Selling Inherited Property – What You Need to Know About The Probate Process in Oklahoma
The grief you experience when losing a parent or close family member can be traumatic. Added to the grieving process, you may find yourself being named as the executor of their estate or as a beneficiary of their estate. Both involve a lot of legal and administrative stuff to deal with the assets and liabilities your loved one left behind. In this blog article, we will look at the probate process in Oklahoma and what to do with inherited property.
Wills and Probate
When a person dies, they leave things behind. It’s true what they say, “when you go, you can’t take it with you”. Depending on their situation, your loved one will have a variety of assets (things they own) and liabilities (debts) – all together this is called the “estate”. The probate process in Oklahoma takes care of the reckoning of these assets and liabilities, ensures that any debts are settled, and then determines how the remaining assets get distributed to heirs.
In Oklahoma, all estates go through a probate process in the Probate Court. For estates valued at more than $200.000, there is the more formal Full Probate process and a simplified Summary Probate process for estates under this amount. The Oklahoma Bar Association provides useful information on the topic of probate in Oklahoma. The probate process happens regardless if your loved one left a will describing how they wanted their assets to be distributed, or if they died intestate without a valid will. The only difference is that Oklahoma inheritance laws will apply if the wishes of the deceased were not made known in a will.
During the probate process, there will generally be a freeze on the property, meaning it can’t be bought or sold, and banks typically have a grace period where mortgage payments don’t have to be made. However, once the probate process is completed, the beneficiaries become the legal owners of the property.
Deciding To Sell Inherited Property
If you are the sole beneficiary, you can make any decisions about the property. If you inherited the property with other beneficiaries, all beneficiaries would need to agree on the way forward. In some cases, one beneficiary can buy out the other beneficiaries. Alternatively, the beneficiaries can remain joint owners of the property and agree to share costs. For many families, however, the costs of holding onto the property are the deciding factor.
If you are already a homeowner, you may already be aware of the cost of owning and maintaining a home, but it can come as a shock if you don’t have any experience with home ownership. Once the house is in your name, mortgage payments will become due, property taxes must be paid, and there might be HOA dues if the house is in an HOA. Then there will be repairs and maintenance. If your parents fell behind on home maintenance during their later years due to illness or financial troubles, this could be a lot.
How To Get The Property Sold
The traditional option when selling a property is to use a real estate agent. To get a good price for the home, the beneficiaries will need to get the house ready for sale. Buyers won’t pay top dollar for a run own property or if the house is cluttered or outdated. Also, when dealing with a real estate agent, you’ll need to deal with showings and appointments, inspections and appraisals, and the emotional challenges of selling a home holding many memories for you.
Another way is trying to sell the property yourself. Especially if you have any experience in the real estate field. If you don’t know how to price your home accurately, don’t have access to MLS or other marketing tools, and are unaware of legal pitfalls, you could end up in a lot of legal trouble or get taken for a ride by an unscrupulous buyer.
There is another option – selling to a direct buyer. Metro Cash Offer will give you a cash offer to buy your home in 24 hours. There are no real estate commissions, closing costs, or hidden fees. We will buy your inherited property as-is - This means you take what you want with you and your memories, and we will take care of cleaning the property and any repairs.
We know this is a difficult time for you and your family so let us make this as easy on you as possible. Learn More at https://www.metrocashoffer.com/
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