Selling a Home Before Probate is Granted in Charlotte
Perhaps, you are here because you have inherited a property from a loved one. And, you wish to know shortcuts for the probate process to sell the house.
As one of the most appreciated cash home buying companies, we often encounter inquiries about ways to skip the entire probate process or at least some parts. About the eligibility criteria for summary probate, whether cash home buyers opt for properties in the probate process in Charlotte.
No worries, Cash Today Home Buyers is here to assist in selling a probate property.
The blog will elaborate on crucial steps and shortcuts to make the transaction smoother. But, first, let’s focus on the basics:
Probate and Inheritors
Probate is a court-monitored process. It ensures the spouse, legal heirs, or other dear ones inherit the deceased person’s property. The procedure also ensures that taxes and debts for the concerned assets get cleared.
The time required for the proceedings depends on the existence of the will, the number of inheritors, and the property’s value. The court also considers the debt and taxes owed by the deceased.
If the beneficiary holds the property jointly with the departed person or there was a living trust created, the process becomes simple. But, there is no way to skip the court-supervised procedure if assets were owned by the deceased individual alone.
Approaching the local probate court with an affidavit to claim the property
You might find the details as something too good to be true. Yet, the state of NC allows inheritors to approach the court clerk’s office and fill up the (ACPPD) Affidavit for Collection of Personal Property of Decedent. You can submit the form (completed affidavit) at the superior court within the deceased individual’s county.
Yet, it is crucial to note that you can only claim assets worth $20,000 or less in valuation. So, you guessed it right, the procedure is not valid when it comes to real estate.
Shortcut to probate proceedings
Selling your house for cash becomes super-easy and quick with this probate shortcut.
The summary probate process is the best option if the decedent’s only surviving beneficiary and spouse are the same person.
Put simply, the individual named in the will, or the person legally entitled to inherit the house as per state laws, has to be the surviving spouse.
The spouse can approach the concerned court with support documents or will. The person also needs to pay a small fee for the procedure. After scrutinizing the papers, the clerk issues a notification indicating that the probate proceeding is not required. The certified copy of the order entitles the spouse to get possession of all the assets.
Accelerating the probate process
If the deceased individual failed to leave a will and inheritors are not on the same page, there is no way to skip the court-supervised probate sale process. Thankfully, the NC Intestate Succession Act has clearly outlined every inheritor’s rights.
Remember, you might complicate the situation at a later stage if you skip a legal requirement.
Understanding the steps can help you speed up the paperwork and procedure. So, here we go.
- All the rightful inheritors on the same page
If there are multiple legal heirs, the executor must ensure they all wish to sell the house. Then, the executor works with a certified appraiser to determine the value of probate assets. Once the paperwork is in place, the executor can open a probate case and present the same to the court.
- Filing the petition
Put simply, the step involves notifying the court about the property value, legal heirs, known creditors, and details on how you intend to sell the house.
Depending on the house’s condition and overall debt, the court might assign the least selling price based on the appraised value. Things move faster if there is no debt involved.
Remember, most buyers prefer buying probate houses where the process of obtaining a petition has begun.
- Approach a cash home buyer
Inherited properties do have sentimental value. However, retaining the same may not make financial sense. The property may need urgent extensive repairs, fixes, or substantial mortgage payments. You also may not wish to keep the house if located far away from your current home.
Selling it the traditional way is a long and complicated process. And this is where all-cash buyers enter the picture.
Such buyers or companies make an instant offer as no mortgage company is involved. You can also expect the buyer to offer 10 percent of the offer amount as a deposit.
- Getting the court confirmation
The executor petitions the court and submits the offer details. The court issues a confirmation when all the involved parties agree to the sale.
The sale can proceed if heirs and other parties do not register an objection during the court review period.
There is no need to conduct final hearing bids in such cases.
- Overbidding process
Sometimes, the court or one of the inheritors may request a court hearing for bids.
The judge conducts a hearing and asks the attendants to bid on the property. The bidding starts from $500 above the original buyer’s bid. And yes, the highest bidder walks away with the key to the house.
In such a case, the executor refunds the 10 percent amount paid as a deposit by the initial buyer.
Lack of awareness about the significance of creating a will
As per a report published by CNBC, only 33 percent of Americans have an end-of-life document in place for their estate. So, don’t be astonished if you receive a call from an executor or administrator of your loved one’s estate suggesting you have inherited the deceased person’s house.
The Endnote:
Are you worried about the probate process? Don’t hesitate; let us guide you. At Cash Today Home Buyers, we have a team experienced in buying inherited homes. You also get legal assistance in paperwork and taxation applicable on inherited houses.
No matter if the property is one of the in-demand houses or a low-value one, cash home buying companies prefer both. You can sell it as it is; no need to even clean it before selling.