The death of a loved one is a sad occurrence on its own, but it also carries certain financial obligations and responsibilities for the heirs. If you find yourself in this situation, you know it can seem overwhelming. One big consideration in such a situation is how to handle a home left behind by the decedent. Once an executor or administrator of the estate is appointed by the probate court, it then becomes a question of whether the heirs wish to sell the home. When it comes to selling a house in probate, it can be a little more involved than doing so in other circumstances.
Selling a House in an Estate
You start with the rather routine home sale step of having an appraisal of the property done to establish its current market value. Then you get and fill out a petition from the probate court to be able to sell the property. This is filed along with the appraisal in order to get approval to sell.
You then place the property for sale, whether “for sale by owner” or through a Realtor, and accept an offer from a potential buyer. The buyer will need to know that their offer is contingent on court confirmation. As the seller, you petition the court for the hearing to confirm the sale. You have to place an ad in a local paper about the sale, so other interested parties have a chance to come to the court hearing to bid on the property as well.
At the court hearing, another party may end up bidding more and surpassing the original buyers offer. In this instance, you as the seller, would return the 10 percent deposit the original buyer put down. Whether the original buyer or a potential new buyer at the court hearing end up getting the house, the sale will then go through closing. The proceeds of this sale go into the estate fund to eventually be distributed to the heirs by the executor of the estate.
How to Simplify the Process
At Walnut Hill Properties, we may be able to streamline the above process for you and get you a needed sale more quickly. We buy houses in Philadelphia, and there are numerous benefits for going with us over listing your house that is in probate for sale in the traditional manner.
One big benefit is that at Walnut Hill Properties, we make an offer on your home as it is, so you don’t have to take the time to fix up the home before putting it on the market to show to prospective buyers. As professional real estate investors in Philadelphia, we also pay cash for homes, so there are no worries about a buyer’s offer falling through because their financing doesn’t work out. We enable a quick settlement on your home, so you and any other heirs can liquidate this asset quickly, and get on with your lives after this unfortunate event.