How soon can you sell your house in Richmond, VA, after completing probate? As a trusted home buyer that has operated in Central Virginia since 2002, we at The Red Door Guys know a thing or two about this legal process. Learn more about it here.
What Is Probate?
How long after probate can a house be sold? It’s important to understand this process first.
Probate refers to the court-supervised system of settling a deceased person’s estate. It handles existing debts, taxes, and outstanding obligations before distributing the remaining assets (including properties) to the rightful heirs.
This only applies to homes solely owned by the deceased that lack a transfer-on-death deed. Properties held in a living trust or owned jointly with rights of survivorship may bypass probate entirely.
Selling a House After Probate Completion
You can technically list and sell a house immediately after receiving formal authority from the court. The process has no required “waiting period” or remaining legal rules for selling a house after probate.
Keep in mind that the actual time it takes to close a sale may vary. Market conditions, buyer interest, property condition, and other factors play a significant role. You also have to account for how long it might take to prepare and market the house.
Facilitating a Probate Sale
Instead of waiting until it ends, why not initiate the sale of a house during probate? This approach can help expedite resolutions for heirs and reduce the financial burden of holding onto the property. Let’s look at how it works.
1. File To Open Probate
The executor named in the will (or an appointed administrator) petitions the probate court to open the estate and officially appoint them with the legal authority to sell the property.
2. Get a Property Appraisal
A court-appointed probate referee will appraise the property to establish its fair market value. In most jurisdictions, the accepted offer must amount to at least 90% of the appraised value.
3. Market and Accept an Offer
The executor lists the property for sale. When accepting an offer, it’s made contingent upon court confirmation, meaning it cannot close immediately.
4. The “Overbid” Hearing
The estate attorney files a petition with the court for a hearing date to confirm the sale. You must publish or mail notices to interested parties and heirs as required by state law. Other interested buyers can attend the hearing and place competing bids that are typically higher than the original accepted offer.
5. Finalize the Sale
If there are higher competing bids at the auction, the judge awards the property to the highest bidder. If there are no overbids, the original buyer’s contract is confirmed. The sale then closes, typically within 30 to 45 days.
Speeding Up the Probate Timeline for Selling Real Estate
How long after probate can a house be sold? You can sell immediately after receiving court approval. If you’re looking for a home buyer, The Red Door Guys can help.
We give no-obligation cash offers with zero commission fees. Call (804) 395-7355 today or read our blog post on selling an inherited house.
