Selling a property in probate
If you’re fully on board selling a property or your on the fence of whether or not to do it…
… let’s go ahead and unravel this process to make your decision easier.
First off, In our “Probate property guide” found here, you’ll find a homeowner's guide to the probate process in North East Ohio.
And in it we talk about why someone might want to sell the property.
So let’s start with that section
Why sell a property in Probate?
We've all been there: standing at the crossroads, wondering which path to choose. The decision to sell a property in probate, much like any substantial decision in life, brings its own set of unique advantages. Let’s tread slowly through this avenue, exploring the facets that make selling in probate not just an option, but possibly a lifeline in certain situations.
1. Wiping the Debt Slate Clean
When the deceased owner leaves behind debts, it can be a distressing burden for the heirs. Selling a property in probate becomes a silver lining here. By putting the property up for sale, you get an opportunity to settle these outstanding debts. You're not just liquidating assets; you're reclaiming peace of mind.
2. Bypassing the Landlord Hustle
Renting a house can sometimes be a huge headache depending on the area and how far you’re from the property -- see our “renting/landlord guide” here
If your inherited property comes with tenants, you've unwittingly become a landlord. But what if that's not the hat you want to wear? Selling the property can be an elegant exit from the landlord lifestyle. It's a chance to hand over the keys to someone who's genuinely enthusiastic about playing that role, while you walk away with cash in hand.
3. Covering Probate Costs With Ease
Probate can be long, complex, and yes, costly. Legal fees, court costs, appraisal charges, and the list goes on. Here's the twist: selling the probate property can essentially mean the estate pays for itself.
The funds from the sale can cover the costs tied to the probate process.
It's like a self-fulfilling financial cycle, turning the process from daunting to doable.
Can You Sell During Probate?
Absolutely, you can.
But there's a catch.
In North East Ohio, if you're thinking of selling a home or other property during probate, you'll need a nod from the courts.
It's the executor or administrator's responsibility to take charge of this sale.
Think of it as needing a green light from the legal system to ensure everything's above board.
The easiest way to get court approval…
The easiest way for a judge to say “yes” to you selling is by having these two things in place:
An attorney
An agreement with a buyer
Having these two things in place will make the probate selling process SIMPLE (as long as there aren’t any other complications like disagreements with heirs, discrepancies in the will, etc).
How do you find a buyer that fast?
Listing a house is uncertain…
And the hassles of showing it, dealing with the agent, paying the agent the commission, and cleaning/repairing it .
But if you call us (a professional and trusted homebuyer… we’ll buy it straight from you with no showings, no repairs or cleaning in it…
In fact…
… You can leave all the unwanted things behind!
Just give us a call or text below for a quick offer:
216-290-0680
When You Don't Have Money to Pay for Probate
If you have an attorney (and we can help find you a trusted and experienced probate attorney), and all parties understand that you’re selling the property…
You can go through the process without paying for upfront costs.
Because the costs will be paid for from the proceeds of the sale.
So here’s a breakdown of what that looks like:
1. “Partner” with an Attorney:
We can help facilitate an attorney to guide you through the probate process. This attorney can assist in ensuring that all legal requirements are met, and the property is adequately prepared for sale.
2. Selling the Home:
Once everything is in order, you can then sell the house. The proceeds from the sale can cover the probate costs, ensuring that you aren't out-of-pocket. We offer a streamlined process to buy homes, eliminating the waiting time and challenges that come with traditional market listings.
3. Transferring Title:
With the help of the attorney and the sale of the home, titleship can be transferred without any hitches, ensuring all assets are correctly distributed as per the decedent's will or state laws.
And finally…
We should complete this with a look of the two methods of selling a property in probate in North East Ohio:
Selling a property in Probate: Section 239
When you hear "Section 239 Sale," think of it as the express lane. This approach comes from the title 58, section 239 of North East Ohio's rules book. Why's it favored? Because you can bypass continuous court check-ins during the sale. It's almost like having a VIP pass!
Here’s a quick rundown of a Section 239 sale:
1. Kickstart the probate and earmark a date for the first hearing.
2. At this gathering, the court brings the will into the spotlight (if there is one), pinpoints the rightful heirs and any will-listed beneficiaries, and picks a lead – the personal representative.
3. Now, this head honcho petitions the court for a thumbs up on the Section 239 Sale. But there's a tiny detail: they need the green light from all heirs and beneficiaries.
4. If all parties are singing from the same hymn sheet, the court gives its blessing, and voila! The property can be sold with no extra court supervision.
Non-Section 239 Sale
This path surfaces when there's no unanimous vote for the Section 239 Sale, or when there’s a hiccup in spotting or reaching out to all involved parties.
And yep, the court's watching closely.
1. Initiate the probate and circle a date for its maiden hearing.
2. Here, the court dives into the will (if present), identifies the deceased's legal heirs and any named beneficiaries, and designates a personal representative.
3. This leader now steps up with a property sale plea. The court then sets its eyes on a hearing date and lets the community know via the local newspaper.
4. If all’s quiet on the objection front, the court waves its magic wand, sanctioning the sale. But if there’s a hiccup? Brace for some back-and-forths about the property's fate.
5. Once the court nods its approval, the sales ad hits the local papers. This period is prime time for the personal rep to welcome offers.
6. Bagged an offer? It's show-and-tell time in court. And here's a twist: other interested folks can chime in, either raising concerns or upping the offer.
It's clear; the non-239 route demands patience and can stretch over 2-3 months.
So, when diving into such sales, keep the timeline in mind to align everyone's expectations.
Remember, North East Ohio’s probate property journey might seem intricate, but with the right knowledge and a dash of patience, you'll find your way. Safe travels!
Need help navigating this?
Give us a call below:
216-290-0680
NOTE: we aren’t attorneys… just friendly trusted homebuyers in North East Ohio experienced in buying properties in Probate. Please consult a licensed probate attorney.