Do we have to wait to sell real estate until the estate is closed? That might take a while!
Most of the time, the heirs do not have to wait until the estate is closed to list and sell the decedent’s real property that they have inherited. Sometimes the property is left to the estate or needs to be sold to pay debts, and those situations should be discussed with a licensed attorney in your area, but most often the real property is left to heirs and is not directly required to pay debts. In those cases, usually the property can be sold even while the estate is open—and often is. What this means right now is that even if the administration is taking longer than you expected due to the effects of Covid-19, you may still be able to get the real property listed and sold. Furthermore, our Probate Realtors indicate that now may be the best time to list and sell, because they anticipate major changes in the real estate market as the economy recovers from the recent shutdown of so many businesses. They expect market rates to adjust downward, and banks may require more from borrowers, causing the current sellers, market to shift to a buyers’ market. In order to take advantage of our current seller window and avoid the loss of equity, you should speak with a Probate Realtor now, and we can help get you connected to one in your area.