If you or someone you know is the executor or “administrator” of someone else’s estate after they passed away, you are likely involved in the probate process already. If there is a house involved in the estate and it needs to be sold, you’ll need to make sure the person you sell it to fully understands how the probate process works in KY, otherwise you could run into some issues and the deal could fall apart, if not done correctly.
So what is a probate anyway?
A probate is a legal way of administering the property of a deceased person (decedent) when they die without leaving a will. It also occurs if the decedent’s will had specific instructions on how his or her property was to be administered after their death. These proceedings take place in probate courts.
What if there is no executor or administrator named in the will?
Typically one of the decedent’s family members or friends will be named as the executor of the estate, but if there is no one named in the will and nobody steps up to do this, the decedent’s heirs can request that a local attorney handle this for them.
How to begin the probate process for a house in Louisville
The probate process begins after a person dies. Shortly after the death, the executor of the estate is expected to inform the probate court, which appoints an attorney or judge to oversee the sale of the estate’s assets. Once this is done, the attorney can advertise the property for sale, just like any other real estate. They can choose to list it with a Realtor and wait for it to sell on the local MLS, or they can choose to sell it off-market directly to another person, without going through Realtors. The sale price is based on the agent’s suggestion (if a Realtor is involved) and/or an independent appraisal ordered by the probate court. If the seller doesn’t want to pay for an appraisal they can sell the house directly to another person without one.
Okay, my property is on the market, now what?
If the property is advertised on the market with a Realtor, the Realtor will work with buyer’s agents to get offers on the property. Once offers are made, the executor of the estate must approve the offer, as they are the only one with the authority to sell the house. Once an offer has been accepted by the executor, the Realtor or executor will submit the sales contract to the probate court for approval. After the court approves, the buyer’s inspection period will begin and the typical negotiation on repairs and concessions will commence. After inspections are complete and the buyer and seller have agreed upon repairs and concessions (if any), the closing will be scheduled and the process will be complete after the closing.
What if there is more than one executor or there are multiple heirs to the estate?
In the rare case where there is more than one executor, both executors will have to agree on the sale price for the house. If they can’t agree on a sales price, then the sales contract can’t be signed and they may want to consult with an appraiser or another third party to help determine a fair price for the property.
If there are multiple heirs to the estate and there is a lot of money involved that is to be split among them, the executor should at least consult with those heirs before agreeing to a sale price for any property involved. The executor is still the one who is in charge of selling the property and can choose to sell it for any price they deem fair, but if the executor decides to sell the house for way under fair market value, the heirs may have a legal claim that they were shorted on their inheritance and things can get ugly. In these situations it’s usually best to order an appraisal before the sale so that everyone knows the real fair market value beforehand.
Okay, we’re ready to sell, but the house is a mess, it needs several repairs, and there’s still a bunch of personal items inside. Should we fix and clean everything first?
Not necessarily. After the executor and the heirs have taken the time to go through the house and collect any personal belongings and furniture they wish to keep, they can choose to sell the house “as-is”, without any repairs or cleaning needed. If the heirs don’t have the time or money to get the repairs done to the house, don’t worry, most real estate investors (like us) can see past the damage and clutter, and will make an offer based on the current condition of the house. We let the seller choose the closing date to give the heirs enough time to do what they need to, which makes the sales process as easy and stress-free as possible.
Want to sell your house fast in Louisville, without Realtors?
If you don’t want to mess with a traditional house sale with a Realtor and haggle with buyers over price and repairs, you can choose to sell directly to a local house buyer like us! We have been buying houses directly from homeowners for over 10 years and can make the process as simple and easy as possible for you! We give fair all-cash offers, without inspection or financing contingencies that most buyers ask for. You choose the closing date most convenient for you and we take care of the rest!
If you are interested in choosing us as your buyer in Louisville, you can always contact us through our website, our social media pages, as well as call or text us at 502-255-2035.
We are always here to help walk you through the probate process for a house in Louisville, and we look forward to speaking with you!
Call us today at 502-255-2035 to get a cash offer on your inherited house today!