Many things can happen to someone’s assets after they pass away in Washington. Sometimes, a person has a will or trust in place that takes care of what happens to these properties. But that’s not always the case. If someone passes away and has no estate plan, their properties must go through probate.
How long do probate sales take to happen?
Unfortunately, there’s no way to accurately determine exactly when a potential buyer purchases a probated property. How quickly a probate home sells involves the surrounding housing market, among other factors. With that said, in Washington, a decedent’s heirs will get a notice giving them 15 days to prepare objections about an accepted offer.
What happens after the sale?
In time, most probate homes will find buyers. At this point, it’s understandable to wonder what happens after a buyer purchases a probate home. One part of a home sale’s proceeds go toward settling the decedent’s debt and tax-related expenses. From there, the decedent’s heirs receive equal payments from the money left over.
What about overbidding?
Another part of the estate administration process involves accepting additional bids on a probate property. These bids must be both 5% and $500 more than a buyer’s originally accepted offer. If the probate court accepts the new bidder’s offer, the originally accepted bidder receives their initial 10% deposit back.
Selling a probate home isn’t known for being a speedy process. On average, it takes six months to a year before the sale of a probated property becomes final. Sometimes, probated homes can take years to sell. However, the sale of a probate property can ease the worries of heirs.