Selling Your House During Probate in Louisiana - A Comprehensive Guide

July 22, 2023

If you've inherited a house in Louisiana, you may find yourself facing the daunting task of dealing with the probate process while also needing to sell the property. Probate, the legal process of settling a deceased person's estate, can be time-consuming and complex, making it challenging to navigate while trying to sell the inherited house.

However, with the right knowledge and guidance, you can streamline the process and find a swift and hassle-free solution.

Understanding Probate Sales in Louisiana

Probate is a legal procedure that occurs after an individual passes away, during which the court supervises the distribution of the deceased person's assets among their beneficiaries or heirs. If you've inherited a property through a will or by intestacy (when there is no will), the estate will likely go through probate to determine the rightful heirs and settle any outstanding debts and taxes.

Selling a house during probate in Louisiana can be more intricate compared to a regular sale. It involves specific legal requirements, court oversight, and the need to notify interested parties about the sale.

Probate Process for Selling Real Estate in Louisiana

In Louisiana, the probate process for selling real estate involves several steps. It begins with locating and analyzing the deceased person's last testament. If a will exists, the designated executor follows the document's instructions to divide the estate assets. In the absence of a will, the court appoints an administrator to distribute the intestate estate among heirs.

After appointing a personal representative, the next crucial step is to appraise the house to determine its fair market value. The seller must then inform interested parties about the property's probate status and proceed with marketing and selling the house. Generally, heirs must sell the house for at least 90% of its fair market value while in probate.

Once potential buyers make offers, the seller arranges a court hearing to approve the sale. During this time, the property can continue to be advertised, indicating the current offer and the date of the court hearing. Ultimately, the court accepts the highest bid, provided it exceeds 90% of the house's fair market value.

Options To Consider When Selling a Probate House in Louisiana

1. Listing the Probate Home With a Louisiana Real Estate Agent:

Many sellers choose to work with real estate agents to market the probate property and find potential buyers. Real estate agents handle the property's listing, communicate with interested parties, and make it presentable for potential buyers.

However, it's essential to note that real estate agents charge significant commissions once the sale is finalized, which can reduce the proceeds available to the beneficiaries. Additionally, the traditional process of selling through an agent can be time-consuming, and there is no guarantee of a quick sale.

2. Selling the Inherited Property to a Family Member in Louisiana:

Another option is to sell the inherited property to a family member or a friend. This private sale can be quicker and more straightforward compared to using a real estate agent. However, probate requirements dictate that the property should be sold for at least 90% of its fair market value.

Moreover, the buyer must wait until the seller completes all relevant probate processes, which can cause delays in closing the sale. Obtaining financing for a probate property might also be challenging, as banks are often cautious about approving mortgages for such properties.

3. Selling a Louisiana Probate House As-Is to a Cash Home Buyer:

For those seeking a swift and efficient solution, selling the probate house to a cash home buyer offers many benefits. Cash home buyers are investors who buy properties in any condition, saving sellers from the hassle and expense of repairs and maintenance. This option is especially appealing if the inherited house is in poor condition or requires extensive renovations.

Cash buyers typically have straightforward processes and contracts, making the sale quicker and more efficient. They cover all fees associated with the sale, leaving sellers with more funds to pay off creditors and distribute the estate. Furthermore, cash buyers are often motivated to buy houses quickly, making them an excellent option for those looking to sell a house in probate without unnecessary delays.

Conclusion

To sell my Inherited House in Louisiana can be a challenging and emotionally draining process. The complexities of the probate process and the need to comply with legal requirements can make it overwhelming for beneficiaries. However, by understanding the steps involved and exploring various selling options, you can make the process easier and more efficient.

Choosing the right approach depends on your specific circumstances and priorities. Whether you decide to work with a real estate agent, sell to a family member, or opt for the convenience of a cash home buyer like JIT Home Buyers, seeking professional assistance can provide invaluable support and guidance throughout the probate house sale.

Selling a probate house doesn't have to be a burden. With the right strategy and a reliable partner, you can navigate the process with ease and find a timely and satisfactory resolution for the inherited property.

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Carlos Diaz
I believe in making the impossible possible because there’s no fun in giving up. Travel, design, fashion and current trends in the field of industrial construction are topics that I enjoy writing about.

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