Probate is the process that a property goes through after its owner passes away. This process allows the property to be passed on to an heir of the deceased, and exchange ownership. In most probate processes, the property can be transferred in one of three ways.
A Direct Transfer
The first common outcome for a home after it’s gone through probate is that it will be directly transferred to an heir of the deceased. Usually, when someone passes away, they leave a will behind dictating how they would like their estate to be divided up. As their home is a big part of their estate, they can state exactly who they would like to inherit the property. If this is the case, the executor of the estate can work with the probate court to transfer ownership of the property to the individual listed in the will. This is the most common outcome of probate properties, and the simplest process to go through.
The Courts Decide
Sometimes, individuals don’t create a will before passing away, which can make the probate process slightly more complicated. If the decedent did not leave a will, the courts have no way to know what their final wishes were. In instances like this, the process of distributing the property is less clear, and the courts need to intervene more. The executor of the state will once again work with the probate courts to decide on an heir for the property. Usually, the courts will decide to pass the property on to the surviving spouse or closest living relative of the deceased. This process can take a bit longer than the first process, but the executor of the estate will act as a representative for those closest to the deceased to ensure things are distributed properly.
The Home is Sold
Sometimes, even if the decedent created a will, the home is not one of the items that is specifically mentioned. When this happens, the executor may need to be sold in probate. This process is fairly similar to what usually happens when you sell a home, but every step of the process is made slightly more complicated because of probate laws and procedures. It can also be incredibly frustrating if the house doesn’t sell right away, because the executor of the estate won’t be able to finish up the probate process until the house sells. A far more simple option is choosing to sell the home to a cash buyer. Cash buying companies will purchase the home in any condition, which is good if it’s fallen into disrepair. The process is also incredibly quick and takes no longer than 30 days.
The probate process is a long and complicated way of distributing out someone’s assets. This includes their home, which can be transferred in any of these three common ways. If you do end up needing to sell a home in probate, a cash buyer is the simplest and quickest option.
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