A deceased person’s estate can transfer to a beneficiary through the legal probate process. Some individuals may wonder, “Can a house be sold during probate?”
In most cases, yes. However, sellers must follow the process correctly to ensure their legal ownership of property rights. Alan from Pyramid Properties LLC explains everything you need to know about this process.
How To Prepare for Selling a House in Probate
A person may list you as a beneficiary in their will before they pass away. Consequently, you may inherit a piece of real estate, which requires you to comply with a probate process that may take months to complete. Here are some factors to consider before you can sell the property:
Court-Approved Administrators
Can an executor sell the house?
Courts will assign an ‘executor’ to carry out the administration of a property in probate. This title gives an individual the right to act on behalf of the estate and inform claimants of the probate. The executor must also compile a complete list of assets for appraisal.
Can a house be sold during probate without an executor? Not unless the court approves some other personal representative.
Appraisals
Appraisals are an important step in the estate-planning process that helps the court determine the value of a property. It may take up to two weeks for an appraiser to submit their findings.
Other Duties of an Executor: Sell Petitions
The executor may file a petition to begin listing a piece of probate real estate for sale. These petitions should include the expected methods of sale, the fair market value of the property, and other details related to the appraisal.
The court will then conduct a hearing for any objections made by other heirs.
Listing a Probate House
Sellers may list their probate properties on the market once they receive approval from the court.
In a formal probate sale, the court will declare a minimum bid for the property. In an informal probate sale, the executor may receive special privileges over all inherited assets and accept offers from buyers directly. This method may result in quicker sales but could result in buyers undercutting the fair market value of the property.
It’s wise to follow these steps when listing a probate property for sale:
- Hire a home improvement contractor to restore floors, siding, and structural damage
- Take photographs of the property and list them online
- Contact with trusted local real estate investors for a fair price
- Market to buyers who prefer to pay in cash for quick transactions
- Partner with an attorney to finalize closing contracts
The Takeaway
Can a house be sold during probate? Yes — as long as you comply with the lengthy legal proceedings.
Although the probate process can be confusing, selling your home doesn’t need to be a hassle. When you want to sell your house for cash, call Alan at Pyramid Properties LLC to simplify the transfer of ownership.
You can expect honest communication, fair offers, and absolutely no commission fees.
Do you have other questions about selling your probate property in Memphis, TN? Call Alan at Pyramid Properties LLC at 901-504-5555.
REFERENCES:
https://www.investopedia.com/terms/e/executor.asp
https://www.law.cornell.edu/wex/letters_testamentary