Losing a loved one is never easy, which is why wills can be very helpful for those with valuable assets who want to make their passing much easier for their surviving family members. After all, mourning can be difficult when grieving families have to deal with picking up the pieces and settling any remaining debts and assets as soon as possible.
During the probate court involving your loved one’s house in Phoenix, AZ, you may be wondering what your options are for what you can do to the property in Phoenix, AZ such as selling the house. While it’s best to discuss this with your family’s estate attorney, here’s the process you should know and the potential options you have for your home.
What Is Probate?
Probate court happens when a person who dies leaves behind assets. The court takes the person’s assets and determine if there are any debts that need to be settled before turning over the property to the deceased’s beneficiaries. If your loved one did not leave a will or designate which of their family or friends receive what, then the assets are given to an executor (usually the closest living relative) to distribute the assets accordingly.
Any assets that only have the deceased’s name go through probate. This means possessions co-owned by a spouse or anyone else cannot go through probate. However, there may be some exceptions if the ownership doesn’t include the right of survivorship.
What Can I Do with the House?
If your deceased loved one left behind real estate property that they had sole possession of, this property will undergo probate. Once it passes through probate and it’s determined in the will that you’re the sole beneficiary of the property, the house goes to you and you’re free to do whatever you want with the property. This means choosing to live in the house as your primary address, keep it as a second home, rent it out or sell it – but keep in mind that these choices come with different responsibilities.
But if there’s no will involved, the property will go from the court to the executor who will distribute the properties according to Arizona’s intestate inheritance laws. Depending on the type and number of assets involved, more than one person may have a certain percentage of ownership over any real estate property. Because you don’t solely own the house, you can’t do anything like live in it, rent it out, or sell the property without the consent of everyone else with a share of the property.
Sell to a Professional Home Buyer!
There are three instances in probate when it’s best to sell the house in Phoenix, AZ. First is if you’ve become the sole inheritor of a property that you either can’t afford to maintain and keep, or you have no reason to keep the property in your possession. Second is if the property needs to be sold to pay off the deceased’s deaths. And third is when multiple inheritors have a claim to the property and everyone can agree that it’s in everyone’s best interests to sell the property.
While you can opt to list the property on the market, this can take more time and involve additional costs. This can cause delays in the probate process and require you to deal with the property for several months. In comparison, professional home buyers buy houses in Phoenix, AZ fast within a fraction of that time. Rather than waiting several months for a fair offer on the market, you can schedule a property viewing with a professional home buyer and then receive a fair cash offer on the property after several days.
There are many possible scenarios that can happen when a deceased loved one leaves behind real estate property. If you’re a sole inheritor of a house in probate in Phoenix, AZ, you have the ability to do whatever you want with your property. But for cases where it might be best to sell, you can get rid of the property and receive the proceeds from the sale faster with the right professional home buyer to work with you.
Schedule a property viewing with our team today and receive a fair cash offer on your property that’s been put under probate.