Guidelines for Selling Inherited Property Lakewood
In the event of death, the property of the deceased is usually inherited by close relatives or friends and usually, they have the options of keeping or selling inherited property.
Selling inherited property in Lakewood is not an easy job, even for those familiar with the process. When still mourning a loved one, dealing with certain issues like finances and property can add even more stress to what you already have on your hands. While some choose to keep the property, those who choose to sell always want to make the process as hassle-free as possible.
Note that if selling inherited property Lakewood is your preferred choice, how easy the process becomes will depend on the channel you choose for selling it. Selling inherited property through a real estate agent will rarely deliver immediate results and the sale is also not certain. The hassles involved can be overwhelming during a time of bereavement. Until the property is sold, you will be responsible for the management, any structural works or ongoing costs required and if you inherited a property in a different area, you now have to make regular trips.
When it comes to selling inherited property Lakewood, the most important thing to understand is the process of probate.
What is probate?
When selling inherited property in Lakewood, you need to prove that you are indeed the rightful heir (owner). If the deceased left behind a will, the process through which this will’s validity is established is known as probate. Before you can proceed with selling an inherited property, you must first receive a grant of probate.
In cases where the deceased did not leave behind a will or rather there was no official executor named in the will, the family is allowed to choose one person to “execute” the will and see the probate process through. If family members cannot agree on a name, the court of probate shall name an administrator to ensure that all beneficiaries get what they deserve.
Obtaining the grant of probate
As pointed out, you cannot proceed with selling inherited property without a grant of probate. This document gives you the authority to access the deceased’s estate, credits and liabilities. While some cases require a court in order to get the grant of probate, you can also obtain the grant of probate through your local Probate Registry. Make sure you have a copy of the death certificate.
Processing the probate
On average, it takes 6-9 months for a probate process to complete. However, the process might be even longer if other complications arise along the way, for instance, if one of the heirs contests the will or there’s no clear record of the deceased assets.
Once the probate is granted, you now have the right to sell the property in question to whoever matches your valuation. However, it’s important that the wishes of all parties involved, including the deceased, are considered. If there is more than one heir, make sure you have a consensus on what to do with the proceeds. Before selling inherited property, make sure you have cleaned out the belongings of the deceased.
How to sell an inherited property in Lakewood
Selling inherited property is way harder than selling a house. The latter is shorter because you don’t need a grant of probate in order to sell. Still, this doesn’t mean the former isn’t possible. In fact, if you are looking for a hassle-free way of selling inherited property Lakewood, Denver Property Flip has got your back.
As a real estate investment company, Denver Property Flip has enough resources to afford any property in Lakewood. If the property in question needs any repairs or even cleaning, you don’t have to worry about that because we’ll buy it as is.
If you decide to sell an inherited property, call us on (720) 370-9595 and we’ll make you an all-cash offer within 24 hours.