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. It is important to remember that real estate transactions can still be a risky proposition. This is especially true when dealing with probate property and a prospective buyer that doesn’t understand the probate process for a house in Louisville, KY.
So what is a probate anyway?
A probate is a legal way of administering the property of a deceased person (called the “decedent”). These proceedings take place in probate courts. Sometimes they can end up being the best real estate deals that any buyer or seller might get in Louisville…
How to begin the probate process for a house in Louisville
The probate process begins after a person dies.
The standard, court-based, probate process in Kentucky begins with the preparation of a Petition for Probate that is filed with the District Court of the county in which the decedent lived when he or she died. The Petition provides the court basic information about the estate, such as the decedent’s identity and date of death, whether a Will exists, the decedent’s next of kin, the proposed Executor or Administrator, and an estimate of the estate property and value.
Usually the probate hearing concludes with the judge entering an Order probating the Will (accepting the Will as legally valid) and appointing an Executor or Administrator. The responsibility of the Executor or Administrator is to administer the probate estate in accordance with law. The appointed Executor has the legal authority to administer the decedent’s estate. This includes having access to bank account information, having authority to take legal positions and settle legal issues regarding the estate, and having the authority to take control over the decedent’s probate assets, including the sale of any real estate.
In appropriate circumstances, an Executor or Administrator of the estate may sell probate properties, such as to make needed cash available to pay debts and the costs of administration.
The Executor or Administrator is responsible for paying funeral and burial costs, estate administration costs, and debts of the decedent as part of the Kentucky probate process before making distributions to the estate beneficiaries. Because the estate creditors have six months to present their claims to the estate, the estate’s total debt obligation cannot be known with certainty until the six-month notice period has expired. Therefore, distributions to estate beneficiaries should not occur until after that six-month notice period has expired and the Executor or Administrator has confidently determined the net estate assets available for distribution to the beneficiaries. Keep in mind, if real estate is not being sold by the Executor or Administrator to pay off debts and administration costs, then it may not be sold by the beneficiary until the six-month notice period has occurred.
Once the property is ready to sell, the price is based on the real estate agent’s suggestion and also from an independent appraisal ordered by the probate court. Note: It is important for the seller to familiarize himself or herself with the property to avoid being short-changed. This can be avoided by choosing the right partner in Louisville and that would be us, FairSquare House Buyers. Click the link here, fill out the form and we’ll help you get started now.
Okay, my property is on the market, now what?
Now, after the property is advertised on the market then it is up to the seller to wait for the buyers to make offers on the property. Once this process is completed, the final decision is made by the probate court on who should buy the property based on an auction if there was more than one interested buyer…. In this case, we would suggest you choose FairSquare House Buyers to purchase your property because as you can see from our website we have not only given the best deals on probate property in KY but also on short sales!
Want to sell your house in Louisville fast (and securely)?
We have been in this industry for years and our reputation speaks for itself. If you are interested in choosing us as your partner in Louisville, you are always free to contact us through our website form, our social media pages, as well as giving us a call at 502-417-7467. For immediate assistance, you can leave an email message on our site and we shall call you within the shortest possible time. In addition, you can leave a text message and we shall respond, as soon one of our real estate agents is free.
We are always here to help walk you through the probate process for a house in Louisville, we look forward to speaking with you. 🙂