Probate Home Sales: What’s the Fastest Way to Sell a Home in Probate?

Even though every will must go through probate in Colorado, 90% of them do so without court supervision. This is thanks to some significant revisions to the code.

If you know you are going to inherit a home through the disposition of a will in probate, you may not want to wait. After all, it can take months or even years for a will to finish the probate process.

Probate home sales require specific actions for the transfer of ownership to be valid. This process can get complicated.

It doesn’t have to be that way though. Keep reading for how to sell real property in probate and which way is the easiest.

What Is Probate?

Probate is the process of distributing a person’s belongings after they have passed away. The process begins with validating the will. Then an executor or administrator is named.

The executor will work through the deceased’s estate and any creditors. The executor will determine ownership of property such as homes, banks accounts, and automobiles.

During this process, property that is not probated gets identified. Life insurance beneficiary policies and jointly own property fall into this category.

Meet with the Executor or Administrator

If you think that you are going to inherit a home from the will, the first thing you need to do is meet with the executor. You don’t officially own the house until the deed is in your name.

If you own the property jointly with the deceased, you can verify this with the executor. Since you owned the property jointly, you automatically become the sole owner.

For property that you did not own jointly, you need to make sure you will actually inherit the property.

Have the Property Appraised

Before you try to sell the property, you need to know what you are working with. Have a property appraiser come out and inspect the home.

Sell the Property During Probate

You could list the property and wait for potential buyers to look at the property and make an offer. Once you get an offer, you must submit it to the court for approval.

Once approved, a Notice of Planned Actions is sent to all of the heirs. This informs everyone of the details of the planned sale. Any heirs who do not agree with the sale has 15 days to object.

Muniment of Title

This process works in Colorado when there is a will and the real estate is not securing any debt. You need to validate the will in the local county court.

When the court validates the will, then the property can be transferred to the beneficiary. Now you can sell the property.

Affidavit of Heirship

If you want to sell the property before it goes through probate, then you need an affidavit of heirship. To use this process, the title must be for real property, like a house.

The property title will get transferred to the heirs and then filed with the deed in the local county where the property is located.

Overbidding Procedure

Another method for selling a home in probate is to do an auction. To do this, you will need to make the public aware of the sale and that it is open to bidders.

You will need to post this notice in the newspaper. Then on the day of the sale, bidders will place their bid in an auction-style sale.

The bidding will continue until no one outbids the current. The person with the highest bid wins. They will then have to give the executor a cashier’s check for 10% of their bid.

After this, a contract will be signed. Escrow will typically close 15 days after this.

Skip the Hassle and Sell the Home Fast

So far, the methods we have talked about require a lot of time and effort. It doesn’t have to be this way though.

Many people who inherit real property don’t want it or can’t afford it. In these cases, it’s in their best interest to sell the property as quickly as possible.

The best solution is to sell your home to real estate investors who specialize in buying homes fast. This gives you the best of both worlds. In most cases, you fill out a questionnaire and then have a quote within 24 hours.

You don’t have to worry about spending money to make repairs on the home. You don’t have to wait will the house goes on the market.

Selling the home this way takes the pressure off you to maintain and pay the taxes on a house you didn’t plan to own.

There is no tedious bidding process. There is no open-ended process of listing the home with a real estate agent. Speaking of agents, you don’t have to pay an agent commission when you work directly with the property investors.

Most importantly, you sell the home quickly and get the cash value in your pocket.

Letter of Testamentary

To have the process go quickly and smoothly, you’ll want a Letter of Testamentary filed with the court. This form has the court hand over all authority to the executor.

There is no longer any requirement to have the court approve every step of the way. Now all you need to do is complete the sale and transfer ownership to the buyer.

Probate Home Sales Simplified

You have enough things to deal with when someone you love and care about passes away. Don’t let the sale of property stress you out or overwhelm you.

Probate home sales don’t have to be complicated. All you need to do is work with the right buyers who can help you sell the home quickly and for a fair price.

Contact us today and let us help you sell your home quickly.

*Although this information has been deemed accurate, it is suggested that you consult an attorney regarding all legal matters.