Probate can be a trying time for even the most stable family. Dealing with a loved one’s estate may reveal some unwanted leftover taxes or debts, which only add to the stress. If you are the executor, you will have to settle these debts with creditors or the IRS. The question is how to get the money to pay the debts.
If your loved left a house behind, you might be able to sell your inherited house fast to get the cash you need to close out your probate case. However, hiring a real estate agent and finding a buyer on the market can take months, delaying your probate case. So, if you need to sell your inherited house fast, you may want to choose a cash sale over a traditional home sale.
What Is Probate?
Probate is a legal process where the court reviews a will to determine whether it is valid and authentic. An appointed executor handles the loved one’s leftover debt or taxes during probate and distributes the remaining inheritance to all named beneficiaries.
When a property owner dies, the assets are commonly reviewed by a probate court. The probate court provides the final ruling on the division and distribution of assets to beneficiaries. A probate proceeding will typically begin by analyzing whether or not the deceased person has provided a legalized will.
In many cases, the deceased person has established documentation, which contains instructions on how their assets should be distributed after death. However, in some cases, the deceased does not leave a will.
How to Sell Your Inherited House to Pay Leftover Debt
It is not uncommon for a loved one to leave behind some leftover debt or taxes. While the family is not penalized for remaining debts, lenders and the IRS will stake their claim on these debts, drastically reducing the inheritance. Fortunately, you may be able to sell your inherited house to pay the debts and have some leftover for all beneficiaries.
The best way to sell your property is to work with a company that buys houses. You can sell your house fast and close the sale within a week or two. You don’t have to deal with repairs or upgrades. You also don’t have to pay a realtor to sell the house. And the buyer will typically pay up to 100 percent of the closing costs.
The process of selling your inherited house is simple.
- Contact the house-buying company.
- Schedule a walkthrough of the property.
- Get a cash offer from the buyer.
- Accept the offer.
- Close the sale.
The entire process takes one to two weeks, giving you plenty of time to get the cash you need to pay the debts and close your probate case.
Sell Your House Fast to We Buy Real Estate
If you have a lien against your house and can’t sell your house, contact We Buy Real Estate. We buy houses as-is. No repairs or upgrades. Call (502) 458-2722 to get a guaranteed offer.