All too often, the loss of a family member is complicated by the fact that no one in the family was prepared for it – including the deceased. Ideally, every adult would have at least a basic estate plan in place, comprised of a will, assignment of power of attorney, and a living will specifying which medical treatments should and should not be administered at the end of life. Unfortunately, according to a 2011 EZLaw Wills & Estate Planning survey, 56 percent of the American adult population does not have such an estate plan. Most families are left with a series of complex tax and legal problems, especially when real estate is involved.
If you recently lost a loved one who owned a home but did not have an estate plan in place, you may be feeling somewhat overwhelmed right now, especially if you have been named the administrator of the estate by a probate court. At a time when you should be allowed to mourn your loss, you are probably instead having to deal with lawyers, accountants, and a tangle of red tape.
Please take a moment to read the following information about properties in probate, keeping in mind that the information is general in nature and that probate laws vary from state to state. It is important that you know the laws of your state and how they affect your specific rights and options.
Can We Help?: Request a Custom Market Analysis for the Home in Probate
What do I have to look forward to as administrator of an estate?
If you have been named the administrator of your loved one’s estate, you have a serious and potentially daunting responsibility ahead of you. Depending on the size of your family, you may be dealing with multiple heirs, each with his or her own interests and ideas as to how property should be divided. The actual probate process can take months or even years, depending on the size and worth of the estate and the complexity of the legal issues brought into play. If you are fortunate, your loved one owned his or her home outright. If there is a mortgage on the home, however, those payments will have to be made until such time the property is sold or the mortgage is paid in full. Probate and administrative fees will also accumulate over the span of the probate process.
The length of the probate process can be minimized through the timely liquidation of assets, with the most difficult asset to sell usually being the home and other real estate.
My loved one’s home is in terrible shape. How can I sell a house in disrepair?
Sadly, many homes in probate are in fairly poor shape, often because the late homeowner was elderly or ill and unable to maintain it properly. If you choose to sell the house through traditional channels, such as through a Realtor, you will be responsible for making any necessary repairs to the house and making sure that is clean and presentable to potential buyers.
If you choose to work with TalkToAl.com and we are able to make a cash offer on the home, we will buy the house “as-is.” You won’t have to worry about the condition of the house or whether it could eventually fall into foreclosure; you’ll simply be able to walk away from it with clean hands and a clear conscience. However, in the current real estate market homes are selling very fast and taking a wholesale offer may not be the best choice. If you decide to List the home for sale here are some services that you might take advantage of to ease the stress of fulfilling the Personal Representative Role.
- Hire a Estate Sale Company to auction off all of the items that you do not keep
- Hire a clean out crew to prepare the home to list for sale
- Hire a handyman to repair items that would reduce the value of the home
- Market and sell the residence for top dollar on the open market
TalkToAl.com provides all of these services. It may take you months to find the right people to do this work. This is how a experienced Probate real estate agent will take these duties off of your plate. We turn your mountains into molehills! In addition, any additional advice or questions you may have can be answered as the process unfolds.