According to Bankrate, many probate sales take a year or more to finalize. It’s important to also keep in mind that the courts must approve a home’s sale when a homeowner passes away without a will. If you’re wondering how to sell houses in probate, read on to learn about the many factors that can influence the length of a probate sale.
The Size of the Estate
If the homeowner had a large estate with numerous assets, it could take time to distribute them, which delays the sale of their property. The probate process can also take longer if the estate has multiple beneficiaries. Usually, resolving cases involving smaller estates is faster, but the process can still take time.
Disputes and Objections
Selling a house through probate means that heirs of the deceased can object to the sale in court. Even if the court dismisses those objections, it could delay a sale. You’ll want to be prepared for it if you’re figuring out how to sell houses in probate.
The Real Estate Market
Another factor that can impact the length of a probate sale is real estate market conditions. In a seller’s market, a home could find a buyer immediately. When the market favors buyers, a property can take longer to sell. Buyer interest is also a significant factor. A newer home in a sought-after neighborhood may sell quickly, but the sale of properties that need updates can take longer.
Waiting for an Appraisal
If the administrator of an estate is selling a property, the courts will have the house appraised before it’s listed and sold. This factor could potentially delay the probate process. The estate administrator can usually resolve this issue quickly, but it could take longer if the courts have numerous cases or if several other properties are scheduled for appraisal.
The Closing Process
The sale of a home isn’t complete after an offer from a buyer is accepted. After the courts approve the buyer’s offer, that property’s ownership is transferred over to the buyer. This process is typically referred to as closing, and it can take time to complete. Several factors can delay the closing process, such as claims to the home’s title.
Figuring out how to sell houses in probate can be challenging. While probate is complex, there are ways to simplify a process. You can sell a home in probate when a buyer makes a cash offer. Contact our team today if you want to sell your house quickly.