The average probate timeline takes about 6 to 12 months for informal probate. A formal or contested probate can take anywhere from 12 to 18 months. Nevertheless, navigating the probate laws in Wisconsin can be complex. If you are planning to sell an inherited house in Milwaukee, you can sell to professional buyers like Cream City Homebuyers. They evaluate the property and prepare a cash offer so you can close as soon as possible once the court grants you the legal authority to sell.
The other morning, I stopped by a house in Milwaukee that a client had inherited from her parents. She told me that her mother had passed about two months prior and her father about a decade before that. The plan was clear: upon the passing of both parents, the client would get the house and she could do with it as she pleased.
She decided to sell the property with the blessing of her siblings, even though their names weren’t tied to it. “I think it’s time I sold it. For one, I’m not going to hang onto it for sentimental sake,” she told me. “But I get it. This place has lots of memories. I can’t just pay two mortgages at the same time, though.”
I don’t blame her for a second. She’s not alone in this situation. The house was already willed to my client (and yes, there was a will). It made the process easy, but things were dragging out during the probate process with other things. If you own an inherited property and probate is ongoing, you can sell it to Milwaukee home buyers such as Cream City Homebuyers.
The Milwaukee County Probate Court Process Explained
Probate is the legal process that is used to settle a deceased individual’s estate after they pass away. In Wisconsin, the probate court oversees the following:
- Validating the will (if there is one)
- Appointing a Personal Representative (Executor)
- Identifying assets
- Paying debts
- Distributing property to heirs
Most families start the process by filing paperwork through the Milwaukee County Probate Court. I should discuss some of the other details such as the following:
- A Personal Representative is appointed if there is no will. Even so, the Estate is then opened. Not to mention, the intestacy laws can determine how such assets get distributed.
- Before an inherited property is sold, the Personal Representative must have the legal authority to sell it. My team and I at Cream City Homebuyers will need verification to make sure you are the Executor/Personal Representative before you sell your house in Fox Point or the surrounding communities.
- The creditors need to be notified according to Wisconsin probate law. This is one of the reasons why probate takes so long. Creditors have an opportunity to file claims against the estate before things close.
- An inventory of assets must be created by the Personal Representative. This includes real estate, bank accounts, vehicles, investments, and personal belongings.
The Real Timeline: How Long You Will Actually Wait
I mentioned that the probate timeline can drag out quite awhile for a multitude of reasons. A straightforward estate can generally take about 6 to 12 months. However, informal probate works best if there is a valid will, family members agree, the assets are easily identified, and no one contests the estate.
While my client from earlier had no problem selling the house, her parents had left debts that needed to be settled. So the probate process for them was taking a little longer than she thought. But that’s part of the process.
Nonetheless, I had one other client in Shorewood who was the Personal Representative of his father’s Estate. He had sibling squabbles about the property and it was his final decision to sell it after cooler heads prevailed and an agreement was made. “It could have been easier if they just agreed in the first place rather than waste a whole year of my time,” he told me.
He also added that it cost the estate nearly $20,000 thanks to property taxes, insurance, utility bills, maintenance, and mortgage payments among others. The property sat there for a whole year during the sibling disagreements and it cost this guy a small fortune. We help you during the probate process so you don’t have to face those costly mistakes.
On the downside, probate periods where there are sibling disagreements, challenges to the will, or anything complex with the process can lead to longer periods of when the probate is resolved. We’re talking 12 to 18 months here.
Cream City Buyers can make sure that while the probate still drags on, you can still sell the house. We buy houses in Shorewood and the surrounding area that are inherited properties or if you need it taken off your hands for whatever reason. Even if it is in as-is condition.
How to Speed Up Probate in Milwaukee
No, you can’t completely bypass Wisconsin probate laws. I do, however, believe that common delays can be avoided if you are well prepared. One missing document can cause delays that last weeks. That’s what happened to one client who was in the process of selling his home via the traditional way. But that tie up led to traditional buyers killing deals on the spot.
With that said, I encourage you to make sure you have a special file folder that contains the following:
- Death certificates
- Property deeds
- Mortgage statements
- Insurance policies
- Tax records
- Utility bills
A more organized probate makes the whole process a lot smoother. Of course, make sure you hire an experienced probate attorney as well. If the inherited property has yours and your siblings names tied to it, you all need to come to an agreement before a sale is ever considered.
Can You Sell a House Before Probate is Complete in Wisconsin?
This is one of the most common probate questions I’ve been asked. The short answer: yes. However, there are limitations that you need to be aware of. You can begin the process of selling an inherited house before the probate officially closes. In those situations, the Personal Representative can:
- Market the property
- Negotiate terms
- Accept offers
- Sign contracts
However, the actual closing and deed transfer cannot happen until proper authority is granted by the courts. You don’t need to wait until probate fully closes before you start the sales process. That alone can lead to unnecessary delays.
Who Buys Probate Properties in Milwaukee? (And Why “As-Is” Matters)
I’m just stating the obvious here, but many inherited homes are not move-in ready. In the numerous property discoveries I’ve been on, I’ve seen the reasons why. These include:
- Have outdated interiors
- Need expensive repairs
- Contain decades of belongings
- Have deferred maintenance
- Cannot qualify for traditional financing
As such, it creates problems. Especially the problem where you deal with demanding buyers who want anything and everything under the sun. Updated kitchens, fresh paint, clean basements, functional mechanical systems, the works. It’s a nightmare and a half to deal with. I had a client not far from Brookfield tell me this story. “I had a buyer who wanted full renovations for the kitchen. As it turns out, I needed $30,000 to get it done. How was I supposed to come up with that amount of cash? I’m not made of money,” he told me.
Well, the buyer never got the house because this client never responded to such a request. He was tired of how the traditional buyers wouldn’t budge for purchasing the house in as-is condition. Not to mention, it was costing the estate money. That’s one of the pros and cons of selling your house as-is. The one major pro I can bring up is that you can sell it to a professional cash buyer like Cream City Homebuyers.
We don’t flinch at the idea of buying your house in as-is condition. Nor do we demand unreasonable renovations that you might not afford. If you want to sell the house and take it out of your hands, we’ll make sure a cash offer in Milwaukee that is reasonable for you is enough to make that clean exit.
FAQ: Navigating Inherited Property in Milwaukee
Do I have to pay taxes on an inherited house in Wisconsin?
Wisconsin does not have a state inheritance or estate tax. But that doesn’t mean that you could owe capital gains taxes if the property increases in value between the date of inheritance and the date you sell it.
What happens if the inherited house has a mortgage?
The debt won’t disappear. Therefore, the estate must continue making monthly payments for the time being. This means if the funds are getting low, you could face foreclosure. Instead, sell it to a cash buyer for the sake of saving money.
Conclusion: Sell Your Inherited Milwaukee House the Easy Way
If you have an inherited property to sell and the probate process is dragging on, there’s one buyer that can truly be of assistance. Cream City Home Buyers is ready to take a look at the property and give you the cash offer that is reasonable for you. From there, we’ll verify if you’re the Personal Representative before we move forward with the sale. Contact us today to set up a property discovery and we’ll be ready to get it done.
