How Long Does It Take To Sell A House Through Probate?
On average, it takes between 5-7 months to sell a house. And that’s for a straight-forward sale, where there’s no probate to consider. If you’re hoping to sell a probate house, you’ll need to allow for at least 12 weeks to apply for the ‘grant of probate’. Whilst most people will use the services of a probate solicitor to support this process, it is possible to apply for a grant of probate online, via the Government website.
The When, Who, What & How Of Selling A Probate House
When To Start The Sales Process
Once the grant of probate has been issued, you can legally sell the property. It’s possible to start marketing the house prior to obtaining the grant; however, the transaction cannot ‘complete’ until the order is in place. Any prospective buyers should be made aware that the property is being sold subject to the grant of probate. This can make the property less attractive for those wanting to move quickly.
Who Decides To Sell The Property
The executor has full authority to sell the probate property on behalf of the estate, with or without consent from additional beneficiaries i.e. those who stand to inherit the proceeds. That is, unless expressly stated within the will, that all beneficiaries should agree when the house can be sold. However, the latter is not commonplace in probate and in most cases, the executor will decide.
What Is The Sales Price
Ordinarily, the executor will arrange several valuations of the property. This is usually done by an estate agent, who will need to visit the house. They will then suggest a sales price and marketing strategy for the selling process. The sales price achieved will be dictated by market demand and, in many cases, will be lower than the initial estimate.
If a probate house is sold below market value, a beneficiary does have the right to contest. If found in their favour, an executor could be sued for the difference. For this reason, we suggest the executor keeps the beneficiaries informed, in writing, so any objections can be flagged.
How To Sell A Probate House Quickly?
It is possible to sell a house in as little as 7 days. UPSTIX is a property iBuyer. Our intelligent algorithm is able to provide an instant cash offer for a probate house, and should the offer be accepted, a sales transaction can happen very quickly thereafter. This is fast-becoming an attractive alternative for what is often a stressful and difficult period.
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