When a loved one passes away, their estate goes through a legal process called probate. During probate, the estate’s assets, including any property owned by the deceased, are distributed according to their will or state law. If the deceased owned a home, the executor of their estate is responsible for selling it. But how long does an executor have to sell a probate house? Let’s dive into the timeline and find out.
- Appraisal and Valuation Before the executor can sell the property, they must first determine its value. An appraisal is typically required, and the executor must also obtain a market analysis from a real estate agent. Once the value has been determined, the executor can move on to the next step.
- Notification of Heirs and Beneficiaries The executor must notify all heirs and beneficiaries of the estate that the property will be sold. This is typically done by sending a notice via certified mail or publishing a notice in a local newspaper. The heirs and beneficiaries then have a certain amount of time to object to the sale.
- Listing the Property After the notification period has ended, the executor can list the property for sale. They can choose to work with a real estate agent or sell the property themselves.
- Sale of the Property Once a buyer has been found and the sale has been approved by the court, the executor can sell the property. The proceeds from the sale will be used to pay off any debts owed by the estate, with the remaining funds distributed to the heirs and beneficiaries.
So, how long does all of this take?
The timeline for selling a probate house can vary depending on a variety of factors, such as the size of the estate, the complexity of the legal process, and the current real estate market. In general, the process can take anywhere from six months to several years.
If you’re an executor and you need to sell a probate house quickly, you may want to consider selling to a cash home buying company like Premier OKC Home Buyers. We can make you a cash offer within 24 hours and close the deal in as little as seven days, allowing you to sell the property and distribute the funds to the heirs and beneficiaries more quickly.
In conclusion, the timeline for selling a probate house can be lengthy, but it’s important to follow the legal process to ensure that the sale is legal and binding. If you’re an executor and you’re feeling overwhelmed, don’t hesitate to reach out to a real estate attorney or a cash home buying company for assistance.