What Does It Mean When a House is in Probate?

If you have a loved one that recently passed away, you may have heard of the term “probate.” A house in probate has been turned over to new owners in a will. Before this ownership is honored, it must first be proven that that was the intended will of the deceased.

Value of House

A house is typically included in a will because it is a very valuable asset. Depending on where the property is located, the home could be worth hundreds of thousands or even millions of dollars. The value of the home has probably increased since the time of purchase since real estate typically appreciates over time. In their will, a person will usually name a very close family member or friend to inherit their home since a person’s home is often very special to them.

Distribution of Assets

In a will, there are often multiple assets named. These assets are usually entrusted to different individuals or groups. When reading a will to figure out if you are the beneficiary of someone’s home, make sure that you find the part that specifically talks about the property. Multiple people may be named as beneficiaries of the home, so you may need to work something out with the other inheritors.

Deciding What to Do With the House

If multiple people were listed as beneficiaries of the home, it may be a good idea to sell the home. This is because usually only one person or group lives or stays in a home at a time, so all the beneficiaries wouldn’t be able to use the home at the same time. Selling the home can also be a good financial move. You probably weren’t expecting to inherit another property, so it may be more valuable to have actual cash instead of a home that you don’t use. If you choose to sell, consider selling to a cash buyer.

When you sell to a cash buyer, the home can be off your hands in a matter of weeks. Instead of having a home you are not using sitting around for months or even years, you can have cash readily available to use, save, or invest. Trustworthy cash buyers will also ensure that you get a fair amount for your deceased loved one’s home.

To see how valuable selling a recently acquired home through probate can be for you, reach out to Joe Homebuyer RVA here today.

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