When a loved one passes away, you may be named as an heir. But before you can inherit anything, a legal process called probate must take place. When a house is part of the estate, the process can be long and complicated.
The Probate Process
In probate, a court oversees the distribution of the person’s assets to the rightful heirs. This happens whether the deceased person has left a will or has died without a will. With a will, the executor makes sure the person’s wishes are carried out.
Without a will, a person appointed by the court, often a lawyer, will identify the heirs and divide the assets according to the law. Deciding what to do about the house can depend on a number of factors, including how many direct heirs there are.
The Inherited House
A specific person, such as a spouse or adult child, may be named in the will to inherit the house. If the person is already living in the home, they may remain there until probate is settled. Then, they may do whatever they want with the house.
If there are several children or other heirs, the house may need to be sold, and the proceeds divided up among them. The executor or the heirs are responsible for cleaning up the house and making repairs to list it on the market.
Selling the House for Cash
Whether you fix up the house or offer it “as-is” on the market, it can take months before it sells. The delay in selling can also delay the end of probate. To speed things up, many people contact a cash buying company for a cash offer.
A cash buying company purchases homes “as-is” so that you won’t have to make any repairs. You can have an offer within a day and close in less than 30 days. A quick closing means you can wind up the probate process.
Many factors can influence how quickly probate can be finished, but you can make the process faster by selling an inherited house for cash. Considering you don’t have to pay for repairs, and you aren’t charged commissions or closing costs, you could come out ahead by selling to a home buying company.
Have you inherited a house in the Spokane area? Click here to learn how a cash sale can end probate quickly!