It’s only natural to feel overwhelmed and frustrated if your property is stuck in the courts. After all, you’ve put so much time and effort into handling everything! Fortunately, our latest post will teach you how to sell a probate property in Chicago, IL, so hopefully, you can get some return on your investment.
The probate process is already stressful, and having to sell a house on top of everything else can only add to the frustration. At Onyx Homes LLC, we understand how tough this time period can be for you and your family. That’s why we’re dedicated to providing fair and fast sales of your probate property in Chicago, IL. Keep reading to learn more about our best tips for selling quickly so that you can focus on what’s important.
What is Probate?
When somebody dies, their will indicates who inherits their property, and the liabilities of the deceased are paid. If you find yourself in charge of carrying out probate proceedings, it’s best to have an attorney assisting you with the ordeal from start to finish as things move through court. They can provide critical advice, help manage payment of outstanding debts and taxes, and reduce stress during difficult times.
After a loved one passes away, you’ll need to compile all of their assets and find any estate planning documents. You should also notify creditors and pay off any debts with money from the estate. Additionally, income taxes will need to be filed—which could include an inheritance tax. The entire process usually takes anywhere from six months to over two years, depending on the situation and if there is already a will in place.
Why Might Someone Need to Sell a Probate Home?
If a person dies, leaving behind creditors or with continuing expenses, such as a mortgage, the estate may lack enough income to pay these debts. To avoid foreclosure, the executor of the estate might have to sell some property. If there’s no court order telling you to sell the house though, you’ll need to wait until probate ends before trying to put it on the market.
At the same time, you can prepare for this transition by having a conversation with one of us. We will give you more information about your property and make a provisional offer so that you are not caught off guard when probate is finally cleared.
How It Works
If there is no heir to a property, the executor of the estate must sell the home. To make an offer on the property, buyers must provide a deposit and written notice expressing interest. However, before any offers are approved by courts, they ask if anyone wishes to bid higher for the home.
After the court approves the sale, you can have somebody inspect the property before finalizing anything. This entire process usually takes a maximum of two weeks. The proceeds from selling the house go towards any debts, and then whatever is left goes to the heirs as specified in their will.
The Challenges of Selling a Probate Home
Often, people have to deal with a great deal of paperwork and bureaucracy when selling a probate property. If there is no will in place, you’ll need to prepare for more delays as the court sorts out who gets what assets.
Additionally, if the home needs repairs before being sold, this can also add to the timeline. Unfortunately, it’s not uncommon for buyers to only want homes that are in perfect condition—and dealing with all these issues can be difficult while balancing other responsibilities like work or family life.
Get Everyone on the Same Page
If there are multiple heirs, it is important to make sure everyone agrees on the sale of the property ahead of time. The executor of the estate has the authority to list and sell, but having a unanimous prior agreement will prevent anyone from contesting the sale or causing family problems down the line. Are you wanting to sell your probate property fast within Chicago, IL but have questions? Our professional and courteous staff would be happy to help! Give us a call today at 847-262-9012! We look forward to hearing from you!
