A home or other real estate is one of the most common assets found in an estate. A common question asked is whether it is possible to sell a home that’s in probate. The answer is yes. However, there are some things you should know about selling a home in probate.
The Executor Must Be Appointed by the Court
Before a home in probate can be sold, an executor of the estate must be officially appointed by the court. If there is a will, the CA probate court may simply appoint the person listed if that person is willing to take on the role. Without a will, the court will appoint an executor. The appointed executor has authority over the assets within the estate. This includes selling a home.
Selling a Home in Probate May Be Done Over the Notice Period
After the executor is appointed, there is a notice period. The executor is required to place notices about the death in certain publications for a certain amount of time. It is legal to sell a home in probate during the notice period. However, it is imperative to work with both an experienced probate lawyer and a real estate agent who has experience with this type of sale.
Get a Market Analysis to Determine the Correct Asking Price
The property will need to be appraised by a licensed real estate appraiser to determine the value of the property when the owner passed away. Also, a market analysis can be helpful as well. This can help you determine the correct asking price.
Court Approval Is Required
When selling a home in probate, it is necessary to have the permission of the probate court before the home is sold.
Discuss the Possibility or Need of the Sell with Estate Beneficiaries
One common problem that extends how long the probate process may take is a dispute over who does or doesn’t own a property and beneficiaries who fight over assets, particularly homes and land. Before selling a home in probate, talk with the beneficiaries. Discuss why selling the home is necessary. It is the legal obligation of the executor to pay all legal debts, including taxes. If the total amount of debt exceeds the cash available, it may be necessary to sell the property. If it’s not necessary, discuss the possibility of how selling the property could benefit the heirs.