What It Takes To Sell A Probate Property In Denver
In this post, we are going to tell you how to sell a probate property in Denver that is stuck in the court system. It doesn’t have to be as confusing, frustrating, and overwhelming as it seems.
Yes, we are talking about property in probate. You may still be recovering emotionally and mentally by the loss of somebody close. Maybe you are the sole heir, or the executor. With that comes so many other responsibilities, this probate stuff is just one more stressful task to deal with. Here at Property Scouts, we are experienced in this area and can help you sell that probate property at a fair price. We can make it fast with a quick closing so that you can move on with your life, minus this Denver, CO probate property.
Denver Probate Explained
If you aren’t familiar with probate process it can be even more overwhelming. So, we offer you this simple explanation. If you are the heir to a Denver, CO property from somebody you know, typically family, then you will be responsible for either living in it, renting it out, or selling it.
However, until the probate courts are satisfied that all debts of the deceased’s estate are paid in full, you can’t do anything with that property. The first thing you should do is hire an attorney to represent you. There will be a probate attorney overseeing the probate process, but you should have somebody on your side to protect your interests.
The attorney will advise you on how to handle any debts, the tax matters on the property, and other situations that may arise. You should take an inventory of all the assets that were left to you and locate al documents regarding estate planning, the will and wishes of the deceased. You will need to notify all creditors and any money from the estate should be used to pay any outstanding debts.
You will be responsible for filing the deceased’s income taxes and include in your taxes any possible inheritance tax. Depending on what the deceased left behind, this process can take just a few months, or it can take years.
Do You Have to Sell the Probate House?
If the person that passed away left money in a bank account or a trust, then that can be used in lieu to pay any outstanding expenses, such as medical bills, house insurance, mortgage payment, utilities, taxes, etc. However, you still have to wait out the probate process before you can do anything with the house.
You can contact a realtor and get a feel for what the house would sell for, what it needs to get it ready for sell, etc. But, you cannot sell it, rent it, or move into it until the probate process is complete.
How This Works
If the property wasn’t left to any heir, the executor of the decease’s estate is responsible for handling of the property, whether it is to rent it or sell it. If the house is still in probate, anyone interested in buying it will need to pay a deposit and provide a written offer.
This must be presented to the probate court, who will ask if there are any other offers of a higher amount. The highest offer will get the house once the courts approve the sale. The buyer will have an opportunity to inspect the property before the sale is final.
Once this process has been completed, escrow will be pay the heir, executor, or courts and close on the sale, typically within a week or two. All proceeds from the sale of the Denver property will used to pay all outstanding debts. Any monies left will be distributed according to the wishes of the deceased and their will.
Is Everyone Onboard?
If there is more than one heir, in addition to waiting on the probate court to do anything with your Denver property, you need to make sure all the heirs are in agreement with plans, even if you are the ultimate executor. It will make the whole process easier and avoid hurt feelings or other family issues.