If you own a property, that is stuck in the courts, it can feel frustrating and overwhelming. All of your hard work handling everything should pay off in one way or another. In our latest post, we will help you learn how to sell a probate property in Madison!
The probate process is stressful. Selling a house on top of everything else can only add to the frustration. At Madison Cash Buyers we can help you with a fair and fast sale of your probate property in Madison. Keep reading to learn more about our best tips for selling quickly.
Understanding Probate
Before diving into the specifics of selling a home in probate, it’s essential to have a clear understanding of what probate entails. Probate is the legal process of administering the estate of a person who has passed away. During probate, a court validates the deceased’s will (if there is one) and oversees the distribution of assets to beneficiaries. If there is no will, the court will distribute the assets according to state law.
If you have to deal with the probate process, it is best to deal with a probate attorney as the process moves 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 6+ months to over 2 years.
Make Sure Everyone Is Onboard
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.
Selling the House
Once you get the go ahead from the court and/or your attorney, you are ready to accept an offer and sell the house. There are a couple different routes you can go here. You can go the traditional route:
- Hire a Real Estate Agent
- Make necessary repairs
- Clean the house
- Put house on market and wait for an offer to come in
- Likely deal with Inspection and Financing Contingencies
- Sell the House
Alternatively, you can contact an investor like us:
- We come view the house
- We make a cash offer within 24 hours, likely without any contingencies
- We close on the house as quickly as 1 week
You potentially can have the house sold in a week, without the hassle of inspections or repairs, and without the cost of real estate agent fees.