If ever your Louisville home goes through probate, do you know your options? While having a home go into probate may not seem like a likely scenario right now, with the current global pandemic happening, it has become increasingly more common. Understanding what probate is and how it works is crucial in figuring out the right steps. Given what an emotionally exhausting period this may be, knowing how to maneuver through the probate process makes it easier and faster for you.
Learn more about the probate process and how you can sell your house fast in Louisville, KY if you decide to.
What Goes On With A Property In Probate?
Probate refers to the process wherein a decedent’s last will and testament are verified as true and that the decedent’s wishes are carried out as they had instructed. There are also instances where probate occurs even without the presence of a will, in which case the probate court will have to decide on the best way to distribute the assets to the living family members such as a spouse, children, and any other relatives.
If the estate (which refers to both the physical home, the land and all possession contained within these) is small, probate will likely take a few weeks or a couple of months at most. If the will is carefully written and all the beneficiaries are available, this speeds up the process further. Larger estates, however, will take more time. This is especially true if anybody wishes to contest the will.
Can I Sell A House That’s In Probate?
Can I sell a house in probate in Louisville, KY or does the whole process need to be completed in order to do so?
In a nutshell, yes, you can sell it even if it is in probate. But keep in mind that the seller needs to follow certain procedures when it comes to disbursing the proceeds that come from the sale.
If you are the estate’s executor, you can sell any property that is a part of the assets provided that it has not been bequeathed to anyone else. If the decedent has left the home to their child, the child must assume ownership of it. If the house was not bequeathed to a specific person, you can sell the house or assets in order to finance the costs that come with probate.
Once the property has been sold, the sale proceeds are used to pay for probate costs as well as any other debts that may have been incurred from the property. The remaining proceeds will then be divided among the beneficiaries of the estate.
How To Sell Your House In Probate In Louisville, KY
1. Through A Real Estate Agent
You can sell a home in probate in Louisville, KY through the traditional way i.e., by employing the services of a real estate agent. The process will pretty much be the same apart from having to inform potential buyers that the home is in probate. This may make it more difficult to sell the home, however, as not many buyers want to get involved in probate cases.
2. Sell To A Professional Cash Home Buyer
Another option you can look into is selling your home for cash to a professional homebuying company. These companies will typically purchase any home in whatever state or condition, making it a good option especially for probate homes that have fallen into disrepair. Selling the home for cash is also a much quicker process, and you can usually get an offer in as little as 72 hours.
Ready To sell? Book A Call With Us Today
If you’re looking for a cash home buyer, look no further than Rylo Homes. We buy houses in Louisville, KY and we specialize in solving your real estate problems for you.
Our goal at Rylo Homes is to improve the overall quality of housing for the residents at Louisville, KY. We buy houses in just about any condition and situation, including probate, foreclosure, or fair market value. When you choose to sell to us, you don’t have to wait weeks and months just to get good offers. We’re direct buyers and we pay in cash to arrange a quick close. For more information about our home buying process, give us a call at (502) 317-8553 today.
