Here's How To Sell A Probate House (Easily & Quickly)
If you are the Executor of a Will, you may be required to sell “Probate Property.” This is typically the case when a decedent possessed real estate in their sole name, and the beneficiaries of the will are now responsible for allocating the estate’s worth after receiving it.
Unfortunately, selling an inherited property may be a difficult process, which is why I’ve been debating how best to handle this subject, not only because it’s a delicate and frequently traumatic subject, but also because I want to format the content in the most effective way possible (without the fluff). There is absolutely no shortage of material to cover, but it isn’t practical to do so.
So, after considerable thought, I’ve chosen to write this blog post specifically for everyone who checks the following boxes:
- Attempting to sell a probate property first and foremost (and most clearly).
- Needs assistance since they are unfamiliar with the legal and practical aspects of selling a probate property.
- Seeking a quick and simple answer (I don’t mean “simple” in the emotional sense). On the open market, selling a probate property can take a very long period, but this can be avoided.
Selling inherited property is NOT the same as selling your own property
What most individuals in this circumstance don’t realise – and it’s understandable – is that selling an inherited house isn’t the same as selling a home they own; there are additional legal hurdles to leap through.
The procedure of getting authorization from the Court to deal with a deceased person’s estate is known as “probate.” In most cases, the Probate procedure is managed by an Executor appointed in the Will.
A Grant of Probate is necessary to legally complete the sale of an inherited residence (also known as a “house in probate”). A grant can be received by submitting an application on the GOV website, although the procedure is lengthy and involves numerous phases, including:
- Notifying the authorities of the death
- determining the value of the estate
- Taking care of any inheritance taxes that may be due.
Expenses of Probate
In addition, you can have the property appraised and put on the market before Probate is granted. You can accept an offer on the property if it is reasonable, but you must wait for the Grant of Probate before exchanging contracts.
So what’s the easiest and quickest way to sell a probate property?
As mentioned, there’s potentially a lot of ground to cover on this topic, so I’m only going to focus on the on what I believe to be the easiest solution, and that’s because:
- Due to the traumatic nature of this situation, which is already complicated and taxing enough, most people are seeking a relatively painless solution.
- There’s already plenty of information available on how to sell a probate property through the traditional means, moreover, most reputable high-street estate agents should be able to assist. However, while using an estate agent can be effective, using one won’t necessarily be the most efficient option (i.e. quickest and easiest).
So, how can you sell a probate property in the simplest and quickest method possible?
As previously stated, there is a lot of ground to cover on this subject, so I’ll just focus on what I believe to be the simplest solution, which is because: Due to the traumatic nature of this situation, which is already complicated and taxing enough, most people are looking for a relatively painless solution.
There is already a wealth of information on how to sell a probate property via traditional methods, and most reputable high-street estate agents should be able to help. While working with an estate agent might be beneficial, it is not always the most efficient alternative (i.e. quickest and easiest).
Selling to a cash-buying firm directly
If you Google “selling a property in probate,” you’ll be bombarded with Property Cash Buyer Companies (also known as “We Buy Any House” companies) as a consequence of your search. Maybe that’s how you came to be here.
These businesses do exactly what they say on the tin: they’ll pay cash for any property in any condition, including probate assets
What’s the catch? You’ll have to sell the house for between 75% and 85% of its current market worth. However, this hasn’t stopped their services from being popular – and frequently a lifesaver – among individuals trying to sell a Probate property, owing to their ability to make the process relatively simple (or, at least, easy as it can be in these difficult times).
The benefits of employing a cash buying company include:
- They are a very practical option (in these situations, “convenience” is typically greatly desired and prized).
- They’ll make you an all-cash offer (often with in days)
- They are familiar with the legal and practical aspects of purchasing and selling a probate property.
- Probate properties can take a long time to sell on the open market (since you have to locate a buyer), but they can cut the period in half, not least because they’re ready to buy right now.
I reached out to my contact at MyHomebuyers.co.uk (a highly reputable cash buyer company with vast experience in purchasing properties in probate) to get a real understanding of how these companies operate and how they can benefit those looking to sell a property in probate, and this is what he had to say: Selling inherited property is a very stressful time for many reasons, and that can add to the already difficult task of navigating around the probate process, We can take care of a lot of it.
You must also make plans to clear the property before it can be sold on the open market, in addition to the administrative procedures. This can be distressing in and of itself, and we frequently receive inquiries from clients who have been sitting on a completely furnished property and haven’t gotten around to emptying it out.
By selling to a company like ours, we can relieve the family members of this strain and handle the clearance after the sale is done. This can add a lot of value and relieve the executor and beneficiaries, who are generally the children, of a lot of stress.
The majority of our inquiries come from consumers searching for a quick and simple sale. When we meet with them, however, many of them are unaware of what they need to do to obtain a Grant of Probate [so that they can sell the property lawfully]. We work closely with Probate solicitors and can help with all aspects of the legal process.
When we make an offer on a property and it is accepted, we work with the solicitors to coordinate everything so that the sale can be completed on the day Probate is granted. The selling procedure can be sped up by several months as a result of this.
Another advantage that services like ours provide is that the estate is often split among several family members, so for a little less money each, they can sell a property without the hassle of clearing it in the shortest time possible and for a fair price, saving them a lot of time and allowing them to move on with their lives.
On the open market, probate properties can take a long time to sell; we possibly cut that time in half. Even if someone is just starting to think about their options, we’re always delighted to talk to them, offer advice, and point them in the proper direction.