to maintain the estate and make sure it is ready for sale.
- Legal hearings: Courts will hold hearings to assess the value of probate property and agree on a minimum price. Homebuyers can then view the home and try to outbid each other. The court will approve a buyer and complete the transaction.
Advantages of Selling During Probate
Can a house be sold during probate, and why should you consider it? Owners of an estate may benefit from a probate sale in many ways. Here are a few reasons courts encourage these transactions:
- Covering debts: Selling a property on probate may be the quickest way to cover the outstanding debts of a deceased person.
- Downsizing your estate: Owning a second home can be expensive and require tens of thousands of dollars to maintain. One may decide to sell a property on probate to reduce their upkeep responsibilities.
- Earning money: Some people will sell their properties on probate simply to boost their bank accounts and pay off personal debts. Still, the probate process can take months to complete, so don’t expect a substantial check right away.
Simplify Your House Sale With Chattanooga Property Solutions
Don’t wait to sell your home with help from our Chattanooga Property Solutions experts. We have years of experience helping residents like you resolve their probate issues with excellent communication and guidance. We also guarantee a cash payment on the day of your predetermined closing.
Can a house be sold during probate in or around Hixson, TN? At Chattanooga Property Solutions, we can answer all your questions about selling. Call (423) 454-3070 today.
REFERENCES:
https://www.investopedia.com/terms/t/trust.asp
https://www.forbes.com/advisor/mortgages/real-estate/executor-of-estate/