How To Sell An Inherited or Probate House in Ohio & Kentucky?

#1) - File a Petition to Become the Estate Executor

In order to take the next steps to getting the property ready to sell, you are going to need to go to the county courts where the deceased resided in and file for a probate petition.

The probate petition typically consists of an application that needs to be filed in order to be officially appointed as the executor, the death certificate, and the original will. A petitioner must ask the probate court to officially be appointed as the executor regardless of whether the decedent’s will has named them as an executor.

The petitioner (most likely that will be you) will be responsible for sending formal legal notices to any beneficiaries or other heirs about the date and time of the hearing. This is not always the case, and you will need to check with the court upon filing. 

You may also be required to notify any creditors or other interested parties and publish a notice in the newspaper to reach unidentified parties. 

Once the hearing commences, any interested party may object to the petition. If no party files an objection, a petitioner may be appointed as the executor without appearing at the hearing. You should consult with a lawyer or court clerk to determine if your appearance is necessary. If the court approves the petition, it will issue documents authorizing the petitioner to act as the executor. 

#2) - Property Appraisal & Inventory

The first step of action you are going to take is to get the property or home appraised. This is similar to a normal home appraisal with a couple extra steps… 

The Personal Representative in the probate estate must file a document called Inventory and Appraisal with the court within four months of receiving Letters of Administration. 

Inventory and Appraisal is a document that lists all of the estate’s assets and appraises the value of those assets. The purpose of the Inventory and Appraisal is to determine the value of the decedents’ assets at the date of their death. Ultimately, the appraisal values set forth in the Inventory and Appraisal will set the base values for determining the statutory fees to be paid at the end of the probate matter.

The Inventory should include all of the decedent’s assets, such as real property; cash, checking, savings, and investment accounts; household furniture; jewelry; collectibles such as coin collections, antiques, and record collections; business interests, and any other assets.

#3) - Court Confirmation

The executor can only list the house on the market and make a sale after the specified wait period has expired and court approval is gained. This timeline varies state to state. 

In the state of Ohio, most straightforward probate cases can be wrapped up within about nine months after the executor or administrator is appointed. Creditors have six months to file a claim, so probate must last at least that long. If the estate owes state or federal estate tax, it's likely to take a year or more.

#4) - Putting the House on the Market

The executor must agree on a reasonable price to list the property and commission to pay the real estate agent that will cover any maintenance costs to the property before selling.

Executors must maintain the home insurance policy and the vehicle insurance during the entire period until the sale.

After someone makes an offer on the property, another court hearing will be required. While the parties wait for the hearing to take place, the real estate sale must be advertised in a local newspaper, and the advertisement must mention the offer sales price. Doing so allows other potential buyers the chance to bid on the real estate property at the court hearing.

#5) - Sell The Property

Once the bids have come in, the court will confirm the sale, and you as the executor of the property will be able to close on the property. Once this process is complete you will get paid and can move forward.