How to Sell a House in Probate in Philadelphia, Pennsylvania
Determining what to do with a house in probate located in Philadelphia, Pennsylvania isn’t easy. Death is so permanent. It can completely rock your world and greatly affect your family. Not everyone wants to inherit a house. When they do, they’d sometimes rather sell the house in probate instead of keeping it. When someone dies, they pass down their assets and debts to their heirs. This forces the heirs to figure out what to do. Selling a house in probate in Philly is digestible if you know the right steps to take.
Here is a comprehensive guide on how to sell a house in probate in Philadelphia, PA.
What is the Probate Process?
Probate is a legal process where the assets – and debts – of the deceased are transferred to their legal representative. The probate process is oftentimes complicated. If there are multiple heirs, it can take a while to organize everyone and get them on the same page. If the homeowner’s property in Pennsylvania was not in a trust, they must go through the probate process.
The family is required to handle the deceased person’s assets (and debts), whether or not they had a will. It’s up to them to start administrating the estate of that person after they pass away. There’s a personal representative that divides the deceased person’s property and pays their debts.
How a representative of the estate gets selected: They are named in the will of the deceased or appointed by the Register of Wills.
What is the title of the estate representative:
- Executor – if they did have a will
- Administrator – if they didn’t have a will
The probate process allows you to take title to the house. From here, you legally have the power to sell a house in probate in Philadelphia PA. Taking on ownership of an inherited house is a massive responsibility. Not all heirs or family members can afford it or want to. Instead, you can sell a house that went through probate in Pennsylvania to a homebuyer which makes the process easy. Brotherly Love Real Estate has helped multiple families throughout Philly work through the probate process. We’ve even ventured to the Register of Wills in Center City with families that needed an extra hand. Contact us today to sell your house in probate to us.
Can a House be Sold While in Probate
Yes! Selling a house in probate in Philadelphia is not as hard as it may seem. The probate process in Philadelphia is regulated by the state of Pennsylvania, which means there are certain steps that must be followed to successfully sell a home through probate. Brotherly Love Real Estate is here to break down the probate process and make it easy for your family.
Probate Process Steps in Pennsylvania
To start the probate process in Pennsylvania, contact a probate attorney. They will advise you on the process, file docs with courts, collect money received from life insurance, and help facilitate everything.
Next, you will file a petition with the Court of Common Pleas to start the probate process. You file this with the local court office of Philadelphia – the Register of Wills. This petition must list all of the assets and liabilities of the deceased person, as well as the names of any heirs or guardians appointed by the courts. The Court of Common Pleas will set a date for the probate proceedings. As long as no interested parties object, you can proceed with the probate process.
From here, you schedule a hearing on the heirship and appointment of guardians. Once you go through this process, you (or someone) can get named as the executor or administrator.
The executor will notify all interested parties of the estate, including creditors, that the probate process has started. The court will determine if anyone else should also be involved in the process.
Sell a House in Probate in Philadelphia
Now you can begin selling your house that went through probate in Philadelphia PA. Finding a company that buys probate houses isn’t easy at first. Look no further! We buy probate properties and will pay you cash for them. Once a price is agreed upon, a deed will be executed and filed with the court. Now that you’ve completed each step, the house can be sold in probate in Philadelphia PA.
Statistics show that houses sold through probate in Philadelphia can often fetch a higher price than those sold on the market with a realtor! Say what? That’s because companies that buy probate houses will purchase them as-is.
We don’t require you or your family to fix anything in the property before selling your house through probate in Philly. Our goal is to make the probate process easy and stress-free. Call our team today to sell a house in probate in Philadelphia and move on to the next chapter of life. Our company walks you through parts of the process and is always available for a phone call when you need to ask questions about Pennsylvania probate.
Inherited Tax from Selling a House in Probate in PA
You must file income tax returns for the deceased, which includes inheritance tax. That is the unfortunate way that our country works. Even when someone dies, you have to pay inheritance tax in Pennsylvania. Reference the PA government website to see exactly how much inheritance tax costs in PA. After you sell your house in probate in Philadelphia, you can pay off bills, debts, and creditors. Now is also the time that you transfer money to beneficiaries.
How Long Does it Take to Sell a House in Probate in PA
The probate process in Philadelphia PA can last from 6 months to multiple years, depending on the complexity of the estate and the number of heirs involved. It’s important to work with a solid probate attorney. This will fast-track the probate process in PA for you and your family. Also, make sure to choose the right homebuyer to sell to in Philly.
Do You Pay for the Probate Process?
The most common way to pay for the probate process in Philly is by having the costs taken out at closing via the escrow company. Other families prefer to pay out of pocket. Why pay upfront for the probate process when you can pay later? The probate attorney can also get paid on the backend once the property sells.
How to Avoid the Probate Process in Pennsylvania
According to recent statistics, Philadelphia has the highest rate of probate cases in Pennsylvania, with over 10,000 cases closed in 2019 alone. To avoid the probate process in PA, put things in place before you die. That means write a will today if you own a house. Include the name of a beneficiary in your will. Then set up a transfer on death with your banks. This allows your actual money in the bank to be accessible to an heir or family member of your choice.
What To Do After the Probate Process
After the inheritance tax is paid and you are relaxing, it’s tough to know what to do next. The dust has settled – and your family just went through a very tough time. Sometimes, beneficiaries will purchase a new home with the proceeds earned from the probate sale. Learning how to buy a house is much easier than navigating the probate process. Don’t hold back when looking forward in life after a death in the family. The deceased would be happy that you used the money to buy a new house to live in.
Selling a House in Probate in Philadelphia
Selling a house in probate in Philly can feel daunting. Brotherly Love Real Estate is here to make the probate process easier. We work directly with families to remove friction from the process and help in every way that we can. There is light at the end of the tunnel of this tough time for you and your family. If you have thought that I need to sell my house in probate in Philadelphia, contact our team today.