Buying and selling of real estate is big business in any economy in the world. As a population increases, more houses are needed for people to live in and offices for people to work in. Despite this fact of life, real estate transactions can still be very risky propositions! Especially when it comes to probate property, if the prospective buyer doesn’t understand the probate process for a house in Wichita KS.
So what is a probate anyway?
A probate is a legal way of administering the property of a deceased person (decedent) if the person never left a will, or if the will had specific instructions on how his or her property was to be administered after death. These proceedings take place in probate courts. According to the The Probate Law Center, when a property is located in another state, the state may require additional processes in that state. Property inheritance is not a natural right; this right only exists because of legislation. Kansas law mandates the probating of estates to safeguard all relevant parties.
Sometimes these can end up being the best real estate deals that any buyer or seller might get in Wichita.
How Long Does a Kansas Probate House Sale Take?
Many people ask, “If I inherited a house and want to sell it, can I?” The answer is yes, when steps are followed correctly. However, because each estate’s challenges are unique, there is no way to predict exactly how long it will take to probate the estate.
- Filing the Petition: Anyone with knowledge of and access to a will can apply for probate. The first step is to file a petition, which must be finalized within six months after the date of death.
- Designating an Administrator: Once the request is filed, it usually takes four to five weeks to designate an executor or administrator.
- Creditor Window: After receiving actual notice, creditors have four months to pursue claims against the estate. No estate with assets above the legal allowance, as well as debts, taxes, and charges, may be closed sooner than six months after the date of death.
Step-by-Step Probate Property Sale Procedure
A probate sale is slightly different from a typical real estate transaction. As real estate experts and investors in Wichita, Kansas Home Guys recommends following these exact processes to ensure a successful probate house sale:
1. Property Appraisal
The property must first be appraised with the assistance of an independent certified appraiser. You may find an appraiser by checking a local directory or asking a realtor for a referral. As real estate investors, we look for property on probate in Wichita that has already completed this appraisal step.
2. Obtain the Petition to Sell
When selling a property during the probate procedure, you must apply to the court for permission. Fill out the petition form with the aid of your expert evaluation, include all pertinent information about the property sale in Wichita (including the sale methods), and wait for court clearance to sell your home.
3. Place Your Property for Sale
The next step is to list your home for sale. Because the estate is on probation, make sure to advise the prospective buyer that the estate can only be finalized after you secure confirmation from the court.
4. Advertise in Local Newspapers
You must place ads in local media to make the public aware of the sale while it is in probate. This provides a window for open bidding from other interested parties, ensuring that the property is sold at the greatest possible price.
5. Seek Court Confirmation & Attend the Hearing
As a homeowner, you must obtain court approval to finalize the sale of your Wichita property. Court proceedings usually take between 20 and 40 days to complete depending on the court’s schedule. Remember to make arrangements to collect 10% of the purchase money from the buyer prior to the court hearing.
At the legal hearing, buyers and real estate investors gather to submit bids. If a new overbidder buys the property, the former buyer’s money is repaid. Once the court has granted its final approval and the agreement is completed, the certified deposit check is handed over to the court to complete the contract.
Want to Sell Your House in Wichita Fast (and Securely)?
Some might say to sell real estate in probate is a lengthy or bad idea. However, it is entirely possible to navigate cleanly when you choose the right partner in Wichita to avoid being shortchanged.
We have been in this industry for years and our reputation speaks for itself. If you are looking for a real local investor to sell real estate in probate to in Wichita, Kansas Home Guys can help. We buy houses as-is, meaning you can skip the headaches of appraisals, newspaper listings, and lengthy court biddings.
We are always here to help walk you through the probate process for a house in Wichita, and we look forward to speaking with you.
Call us today at 316-854-1050 or fill out our website form to get a fair cash offer on your inherited house today!