Selling a House in Probate Littleton
Selling a house in probate Littleton, like any other place, must always involve the hand of the law. The court will be in charge of supervising the division of the proceeds from selling the house to the family members left behind as well as make sure that any debts left behind by the deceased are well taken care of before the proceeds are distributed to each heir.
Once someone passes away, their real estate will enter a legal process called probate. What happens is that the court will take charge of the whole process of distributing the property to the rightful heirs, even if there is a will or not. In this article, we will give you an overview of the probate timeline so that you can actually be informed about what usually happens when you decide to sell a house of someone who has passed on through probate.
What the probate process involves
If you elect to sell a house of a relative who has passed on through probate, you must, first of all, find out if the deceased had written any will and in the process named an executor. An executor is a person named in a will to oversee the distribution of property left behind by the decedent. If the deceased did not leave behind a will or name any person in charge of executing the will, you will have to go to court and get permission to administer the division of the property. If it happens that other family members are not happy with you being the administrator, the court will name an independent third party to take charge of the situation, but they will have to be paid from the proceeds of the estate.
Once we have an executor or administrator in place, the next thing would be to work out any debts owed by the decedent, settle them and then, later on, divide what is remaining among the rightful heirs of the property. Typically, this is a three-pronged process that involves the appraisal of the house in order to determine the actual market value based on the prevailing conditions, payment of the debts and bills owed, including any estate expenses and finally, the division of the property according to either the will of the deceased or the court.
The duration of this process and the amount of paperwork involved will definitely vary depending on how complex the real estate is as well as the how in agreement the heirs are.
The probate timeline
Before selling a house in probate Littleton, you must first file the paperwork and present the will to the court, something that should take a few days or weeks depending on the size of the estate left behind. The will can be contested, but the window for doing this is limited to about three months and thereafter, the inventory will be completed. As for the settling of debts and bills, it could take months, meaning the entire probate process could take months for small estates and even years for larger estates, especially in cases where heirs have issues they aren’t completely in agreement with.
What if the house is in a very bad shape?
There are cases where the deceased may have been of old age and probably maintaining the house to the best standards had already become an issue during their last days on planet earth. The house’s condition could get even worse in cases where the probate process takes months or years before it is complete. The cost of repairs might be overwhelming or maybe the cost of the mortgage is something you cannot afford to keep paying in order to retain the house.
In such circumstances, selling a house in probate Littleton becomes the best solution. Depending on what the probate process actually involves, you may be able to sell the house immediately, but in most cases, the executor or administrator cannot proceed with selling a house in probate Littleton until after the court grants them the permission to do so.
If the court has given you the go-ahead to sell the house in probate, you can get in touch with Denver Property Flip and request for an all-cash offer. We are ready to answer any of your questions as well as address any concerns. Once done, your money will be waiting for you in your bank account 5 days later.