Perhaps the time has come to decide how to sell your parents’ house in probate now that you and/or your siblings are the heirs. You may even be wondering “Can I sell my parents house in probate?” because the process is complicated.
Answer? Yes. You can, in fact, sell your inherited property while it’s in probate, and it’s just a matter of a couple extra documents to file with the probate court. Skyline Home Solutions has purchased several properties out of probate and each one has been slightly different. So let’s review the process to provide you with some clarity on how to sell inherited property in Nashville, TN.
We recommend following these steps:
Establish Your Opinion of Value of the Home
At the very least, look up your property on Zillow.com and look at the Zestimate for a rough idea of value. At the very most, hire a full-blown residential property appraiser (usually about $350) for his official opinion of value. You could also have a real estate professional (broker) provide an official opinion of value at a lower cost. If you feel confident, you might choose to decide the value yourself by looking at similar homes in the neighborhood that have sold. For information on how to “run comps” and figure out the value of your property on your own, download our How To Sell Your House Guide here.
Begin Talking to Buyers & Marketing the Property
Buyers are everywhere in all shapes and sizes. The most likely buyer will be an investor, much like our company. The reason for this is most houses in Probate are outdated and need work, and the typical homeowner isn’t interested in the extra effort.
Petition the Probate Court to Sell
To sell your parents house in Nashville, TN, either the executor / administer of the estate (most likely, this is you) or the attorney will need to file a petition with the probate court to sell. It will take about three weeks to get a slot in the courthouse schedule for the court hearing.
You can petition the court before or after you select a buyer. We have purchased houses in both situations. Your preference may mostly depend on the timing of other events in the process.
Attend the Probate Court Hearing
You or your attorney will need to attend the court hearing. Sometimes, other buyers will attend the hearing and have the opportunity to bid on the house. Once the court gives their stamp of approval, you are all clear to close on the sale of the house. If you already had a contract with a buyer, you can simply move forward and close on the house. If you don’t have a buyer yet, you can proceed with a sale like any other house. The closing office agent will handle any paperwork needed to obtain clear title.
*NOTE: In Nashville, TN, the primary delay in selling a house owned by an estate that is currently in probate is the Notice to Creditors. This typically takes 4 months. If you sell the house before this period is complete, the closing office will withhold your funds and transfer title to your buyer so they can take possession.
Selling a house in probate in Nashville, TN, is a complicated process, but just take it one step at a time and you’ll do great!