Inheriting a property after losing a family member or beloved friend can be an overwhelming experience. With or without a will, estates must go through the process of probate. Naturally, if there is a will, the process is much smoother. The home would be in perfect condition in an ideal world, with the mortgage paid off and no debts filed as liens against the property. Typically, however, most properties fall short of this mark.
The financial obligations assigned to the property carry over to the beneficiaries, along with the mortgage, insurance, taxes, and any monthly bills. The expenses which accumulate during the probate process are a heavy financial burden. Often, selling the property as quickly as possible is the best solution for all involved. Read on as we explore five tips for selling a probate property in Kansas & Missouri.
Is Probate Required
In essence, probate is the process of the prooving of the will; the courts ensure that the deceased’s instruction for the disbursement of their property is completed and require that a judge oversee the process. Because of the legalities involved, our first tip for selling a probate property in Kansas & Missouri is to understand that when a property is in probate, you will need to prepare for a lengthy period before the beneficiaries can sell the property. You will also need to keep a close eye on deadlines, carefully complete any paperwork, and follow the rules and order of operations set out by the probate court.
If your loved one has taken estate planning steps, there may be no need for probate. It may pass on directly to the heirs, allowing you to sell right away. If they have not taken the appropriate steps, then the house along with all the other assets may need to go through probate. We know a few probate attorneys we would gladly recommend if you need one.
Getting the House Ready
While you are going through the process of transferring the house to an heir so they can sell or working your way through the probate process if required, you can take the time to get the house ready. Start with cleaning out all the cabinets, closets, and other storage areas. Many times you will want to do this yourself so you can find whatever might be hidden away.
We read just this morning of a guy who had 3200 rolls of undeveloped 35 mm film that they started developing and found the history of rock and roll with all kinds of great, never seen before shots of famous people, so go through things carefully, you never know what you might find.
You may decide to make repairs and updates first, before selling it, and this is the time to do it.
If you’ve inherited this home and you are going to sell it, chances are it’s going to sit vacant. The original owner’s homeowners insurance might cover it for the first month. It might not so be sure to check. But after that first initial 30 days, the average homeowner policy does not cover a lot of things. You will want to upgrade to a better policy that covers things when a home is sitting vacant. It usually costs a lot more.
While you are at it, be sure to have someone check on the house every few days to make sure things are ok. We have found houses where a pipe has broken and water has flooded the house, destroying everything. We have also found that people have moved into homes, becoming very hard to get out if they are there for any length of time.
Determine How To Sell
There are several ways to sell a house and they all have their merits. We have a number of articles here on this page talking about For Sale by Owner, Listing with a Realtor, or Selling Directly to a Home Buyer. In the grand scheme of things, taking the time to clean out, make repairs and updates will generate the highest sales price, but that comes at the trade-off of time and money spent getting the home ready to sell. You can list it as is with a few Realtors who are willing to take on a less than perfect listing. You could sell it for sale by owner, which can sometimes net you more money, it just depends on how much work you put into marketing it and showing it to potential buyers. Then there is the easy-button way to sell. Take the things you want, contract with a cash home buyer, go to closing on your schedule and leave the rest to them.
W specialize in the easy button way of selling.
Our final tip for selling a probate property in Kansas City is to consider making a direct sale to us; you’ll save valuable time with a guaranteed closing date lined up. As professionals we as direct buyers don’t work on commissions; instead, we work full-time buying properties for cash, in as-is condition and rehabilitating them, one by one in Kansas City. As a result, we know the current real estate market exceptionally well. After taking the time to talk to you about your property and any hurdles that you’re facing with the probate property, we will help you understand your options so you can make an educated decision. To this end, we can provide you with a realistic estimate detailing how much you would profit from each type of sale vs. the offer for a direct sale, which you’ll agree is fair.
Doesn’t it make sense to talk to a direct buyer like those at kcmoHomeBuyer before you decide on one of the more common methods of selling a Kansas City property? Contact kcmoHomeBuyer by filling out the form below.
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On top of the process!
Scott was on top of the process every step of the way, making sure I was informed and knew what was going on and when we had some paperwork issues at the title company, helped me work through that as well.