Do you feel like the probate property you have inherited is taking a lot of time and money while you wait to sell the house? We can help! Learn more about selling a probate property in our latest blog post. We can also help you if you have inherited a house that needs to go through probate.
Selling a Probate Property
When people hear the word “estate” or “probate” they often feel stress right away. It is natural. Losing a loved one is hard enough, but when their properties and possessions become tied up in a probate court case, the whole thing can feel even worse. If you are the Personal Representative of the will or estate, you might feel as if the weight of the world is on your shoulders. Gary Buys Houses is a professional probate house buyer who will answer any questions you have about selling your house during the probate process. We can answer lots of other general questions for you too.
What Is Probate Exactly?
Probate is the legal process for distribution of a person’s belongings after their death with or without a will. If you are dealing with a property tied up in a probate case, you know it can be a long and frustrating process. In Utah almost anyone can request a probate hearing to be named the Personal Representative of an estate. A will or state law will determine who the Personal Representative of the estate is. This is typically the person’s closest living relative. Once the house is sold, the proceeds will be split among the beneficiaries by the Personal Representative (PR). The PR will also need to pay any debt, cash bequests, and fees. Not all properties will have to go through the probate process. With good estate planning, assets can be sold or passed down via a living trust. It is also easy to set up the ownership of a house between husband and wife where when one passes, the other automatically becomes the sole owner of the house.
How To File A Probate in Utah
This part will concentrate on filing a probate in Utah if everyone involved is in agreement and cooperating with each other. This link is to the Utah State Courts web site about how to file a probate in Utah. Again this information does not apply to a probate case that needs to be litigated. In Utah, any family member or friend or really anyone can file a probate case and become the personal representative of the estate. The key is that all legal heirs or the heirs listed in the will need to agree on who becomes the personal representative (PR). The PR will have the ability to sell the house and other assets associated with the estate and pay all debt. If there is a will, the PR must distribute assets according to the will. If there is no will, the PR must distribute assets according to Utah State Law. Debts must be paid before any asset distribution. Follow the link at the beginning of this section to learn how to file a probate in Utah yourself, or you can hire an attorney for $1500 to $2500 typically. We can also answer your questions or refer you to an attorney. Disclaimer: always seek legal advice from a attorney. So if you are selling a probate property, please call us at 801-382-9199 today.
Can You Sell The House In Quickly?
Yes you can sell a house in probate quickly in most cases. You must be the Personal Representative of the estate to sell the house, or you will need to go through the probate process. If you have inherited a house and need to go through the process of probate, you will need consent from all known heirs. We can buy the house even if you have not been through the probate process. Typically you would get some money now and some of the proceeds after probate and the final closing of the house. Proceeds from the sale of the home will be used to pay debts, then divided among the beneficiaries. The sale must be approved by both the heirs and maybe the court in order to go through. The court will simply follow the will or follow Utah state law. It is important you work with an agent or direct buyer who specializes in probate. You will need to know all of the ins and outs to make sure everything is handled properly. Gary Buys Houses specializes in buying Salt Lake City probate properties and we can help you end the process as quickly as possible. We even have probate attorneys that will handle your case, and we will pay the bill!
How Much Can Probate Cost and How Long Will it Take?
This will vary based on the size of the estate, but in Utah a clean case is $1500 to $2000. You will likely be faced with court fees, transfer fees, document filing, and attorney fees. The process can take a few days, a few weeks or even a few months because every situation is different.
Jim & Bonnie A. from Cottonwood Heights Ut used Gary Buys Houses to sell the house they inherited. They were selling a probate house in an East side Salt Lake City neighborhood. Jim & Bonnie were terrific to work with.
Their house actually needed a ton of repairs which they appreciated not having to do.
Why Sell Now?
The faster you are able to sell the property, the less stress and hassle you will have to deal with. We even have a program where you can sell your property now and move later if someone is living in the house. We will even help with relocation. Probate can take an average of 6-9 months. By selling the house fast, you won’t have to deal with the long and lengthy process. A direct sale to [comapny] can be completed much faster by comparison.
By selling your house quickly, you will be able to save you and your family a lot of stress and time. These situations can be difficult and can lead to increased arguments and bickering between family members. It is helpful for everyone to receive a fast and fair sale. It offers closure during a difficult time.
At Gary Buys Houses, we have a thorough understanding of how the probate process works. It can be very stressful! Let us help you learn about your options! There is never any obligation!