The weeks and months following the passing of a loved one can be a difficult and uncertain time. Handling the details of their estate, especially when real estate is involved, can often seem daunting.
At Columbia Redevelopment, we’re here to make selling your loved one’s home as simple and straightforward as possible. We have extensive experience purchasing homes in probate and dealing with estate matters.
Continue reading to learn more about how to sell your Portland-area home while it’s in probate.
What is probate?
Probate is the legal process whereby a decedent’s will is authenticated and the administration of their estate is overseen. In cases where no will exists, the estate is settled according to the intestacy laws of the state (in this case, Oregon).
The probate court will appoint an executor (if one is named in the will) or an administrator (if there is no will). This executor/administrator is responsible for locating and valuing assets, paying any remaining debts, and distributing the remainder of the estate to the decedent’s beneficiaries.
If your loved one’s estate is in probate, you may be wondering whether or not you can sell their home before the probate process ends. The short answer is yes, but it’s important to follow certain steps in order to make sure you’re in compliance with the law and that the sale goes through smoothly.
How to sell a probate property
There are a number of reasons you may want to sell a house while it’s still in probate (often called a “probate property”). In some cases, the sale may even be necessary in order to settle the estate’s debts or pay legal fees. Here are the steps you’ll need to follow in order to sell a home while it’s in probate:
Finding a buyer
Once you’ve had the property appraised, you’re ready to list it. This is where probate sales can get a bit more complicated (and expensive). Hiring a real estate agent to list the property on the multiple listing service (MLS) and market it to potential buyers can be time-consuming and costly, especially if the home is in need of repairs and/or updating.
Another option is to sell to a cash buyer who will purchase the home in as-is condition and work with you to make the process as simple and straightforward as possible. The real estate listing giant Zillow used to purchase homes for cash (though recently announced they will no longer do so); while this may have seemed convenient for some, selling to a large iBuyer can be especially complicated when you’re selling a home that’s in probate. Working with a local buyer who can attend court proceedings, visit the property, and work directly with you, your family, and your attorney is invaluable when dealing with a probate property.
At Columbia Redevelopment, we have years of experience working with heirs, executors, personal representatives, and attorneys. When you sell to us, there’s no need to pay the high fees and commissions that come with working with a realtor and no need to make any repairs. We’ll make you a cash offer with no contingencies within 24 hours of visiting your property and we can close on your timeline.
Once you have agreed in principle to an offer the judge presiding over the case must approve the sale. After the approval is granted, the offer may be signed, escrow opened and earnest money deposited. The sale will close according to your timeline from this point.
Sell your home in probate for cash!
Selling a house in probate can be complicated and stressful. At Columbia Redevelopment, we make the process as easy as possible by making you a cash offer and working collaboratively with all involved parties. We have extensive experience working with probate properties and will be more than happy to discuss any details with your attorney.
We can meet you at the property at a time that’s convenient for you and provide an as-is cash offer within 24 hours of our visit. We ask for no contingencies, inspections, or repairs and can arrange to close on the day of your choosing. We will work with your family to ensure the sale goes through quickly and smoothly.