Important information about probate and how it affects real estate.
Today, I am excited to be here with Kristi Lopez Flaningan to talk about probate. In legal terms, probate is “the process through which a person’s estate is settled after their death.” This can affect real estate in big ways, so it’s important to be informed.
Oftentimes, sellers contact us to get their home on the market and get under contract, but then realize that they can’t sell the house immediately if they don’t disclose their probate. As a result, they end up very disappointed. However, if you are prepared, that doesn’t have to happen.
“Probate can stop you from getting a house on the market.”
We recently worked with a client whose husband passed away, and she needed to sell immediately because of the payments. However, she ended up finding out that she needed to go through probate court. Since she had to wait for that, she ended up getting behind on her mortgage. Her bills started piling up and she eventually went into foreclosure.
That’s a lot of pain and frustration that can be avoided by simply being prepared. If you know someone who needs to sell a property that may be in probate, or if you want to learn how having a living will is not enough to protect your loved ones from being able to get the property on the market and sell, contact us. We would love to give you our resources for that, so call or email us anytime.
