Sell Inherited Home – The Difference of Having a Will and Intestate
When a person of means dies, he most likely left property for his family. Often the details of the inheritance is stated clearly in a will but in rare cases, the person dies intestate in which there’s no clear derivative of what to do with the assets. If the case is the latter, the property will be administered by the probate court and if the case is the former, it will be managed by an executor appointed in the will. Either way, the property, usually a house, will go through the probate process which is aimed to sell inherited home.
Those who might go through the probate process, having a general idea of what will happen based on the presence or absence of a will can save them a lot of headache. When there’s a will, an executor chosen by the testator is sworn into office. He will swear to have the best interest of the deceased at heart, to oversee the probate process and to exercise honesty and fair judgment on dispersing the property. The named executor is not legally obligated to accept the responsibility but if he does accept, he needs to expect a time-consuming and troublesome process.
The executor is responsible for accounting the deceased’s possession involved in probate. The real estate asset is the most challenging because beneficiaries usually agree to sell inherited home to save themselves from future losses. Here, the executor must enlist a real estate agent to help with the sale. The executor is tasked to ensure the successful of the sale thus it also falls on him to repair, stage and have the property inspected. It becomes more difficult if the beneficiaries are impatient and pushing him to hurry. Unless the executor is also an heir, he gets nothing but gratitude at the end of it.
In an intestate case, the probate court takes over and handles the division of the assets. The court hires an independent appraiser to determine the value of the real estate then hires a real estate agent who can successfully sell the house. The court does not make repairs or have the house inspected but it encourages the beneficiaries to do so in order to facilitate a faster sale. When it is good enough and the price is set, the real estate is placed in a listing to inform the public of the probate sale in the hopes of getting good offers.
If an interested buyer gives an offer for the probate house, the price will be reviewed by the beneficiaries and set as the initial bid if accepted. The house will be advertised again with the new price and the court will hold an auction to sell inherited home within two months. During the auction, the price can go up and the highest bidder gets the property. The new owner can be a new buyer or the initial bidder. This is the aftermath when a person dies with or without a will. Technically, the difference lies more in the timeframe with the intestate case taking longer than the other.
In you are in Florida, talk to us at Probate Solutions FL and we can give you assistance as to what all of your options are. There is no obligation and we truly want to find the solution that’s best for you.