In the state of Kentucky when someone dies and leaves behind property, it is reassigned to the heirs through the court of law. This extensive, thorough process is known as probate. It does not matter if someone dies intestate or has a Will written out, heirs will still have to go through a similar process.
Can a house be sold while in probate in the state of Kentucky? YES! There are a few simple steps to selling a house in probate that need to be followed. Consider getting in touch with a real estate investor, such as Kentucky Sell Now, to make this process go smoothly.
The first thing the executor needs to do is have the property appraised. Know the value of the property. If you are using Kentucky Sell Now they will give you an honest and transparent appraisal for FREE. If you do decide to find an independent appraisal, just be aware this can get pricey. NEXT, obtain the Petition. When you are in the process of selling the property during the probate period you have to seek probation from the court. This is legally required to sell the property.
Once you have the petition you are ready to sell. Kentucky Sell Now will give you a fair cash offer on the home “as-is” (that means no reason to clean up or make any repairs). If you are ready to accept the offer then you must submit the offer through your probate attorney to the court for confirmation. If everyone is in agreement, then a date is set for the sale to be finalized in court. When the offer on the house in probate has been accepted and confirmed by the court, a Notice of Proposed Action must be mailed to all heirs.
Once this happens the sale can go through and you can walk away with cash in your hand! Ready to get started? Contact Kentucky Sell Now!