What Happens to a House in Probate?

what happens to home in probate us probate leads

US Probate Leads offers probate leads for those looking to purchase real estate at below market value or for those who are interested in working with home owners who may soon sell their property, including realtors, home renovation experts, junk removal, estate sale professionals, and many more. We help all those who work with homes that will be sold soon. We offer property leads throughout the country based on the county where probate was filed. Below, we’ll briefly look at the process of what happens to a house in probate. Contact us today to learn more!

WHAT HAPPENS TO A HOUSE IN PROBATE?

There are several different scenarios that can occur when a house enters probate. One is that the property is transferred to the heirs who are listed in the will. This process can be time consuming as first a petition must be filed by the executor of the will to get a court date set before anything can happen. Then the judge will convey the probate property to the beneficiaries who can then do what they would like with the house.

If there is no will, the judge must name an executor of the estate, and then the house can be transferred to the relatives, be it a spouse, children, or other next of kin. However, this process varies from state to state.

Another scenario is where the probate home is sold while still in probate. The executor can do this on his/her own if there are no beneficiaries listed in a will. The proceeds will then be divided up amongst the legal beneficiaries. However, if the home is going to someone in particular, that person can sell the home as well with the permission of the court. This is often done if more than one person is named a beneficiary or the estate needs to pay liabilities with the funds. A home in probate is usually sold quickly because the longer the home sits in probate, the odds are its value will go up, which then triggers a capital gains event on the proceeds of the home.

While there are a lot of different scenarios, there are two that are most common: the probate home goes to beneficiaries or it’s sold as quickly as possible.

TURN TO US PROBATE LEADS FOR YOUR NEXT PROBATE HOME PURCHASE

Since sellers are extremely motivated to sell their probate home, these homes are ripe for real estate investors to purchase. US Probate Leads offers real estate leads for sale, saving you the legwork of going to the courthouse to find the list of probate homes.

Probate homes make great houses to flip, great rentals, or just great homes to buy and hold for a while. Once you get used to the process of approaching sellers, the probate home buying process is simple. You obtain our list; you contact the seller; they sell you the home. While there are many steps in-between, these are the basics of a probate home sale. Visit us online to learn more today!

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