How Soon Can I Sell My Probate House?

How Soon Can I Sell My Probate House

Good morning. It’s Friday, fan mail Friday once again, and time once again to answer questions that come from sellers, just like you.

All right. This week, we have a question. How soon can I sell a probate house? Well, actually you can sell an inherited house that’s in probate at any time, with caveats.

Case one. You have not yet been appointed as the personal representative, the administrator or the executor. If you’re in this situation, you can sell the property, but it has to be contingent upon you being appointed. If you are not appointed by the court, then the contract becomes null and void, and you must return any earnest money deposits that you have collected.

If the person who is appointed as the personal representative, administrator or executor is happy with that deal, then they can issue a new purchase agreement with the buyer.

All right. Case two. You have been appointed by the court as the personal representative, administrator or executor, but you are within the 90 day notice to creditors period. In this case, you can sell the property, but any funds that you receive must be deposited in the court register. That’s because the full indebtedness of the estate has not yet been established. So you cannot disperse any funds to the heirs until such time as all the creditors are paid.

And then case three. You’ve been appointed and you are outside of the 90 day notice to creditors. In this case, you can sell the property and you can deposit the funds in the estate bank account. Then once all the creditors have been paid, you can then disperse the remaining funds to the heirs according to the will, or in the case if there was no will, then according to what the probate court directs.

Hopefully, that answers your question. So basically you can sell a house in probate at any time, but with caveats.

Okay. If you know someone who’s looking to sell a house, have them call Rapid Home Deals at 352-480-0955, or go to our website, www.rapidhomedeals.com. And we’ll see you next Friday.
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