It can be tough to sell an inherited home in Overland Park and surrounding areas like Prairie Village, Olathe, Lenexa, Leawood, Kansas City and Lees Summit. During the probate period, selling your house may get delayed. Or maybe you encounter settling problems with other family members. This extensive guide will assist you through the challenges of selling an inherited property facing probate, step by step.
You cannot directly sell the property during a probate period since you don’t own the estate until completion of the probate process. This means that you have no right to sell the property until the entire probate process is over.
However, if we think from a different perspective, you need to be innovative regarding how you go about it. Don’t worry; we will go over the fundamentals of the probate process and how you can sell your property in Prairie Village and areas near Overland Park and Kansas City.
Probate is the legal process through which a Will is “proved” in a court of law and recognized as a valid formal document. It is the deceased person’s authentic last testimony, or by which the court divides the estate depending upon the laws of inheritance in the deceased’s State.
Probate granting is the very first step in the judicial process of dealing with the deceased’s estate, addressing all claims, and transferring the property of the deceased as per their Will. A probate court decides on the legal significance of the Will of a deceased person and grants the personal representative its approval; it is also referred to as the granting probate. The probate may well become a legal doctrine that can be implemented in the court of law by the executor if required. A probate also formally nominates the executor, usually named in the Will, as having the legal authority to take care of the assets of the testator as stipulated in the Will of the testator. A Will can face challenges during the probate period.
Probation has three stages. We will discuss all three stages:
At this stage, usually, the court will not have yet appointed the executor or personal representative, which often means you do not have the authority to intervene in the property. It is time to prepare all the necessary documents. You will have to provide a death certificate, a Will, and a petition form.
Moreover, you cannot do anything with the estate throughout this time other than to maintain it. But this does not mean that you’re stuck! Continue reading, and we’ll provide you with a remedy on how to begin the sales process.
The next step is administration. During this period, the court appoints the executor or a representative. The executor or the court will pay the loans or debts of the deceased from his/her assets. You’ll also have to take note of all their assets. Once the debt is covered, and the measurable land is shared, you can move into the phase of closing.
The last accounting will be filed with the court highlighting all the monetary actions taken throughout the stage of administration. You will have to include the inventory of possessions you have produced and highlight any debts you have paid. Then the court will use the funds to cover lawyers and court fees. After making all the payments, if there are still funds left, then the beneficiaries will have equal shares of it.
What You Can Do With your Overland Park Probate Property
During this period, you can work with an experienced realtor who works with properties that go through probate. The realtor will work with you to get the property repaired and ready to list in Overland Park and surrounding areas.
You will then work toward finding a genuine buyer who can make an offer on your property. Ensure that the buyer knows that the sale will be pushed back and is entirely dependent on the completion of the probate process.
Transparency is the best policy in the real estate sector.
Traditional Transaction Sell to a Cash Buyer
If you want to sell your house but don’t know when you will be able to (once you get the authorization from the court) you can sell it to a cash buyer. A cash buyer will have the money ready at hand, and you will be able to sell the house quickly. A cash buyer will provide you with money to quickly pay the debts, court fees, lawyers’ fees, and then share amongst all the beneficiaries. If you are looking for a cash buyer, then you must contact Ashland Real Estate.
If there is money borrowed for the property for a mortgage or other creditor, then those debts must be cleared. You may end up having to pay those debts from the property’s sale. To negotiate a payoff, the executor will need to locate all creditors. That will be particularly effective if the mortgage or debt owed is more than the value of the property.
Often a member of the family passes away without having an heir designated for a particular piece of real estate. In such instances, the court will arrange the property to be sold by the executor or a person assigned for the court. The resulting process may differ somewhat from State to State. Next, the probate court collects the profits from the sale and distributes it among the beneficiaries. If this is your case, it is vital that correct procedures are followed. You’ll need an unbiased appraiser to get an assessment. You will then file a petition with the court about how you plan to sell the house and the appraisal.
Once the court approves the sales price, you will then need to find a potential buyer. Once a buyer is found, you must submit the agreement to the court for approval. You’ll need to advertise the sale in the newspaper. The buyer will submit a cashier’s check for the property. They sign the closing contract and the money is exchanged.
Sell Your Property
The questions arise; can you simply sell your property before the probate? The answer is a big NO! However, you may have a cash buyer at your side who can wait to buy your property.
There are, however, ways you can work around to sell the property.
If you have any concerns or queries about the validity of your inherited property, you can consult a lawyer as they can help you walk through the particular probate laws of Kansas and Missouri. Now you might like to sell it quickly if you decide to do the workaround, or sell an uninherited property. Hence you must find a cash buyer immediately rather than leaving the property onto the market.
Selling an inherited property in Overland Park that has gone through probate can be very stressful, lengthy and tough; however, with the help of Ashland Real Estate, you can lift these troubles from your shoulders. If you want to sell an inherited property, then you must contact Ashland Real Estate for assistance.