You inherited a probate property. Now, what do you do?
Dealing with the loss of a loved one is an emotional time and has with it a tremendous amount of problems that need addressing immediately. Probate property is daunting enough to most people and requires an experienced expert to help get you through it.
Knowing your options can help you make the best-informed choice on how to sell probate real estate.
Probate is the legal process by which validation to a deceased person’s will has is granted. During this time, any beneficiaries may legally obtain property promised to them in a will. If there is no will, the probate process appoints legal ownership to a close relative of the deceased under the intestate succession laws. Therefore, probate property is an asset left by the decedent and must pass through a probate court.
Here is a list of popular options for you to consider:
2. Moving In
A common choice some people prefer is to have a family member take possession of the home. By taking this route, the individual(s) can sort through household items without the rush of getting rid of things right away.
Please note, however, taking possession of the home could potentially mean paying higher property taxes. Mainly due to the property being re-assessed, and any property tax breaks for senior citizens now being withdrawn.
3. Renting Out Your Inherited Probate Real Estate
If living in the home doesn’t seem like a practical option, but you’d still want to keep the property, renting it out might be a better choice for you.
By renting out the home, you can manage the property yourself or hire a property manager to take care of it. There are many possibilities when it comes to renting a home. Modern apps and services have made renting a home easier, with the flexibility of not having to manage the property consistently.
Even though this is a good option, if it is not practical for you, then selling the property could be the right choice.
4. Selling Your Probate Property
One of the pluses of going through a probate court is it ensures the property sells for at least 90% of its appraised value.
The process of selling real estate through probate involves a series of court-regulated steps that must be thoroughly monitored and managed. If you want to take the hassle out of the probate property sale procedure, you will want to work with an experienced and knowledgeable probate real estate agent.
Handling an inherited property can often be complicated and confusing. We are here to help, no matter which option you prefer, we can help guide you through the process!
Our team at Josh V Realty has over 100 years of combined experience and ready to help you sell your house for cash quickly! Give us a call today. You’ll be glad you did!