The Oklahoma probate process is the gathering together of the personal and real property of someone who has passed away. By law, the debts and any taxes owed must be paid off first, and of course the attorneys. After this is settled, the court can distribute what remains of the inherited estate to the heirs.
In Oklahoma, a petition must be filed with the District Court to determine if the decedent had a will and if that will is valid. Some estates have a will, and some don’t. Then a personal representative must be appointed to inventory and value the estate and assure that the estate is probated according to the law.
The process can take as little as a few months, and as long as a few years depending on the will, the assets, and the parties involved. It is the job of the personal representative to gather the assets, value them, post the notices, and distribute them according to the will and Oklahoma Probate Law.
If a disagreement arises between the heirs, usually the property must be sold at auction to the highest bidder according to the statute. If, however, all parties are in agreement and consent to a sale, the property can be sold at private sale and the proceeds distributed accordingly.
Family and Heirs: The Next Step
The passing of a family member is never easy. There is no reason to rush through the process, and it’s best to just take enough time to come to terms with the whole situation. You will have some work to do, going through your loved one’s belongings, tracking information down, and dealing with the finances.
It’s always best to consult an attorney to help you sell inherited property. A good probate attorney will have done this many times, and their guidance can be very helpful in getting through the process. There are numerous important issues to consider such as legal process, estate taxes, and more. We’ve worked with many probate attorneys in the Oklahoma City area, as well as in surrounding areas. We have quite a few probate and estate attorneys we can refer you to if need be.
Consider Working with Real Estate Professionals
The real estate industry is full of knowledgeable professionals who are experts in all kinds of property. Appraisers, real estate agents, investors, developers, and title agents all offer a unique perspective regarding value, repairs, marketability of title, and more. It’s a good idea to find out where the value currently is, and where it could be given the condition, location, and the needed repairs to make it ready for the market.
Often times, a property someone has owned for a decade or more may need repairs, updating, and sometimes even major improvements such as a roof, plumbing, and foundation repair. In cases like this, selling to an investor can make sense. An investor can act quickly and pay with cash, buying the house as-is to save the estate time and money.
Please call our office and speak with one of our professional home buyers if you have questions about selling a house from an estate inheritance at (405) 259-2488
Selling a house as-is can be one option to consider if your house needs significant repairs. When a homeowner gets ready to sell their house, there are many things to consider when determining a price. Cracked walls, dingy paint, and outdated fixtures are just a few of the more common items that need attention.
But what happens if the repairs are major? After all, paint, carpet, and outdated fixtures are on the lower end of the budget. Higher priced repairs can often be a deal breaker for a new home buyer. When higher priced repairs are needed, selling a house as is may be a faster and easier way to sell without all the hassle. Below are a few of the pricier repair items that can break the budget, but also some solutions that can help in the selling process.
1) Roof Replacement:
An old roof can be a deal killer for a prospective home buyer. When a house is contracted, a series of processes are set in motion before the bank will loan on a house. Inspectors must approve all major systems, or if repairs are needed, provide a punch list of needed repairs. A roof is a common, and expensive, repair item that some homeowners must consider before selling a home. Most home buyers know that a roof that is older than ten years it will need the be replaced sooner rather than later. Missing or curled shingles are one sign that a roof is questionable. Even more obvious is evidence of leaking through the sheetrock, like water stains on the ceiling.
Solutions: If the roof is questionable, consider selling the home as is at a discount. A Cash or Conventional buyer is likely the best bet if a new roof is not in the budget. However, one note of caution is that just because a roof costs $10,000 does not mean someone will pay that much less than market value. Rather, buyers will discount further for the time and hassle involved with installing a new roof. After all, they can go elsewhere and buy a similar house with a good roof with no hassle. An easier solution is to find someone who can pay cash or use conventional financing. Or another solution is to contact a home investor that buys houses for cash. A company that buys houses as a business will pay cash and close with the least amount of hassle.
2) Central Heat & Air:
Another costly item that can spell trouble is the air system. This is a critical item because it affects the quality of life for a new buyer. A dysfunctional heat & air system is a red flag for a home inspector also. With FHA and VA approved buyers, these systems are critical to passing the required home inspection before the bank will fund the loan.
Solutions: Here again, selling the home as-is can save a lot of out-of-pocket expense on the front end. Certainly having the items repaired can net a higher sales price, but after considering the time-on-market, additional mortgage payments, real estate commissions, and hassle involved, it becomes a cost-verses-benefits scenario. And if funds are not available for repairs, selling the home at a discounted price to a cash buyer or home investment company can save a lot of money, time, and hassle.
Before deciding to sell a house, consider all the costs and potential benefits involved. Even if no repairs are needed, there are still costs associated with selling a house the traditional way. And if significant repairs are needed, these costs can get out of control quickly. With buyers having control of the market, virtually all buyers’ agents are asking for closing costs. And this does not come cheap. Then there are Realtor® commissions, and seller’s closing costs.
If you or someone you know have a house in need of repairs, call us today and find out how we can help you. We offer a free consultation to homeowners, and we can help you with solutions for selling your house as is. Call us today at 405.259.2488
We buy houses in the Oklahoma City area for cash. Contact us today for a free estimate.