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Many residents of Denver, and the entire State of Colorado for that matter, find themselves looking for information about how to sell an inherited house before probate. This is either because they have inherited a house through a will or have been named as executor in this document.
This is a situation that raises the need to find answers to several important questions. One of those important questions is "can you sell a house before probate is granted?"
Individuals who ended up with an inherited home often can’t or don’t want to keep it. It could be their parent’s home where both parents are now deceased. One option is to put the house on the market but the question is, "can you sell an inherited house before probate?"
If a will exists chances are a family member who is close to the deceased is aware of this important document. It may be that a particular person is named as the executor in the will. The executor has the duty and obligation to see that the last wishes as outlined in the will are fully carried out. If property is involved in the estate, such as a house, this most likely will have to go through a probate process.
Individuals who have inherited a house may not realize that it has to go through a probate process. They may attempt to put the house on the market for sale. If they use a Realtor to attend to this, an experienced agent will know that the house must go through the "selling a house before probate" process. This is in order for a sale to be legal.
The probate laws are in place to ensure that the wishes of the will are carried out as intended. You definitely can sell a property during the probate process.
As described by the Colorado Bar Association, “probate assets” are generally administered in one of three ways:
1) Completing an Affidavit for Collection of Personal Property if the total probate estate assets are less than $50,000 and there is not any real property.
2) Filing an informal probate procedure.
3) Filing a formal probate procedure.
A personal representative has many duties, rights, and responsibilities, including the ability to open and maintain an estate bank account, to sell, transfer, or encumber real property, to sell and/or transfer assets, to consolidate bank accounts, and to deal with creditors.
A personal representative has a fiduciary duty to the estate, devisees, heirs, and other interested parties ,including creditors. A personal representative’s specific duties included:
1. To act impartial in regards to all parties to the estate.
2. To administer the estate with care and prudence.
3. To put the interests of the estate in front of the personal representative’s own interests.
4. To be loyal and treat each party the same.
For the probate petition it requires some information to be filled in. This applies to both selling a house before probate and selling one during probate. This includes all the details that pertain to the proposed sale. You may also have to outline the method in which the home will be sold. Once completed properly and submitted to the courts you then have to wait for court approval. A sale before this petition will not be considered valid.
This answers the question can you sell a house before probate is granted. It also shows that when it comes to Colorado like the other states there are specific rules that must be followed.
Potential buyers must be told that a sale can only be finalized after court confirmation.
Buyers will have to obtain confirmation of the sale from the court handling the probate case.
The public must be informed about the sale that has taken place during the probate period. This is done by running an ad about this in the local newspaper. A "notice to creditors" is an example, notifying all parties involved that may have past due debts.
Individuals who become an executor may find different types of property that needs to be dealt with.
They first have to understand what their role as executor is.
Being an executor doesn’t mean this individual inherits any of the property. Sometimes an executor is named by the deceased. At other times may be appointed by the courts.
In most cases probate is needed. If so then the executor or executrix must attend to this either doing it himself or retaining a lawyer to do it.
One of the questions raised by an individual with this responsibility is, "can an executor sell an inherited house before probate?"
It may be that the inheritors of the will want the sale of the house done quickly so they can receive their share of the sale that was allotted to them through the wishes of the will.
Throughout most states the probate rules and regulations are pretty much the same. There are some differences that do exist in some of the states about selling an inherited house before probate.
Colorado for example, is considered to have easier rules to adhere to when it comes to probating.
In Colorado, the will can direct the executor to go after independent administration. This makes the process much easier. It gives more freedom to the executor outside of the control of the court. If this is granted the executor does not have to ask permission from the court to sell the house named in the will.
Another option is to sell a house to a cash house buying company. You won’t have to worry about any repairs, you save thousands on agent commission costs and you can receive a no-obligation cash offer in just 24 hours.
Adam Buys Houses gives you a cash offer within one day and you can close whenever works best for you. You can have your Denver house sold sooner rather than later!
If you need to sell your Denver area house fast and would like to get a no-obligation cash offer, call us now at 720-495-7464. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.
Lucky for you, we buy houses in Denver, Colorado and have bought properties during the probate process.
Our customers comment all the time about our soft approach. You won't get a hard sell with us. If you are not completely satisfied with the offer we make to buy your house, you don't have to accept it. No charge. No fees.
We'd love to talk to you today about the house and your situation. We're here to help even if you decide not to sell your house.
Give us a call at 720-495-7464 or fill out the form below to get started. We look forward to talking with you.
The information provided is for educational purposes only. Please seek proper legal counsel with selling a property involved in the probate process.
Can you sell an inherited house before probate is finalized in Denver?