Have you ever wondered what happens to a house when it goes through the probate process? This process is likely unfamiliar to many homeowners and can involve many complicated steps, which makes it difficult to maneuver. Here are a few of the things that might happen to a house when it goes into probate.
What is a Probate House?
A probate house is a house that hasn’t been legally passed down to an inheritor when its owner passes away. Many homeowners might think that they have their affairs in order, but might not actually be fully prepared with the legal documentation required to have their home properly inherited. To prevent a house from going into probate, you’ll need to have joint ownership, a living trust, a transfer-on-death deed, or a community property law that enables you to maintain ownership of the house after the owner dies. When a house goes into probate, it is temporarily supervised by the state and probate court until ownership is regained.
How to Recover the House
To recover ownership of the house, you’ll need to file an appeal with the probate court. Then, you’ll need to go to probate court and work with the lawyers there to go through the legal processes of probate. This process can take a few months to a few years to complete, which can be stressful and frustrating if you’re trying to reobtain ownership of the property. During this process, the home and its contents won’t be auctioned off, so you’ll want to make sure that the home is well-maintained and protected during the probate period.
Consider Selling Instead
If you don’t have the time, money, or energy necessary to work through the probate process, you should consider selling the probate house instead. Due to the complex legal situations attached to probate homes, most homeowners will not purchase a probate home. However, cash home buyers are some of the only home buyers that will purchase a probate home. They’ll give you a great cash payment that reflects the value of the property, and they’ll take the probate home off your hands without requiring any repairs or inspections.
So, if you or someone you know has recently had a house go into probate, remember this article. When you have a house go into probate, you can maintain and recover the house by going to probate court. You can also sell the house to a cash buyer instead, saving you lots of time, and giving you greater financial security.
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