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December 29, 2020

Do You Need Money During Probate? Sell Your House for Cash

After the passing of a loved one, your family must go through the painful process of finalizing your deceased loved one's financial matters. This often includes paying off debts and final taxes, as well as distributing all inherited properties and assets. If you discover that you need additional funding to pay off debts, one option for paying the debts may be to sell your inherited house.

However, putting your house on the market and going through a realtor can only prolong the process. On average, it takes 60 to 90 days to sell a house. You may not have that much time. A better solution is to sell your house fast for cash to a local home buyer in Wichita, Kansas. An investor can look at the property, make an offer within 48 hours, and close the sale in as little as seven days. You get the cash you need to close the book on all debts and taxes, perhaps with some money left over for the family.

How Does Probate Work?

Probate is the legal process of administering a loved one's estate after their death. If a last will and testament is available, your loved one outlines how they want the estate and assets to be distributed. However, before the assets are dispersed, a court ensures that all debts and taxes are paid. The court assigns an administrator to oversee and execute the will and pay all debts.

If the amount of debt or taxes owed is greater than the estate's value, the surviving family members may have to sell part of or all the estate to generate funds, which will be used to pay off the debt. The family works directly with the court or through a probate lawyer. The process may involve the following steps:

Step 1: File a Petition

The first step is filing a petition with the probate court to open the process and verify the will. The court's job is to confirm that the will is valid and legal. This may be the most crucial step in the process, as it establishes and enforces the deceased loved one's intent in their last will and testament.

Step 2: Send Notices

Once the court approves the will and appoints an administrator, the executor must notify all interested parties. Parties may include
  • All beneficiaries listed in the will
  • Surviving family members
  • Creditors with outstanding debts
  • IRS or other tax-related agencies

Step 3: Inventory

The executor assesses the value of the estate. They determine the value of all assets on the date of death. This can range from checking bank account balances to visiting a professional appraiser to evaluate jewelry or consulting a broker to determine the value of stocks and bonds. The executor may also hire an appraiser to determine the current market value of an inherited house.

Step 4: Asset Distribution

Distributing the assets includes paying debts and taxes, submitting policy claims, and closing all retirement accounts. Whatever assets are left over after paying debts and taxes are distributed to all beneficiaries. If any disagreements arise during the process, the court will decide where and how the assets are distributed. 

Step 5: Close the Estate

After all the assets have been distributed, sold or discarded—and the court and executor’s fees have been paid—the last step is filing a petition to dissolve the estate and conclude the probate process. Note that probate is a matter of public record, so someone trawling through legal records can view details of the process.

Selling Your Inherited House to a Local Home Buyer

You may be considering selling your house the traditional way through a realtor. While there are some benefits to selling your house through a realtor, there are also several drawbacks. What is the difference between selling your house through a realtor and selling your house directly to a local cash homebuyer?

A Local House Buyer Knows the Market

Few people monitor and analyze the Goddard market as closely as property investors. Our buyers understand the real value of your home based on a close study of your immediate market. We pay a fair price for your house based on a healthy percentage of its actual value.

You Save Hundreds of Dollars in Selling Costs

You want to sell your house to make a profit. However, the cost of selling your house can add up and eat into your profit quickly. Closing costs, realtor commissions, marketing costs, renovations, repairs, and listing/showing expenses can cost thousands of dollars. When you sell your house for cash, it costs you nothing. We pay all closing costs and fees so that you don't have to.

The Process of Selling Your Home is Much Simpler

You may log hundreds of hours trying to sell your home the traditional way. Listing, renovating, repairing, and showing your home requires a high level of commitment and effort. Is it worth it in the end? When you work with a house investor, you simply schedule a quick walkthrough and get an offer within 24 to 48 hours.

You Can Sell Your House Right Now

Why wait 90 days or longer to sell your house on the market when you can sell your house for cash to a local house buyer in Wichita? At Blue Sky Properties, we typically make an offer on your house within 24 to 48 hours. If you are in a hurry to sell your house, let us make a cash offer.

We Buy Houses for Cash in the Following Areas

At Blue Sky Properties, our investors work with house sellers throughout key areas in Kansas. Many of our sellers come from the following locations:

Sell My Inherited House Fast in Wichita, Kansas

If you are ready to sell your house or commercial property, then now is the time. You don't have to wait for months to sell your house. Blue Sky Properties can make a cash offer and put cash in your hands in as little as 30 days. Call (316) 202-4249 to schedule a walkthrough of your property. Sell your house fast for cash in Wichita, Kansas.