Losing a loved one is never easy. If you happened to have inherited real estate from a recently deceased loved one, going through the probate process can feel overwhelming. After all, even in the best of circumstances the process is complicated and technical. When you’re in mourning, the last thing you need is more stress.
The silver lining is that you can sell a house in probate in Wisconsin and it doesn’t have to be difficult. This article will help you navigate the probate process and make this tough time in your life a little easier.
Understanding probate in Wisconsin
Probate is the legal process that takes place after someone dies and their estate and assets are legally distributed. In Wisconsin, probate is supervised by the circuit court in the county where the deceased person lived. The court oversees the process of distributing the assets of the deceased person according to their will or, if there is no will, according to Wisconsin's laws of intestacy.
If the deceased person owned a house that needs to be sold, it can be sold during the probate process. However, selling a house in probate in Wisconsin requires following certain rules and regulations.
Pro Tip
Selling a home in Milwaukee or surrounding areas can be a time-consuming and discouraging process. However, at Fair Deal Home Buyers, we help make the process easy and hustle-free without worrying about making any repairs. We buy houses in Wisconsin in "as-is" condition and pay all cash - no hidden fees or strings attached.
The executor of the estate is responsible for managing the deceased person's assets during the probate process. In Wisconsin, the executor is typically named in the deceased person's will. If there is no will, the court will appoint an executor. Before the house can be sold, the executor must be determined.
Getting court approval
In Wisconsin, the executor must petition the court for permission to sell the house. The petition must include information about the property, such as its value and any related outstanding debts, as well as the proposed sales price.
Setting the sales price
The executor must sell the house for the fair market value. There are several ways to find out what that is, but the best way to determine fair market value is to work with a professional property accessor.
Marketing the property
Once the court approves the sale of the house, the executor can begin marketing the property. For people who want to sell the property fast, the best option is to work with a reputable real estate investment company. The executor must disclose that the property is being sold as part of a probate process.
Closing the sale
The sale of the house must be completed in accordance with Wisconsin's laws and regulations. Proceeds from the sale must be distributed as per the court’s orders. This includes paying off any outstanding debts and distributing the proceeds to the beneficiaries.
To learn more
Fair Deal Home Buyers has a lot of experience dealing with the probate process. Check out this helpful article to learn helpful tips and tricks for selling a house in probate. One of the best ways to make the probate process run smoothly is to avoid disputes before they arise.
If you have any questions about selling a house in probate, give us a call—we’re ready to help.
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