Selling An Inherited Home While In Probate

Estate executor, assets, probate; if you’re new to the world of inherited properties, these terms may seem cryptic. Add this confusing jargon to the undeniably difficult process of selling an inherited home, and what was meant to be a time for grieving a lost loved one has turned into a legal nightmare.

According to Legal Zoom, “Probate is the legal process through which a deceased person's estate is properly distributed to heirs and designated beneficiaries and any debt owed to creditors is paid off.”  The probate process can be a lengthy one, and for those who are grieving a deceased family member, it can add unnecessary insult to injury to drag out the legal proceedings. Additionally, each day a home remains unsold, its holding costs increase. For some, inheriting a home can be a meaningful way to keep the deceased’s memory alive, but for most, taking ownership of an inherited property can be an expensive, grueling process.

Inherited homes are often sold after the probate process has concluded, but for inheritors who want to sell the home as quickly as possible, exceptions can be made as long as the inheritor follows the correct legal steps. Whether you find yourself the inheritor of a property in the present or future, these five steps will help you sell an inherited home while it’s still in the probate stage, saving you time, money, and emotional stress.

Step 1: Contact a Good Probate Attorney

While the internet is a treasure trove for legal information, hiring an established probate attorney is your best bet for completing the sale legally and efficiently. A probate attorney will help you collect the documents needed for court proceedings, file probate petitions, and speak on your behalf when discussing the case with the presiding judge.

Step 2: Get a Property Appraisal

For any home to be sold, the property must go through an appraisal with a licensed property appraiser. This will determine the date-of-death value of the home. This valuation is based on a number of factors, like the home’s amenities, total square footage, floor plan design, and the number of bedrooms and bathrooms.

Step 3: Research Comparable Homes, or Consider A Cash Buyer

In addition to considering the property appraiser’s valuation, research nearby homes with similar amenities to find a realistic asking price for the home. For homes in hot real estate markets like Midland, however, doing a simple Zillow search might not give an accurate look at the true value of the property. A real estate professional can provide a more precise market analysis. However, if you’re not interested in spending the time to list the house on the market and wait for an interested buyer to bite, consider selling the home as is to a cash buyer. Our team at The Only Real Estate has spent 10 years helping beneficiaries unload their inherited properties quickly and painlessly.

Step 4: Secure Court Approval

If the home is still in the probate process, the inheritor needs to obtain court approval before proceeding with the sale. This process could take several weeks or months, so we recommend filing for court approval as soon as you decide to sell the home.

Step 5: Keep All Beneficiaries Up-To-Date

While you may be in charge of selling the home, it’s likely you’re not the only inheritor listed on the will. If others are listed as beneficiaries of the estate, make sure they’re kept informed throughout the process and are in agreeance with the fate of the property. 

Selling an inherited home is never ideal, but following these steps to sell while still in the probate process will protect you and your family from excessive expenses and a lengthy legal proceeding. Still have questions about selling an inherited home while it’s in probate? Give our team a call today to learn more about the probate process and the benefits of selling for cash.