If, How, and When You Can Sell An Inherited House in Ohio
Inherited a house? Have no use for it? If so, you are probably wondering IF, HOW and WHEN you can sell an inherited house in Cleveland. You came to the right place.
First, let’s first describe what probate is and how does probate work in Cleveland.
What is Probate and How Does it Work in Cleveland?
According to Legal Consumer:
“Probate is the official way that an estate gets settled under the supervision of the court. A person, usually a surviving spouse or an adult child, is appointed by the court if there is no Will, or nominated by the deceased person’s Will. Once appointed, this person, called an executor or Personal Representative, has the legal authority to gather and value the assets owned by the estate, to pay bills and taxes, and, ultimately, to distribute the assets to the heirs or beneficiaries.
The purpose of probate is to prevent fraud after someone’s death. Imagine everyone stealing the castle after the Lord dies. It’s a way to freeze the estate until a judge determines that the Will is valid, that all the relevant people have been notified, that all the property in the estate has been identified and appraised, that the creditors have been paid and that all the taxes have been paid. Once all of that’s been done, the court issues an Order distributing the property and the estate is closed.”
Can you sell an inherited house before probate in Cleveland OH?
A probate proceeding is usually required in Cleveland Ohio. This is true if the deceased person’s assets are in their name alone and the value is over a certain monetary limit. This limit is called the “small estates limit”.
There are exceptions to this, including the following situations where probate would not be required:
- Certain common assets transfer automatically and do not need to go through probate. These include assets:
- Held in a living trust
- Held in joint tenants that pass to the other surviving asset’s owner
- Assets that have a designated beneficiary (retirement and insurance assets)
- Real estate with an OH transfer-on-death designation affidavit.
- Small and very small estates in Cleveland Ohio:
- Smaller estates may qualify for a simplified probate process called Release from Administration. The estate needs to either be 1. valued under $35,000, or 2. valued under $100,000. The $100,000 limit applies if the deceased’s surviving spouse inherits all the property by will or law.
So, to summarize, can you sell an inherited house before probate in Cleveland?
The typical answer is that to legally sell an inherited house in Cleveland it needs to first go through probate. This is true unless it meets one of the exceptions listed above.
Can you sell an inherited house going through (in) probate in Cleveland Ohio?
Yes, it is possible to sell a house going through probate in Cleveland under certain circumstances.
The house can be sold if there is a will for the estate that has a power of sale clause in it. This clause grants the executor to sell the property (Ohio Revised code 2127.01)
If a will does not exist the situation is different. The house can be sold if the executor is able to gain written consent from all the beneficiaries/ heirs at law. The only beneficiaries that can’t give consent/agreement for the sale are minors.
The other option for selling an inherited house when there is no will is to implement a complaint in court, called a land sale proceeding.
How do you sell an inherited house in probate?
In order to sell an inherited house that is in probate the following steps below must be taken to ensure the sale is smooth and compliant.
- All beneficiaries involved need to give written/official consent (seek guidance of a probate lawyer for specifics)
- Get an appraisal on the property by a licensed real estate appraiser to establish an accurate value for the property
- Obtain all necessary court approvals (seek guidance of a probate lawyer for specifics)
- Give all public notices if required (seek guidance of a probate lawyer for specifics)
- Disclose to buyers that the sale of the house will be dependent on the approval by the probate court
Options for selling an inherited property
Once you have determined if and when the inherited house can be sold you then need to determine what is the best option for selling it.
Consider listing an inherited house with a real estate agent if…
- The inherited house is in excellent, market-ready condition without many updates or repairs needed
- You are local, able and willing to deal with the requirements of the traditional home selling process (cleaning the deceased’s property out the house, keeping the house clean for showings, etc.)
- You are okay waiting for a longer sales process, typically 4-6 months for an accepted offer and 40-60 additional days to close
Listing an inherited house with a real estate agent might not be a good idea if…
If the house is perfect and you want to deal with the house and the traditional sales process that is one thing.
Inherited homes are left in very outdated or poor condition most of the time. They need a lot of repairs, updates, or both. Houses are probably not the best candidates for listing on the market to get top dollar. Usually, estate sales listed on the market sit for a long-time.
These houses are also sold for a big discount. This is because of the work they need (this creates a severely limited buyers pool).
You might not want to deal with listing your inherited house with a real estate agent if:
- The inherited house needs a lot of updates, repairs or both
- You are either not local or just don’t have the time or willingness to deal with the requirements of the traditional sales process (cleaning the property out, keeping the property clean, etc.)
- You do not have or want to wait 4-6 months to get an offer and another 40-60 days to close the sale
Sell Your Inherited Property to a Reputable Cleveland Cash Home Buying Company
Another, quicker, and easier option is to sell your inherited house to a cash house buying company. You won’t have to worry about any repairs, you save thousands on agent commission costs and you can receive a no-obligation cash offer in just 24 hours.
Sesa Properties, LLP gives you a cash offer within one day and you can close whenever works best for you. You can have your Cleveland house sold in a few weeks (depending on the probate situation)!
If you need to sell an inherited house in Cleveland or Ohio quickly and easy and would like to get a no-obligation cash offer, fill out the form below or call us now at 2168778430. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.
Get a Cash Offer Within 24 Hours
Our company buys houses in Greater Cleveland Ohio, and we have experience buying inherited houses before or during the probate process.
Our customers comment all the time about our soft approach. You won’t get a hard sell with us. Don’t accept the offer if you’re not completely satisfied with it. There are never any charges or fees.
We’d love to talk to you today about the house and your situation. We’re here to help even if you decide not to sell your house.
Fill out our form below, or give us a call at 2168778430 to get started. We look forward to talking with you.
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Please note that the information pertaining to probate or any other matter on our site in no way constitutes or is intended to constitute legal advice. The information and content presented here as well as on other areas of our website are solely intended for informational purposes. In addition, the third party links present on this page are solely for the convenience of the reader. Sesa Properties does not endorse, verify, or recommend the content of those third-party sites. It is always a good idea to speak and/or work with an experienced probate lawyer to understand this process and steps before moving forward.