Selling a House in Probate Thornton

Many parents opt to leave their children with a will to help them equally divide the inherited property among themselves.

Writing a will is the best way to avoid conflicts after you are finally laid to rest because your children will be guided by the will to ensure that no one is left out or treated unfairly. If part of the inherited property is a house, the ideal way of dividing it is by liquidating it and splitting the proceeds as per the will or according to the court’s order. The only problem, though, is that selling an inherited house is not such an easy task. There are logistical, practical as well as emotional challenges in selling inherited property and as such, you need a solid plan and professional help to ensure each heir is satisfied with the outcome.

Selling a house in probate Thornton

Before you get the nod to sell an inherited house, it must go through probate. In Colorado and several other states across the country, you can get a summary probate, where you don’t have to go to a court in order to sell an inherited house, rather, you only need to obtain an affidavit. However, this only applies to a house that is $50,000 and below. This summary probate takes a short time and doesn’t require legal counsel, which means you could save a lot in terms of expenses. If the inherited house exceeds the $50,000 threshold, you will have to open a probate action through a court. It is only after the probate process is complete that you can be allowed to sell the house.

If you are the one selling a house in probate Thornton, it means you will also be in charge of distributing the proceeds from the sale to the rightful heirs.

Agreeing to sell

If there is more than one person involved in the inherited house, it’s important that all agree that selling the property is in everyone’s best interests. There can always be trouble, where one or two of the heirs want the house to be sold while others want it to be retained. Here, you will have to negotiate with each other and agree on the best way forward.

A good option is where the heir who wants to keep the property can buy out the share of those who want to sell it. But to avoid any conflicts, selling a house in probate is usually the best thing. This also helps clear any other debts the estate owes the government.

For those who can’t agree, having a family mediator can be a good idea as they may be able to help broker a deal that leaves everyone happy. It’s also important that during the whole process, you enlist the services of a real estate lawyer in order to avoid making any costly legal mistakes.

Getting ready to sell

Selling a house in probate in Thornton can be a daunting task, especially if the house in question belonged to an elderly person. Such houses need so many repairs and updating before they can be made available for sale. The first thing you will want to do is clean the house and remove the belongings of your relative. Also, you’d be better off hiring a home inspector to help identify the areas that have problems and suggest suitable solutions to these issues.

If the inherited property is not in your neighborhood, you may want to hire the services of a local real estate agent to help with the assessment of the property and suggest any suitable changes that will make selling the house a walk in the park. In those cases where time is limited, selling a house in probate Thornton as-is would be the best option. This means that you don’t have to worry about the repairs or upgrades that may cost you a lot of time and money.

At Denver Property Flip, we buy houses as-is. As a real estate investment company, we don’t buy houses and start living in them, instead, we buy wrecked and ugly houses, tear them down and come up with a better-looking house. We pay cash after just 5 days of making you an all-cash offer. Call us now on (720) 370-9595.