Inherited a house? We can help!
Selling a house you received through an inheritance
Dealing with the loss of a friend or family member is a very difficult situation. If he or she leaves behind a house, it can add more hardship and grief to the loved ones who were left behind. While, the thought of selling the house can be heartbreaking, it may be the easiest way to resolve the situation.In some cases, the house will go to one beneficiary, while in others it will be divided among two or more people. With multiple beneficiaries, everyone will have his or her own idea of what should be done with the house. This can cause fighting among friends and family members.
First, an executor will need to be chosen. This is the person who will be in charge of carrying out the deceased loved ones last wishes along with paying any debt left behind. If a will is involved, the executor will be stated in the will. If there was no will, the court will decide who the executor will be. A court will also have to prove that the will is legitimate and distribute the property to the proper beneficiaries. This process is called probate.Once the executor is named, he or she will be responsible for contacting all businesses such as banks, utility companies, and insurance companies to inform them of the passing. The executor will also be responsible for letting all the beneficiaries know that they will be inheriting something from the deceased person and what they will be receiving. He or she will also be responsible for paying any debts owed
by the deceased person as well as collecting any debt owed to them. The executor will be in charge of filing tax forms and many other duties. It may be extremely beneficial to hire a lawyer to take care of all these things.
Though it can be costly, a lawyer will insure everything is done properly.
Once all of the debts are paid, the assets can be divided among beneficiaries. With multiple people involved, it can be difficult to decide who will reside in the house. Some may want to rent the house out while others will want to sell or live in the house. Selling the house can solve many of these issues. If the house is sold to a real-estate investor, all the beneficiaries can take his or her cut of the profits. A real-estate investor will buy the home promptly and won’t charge a commission fee. When going through a real-estate agent, the house will need to be cleaned out and commission will be charged.
Selling the house to a real-estate investor can be a less painful solution to this problem.
The items can be sold with the house. Upon buying it, the real-estate investor would assume all responsibility for the contents of the house.
Keeping a probate house in good condition can be quite a task. The beneficiaries may not have the time or money for upkeep. While renting the house would bring in money, the cost of remodeling it could be too much for the beneficiaries. On top of that, they would be in charge of any repairs needed by the tenants during their stay in the home. Insurance is also an issue even if the house is not being rented out. If the house is still under a mortgage agreement, the beneficiaries may not be able to afford the cost of their own mortgage plus the cost of an additional one. Selling the probate house to a real-estate investor would give them the opportunity to pay it off.
There are lots of stresses involved in taking care of a probate house.
Even with the decision to sell, without the agreement of all beneficiaries, it can still be a long and stressful process. If all the beneficiaries can agree on a set of terms and allow the executor full authority, the court process can be skipped. If the executor is not granted full authority, probate court will be involved. Probate court procedures can be very long and stressful. During court, there will be more documentation and possibly the need for a lawyer. A petition will need to be filed in order to sell the house. A court date will be set for the petition. If it is granted, the house will need to be appraised. It could take a while for an agent to find a buyer for the home. With an investor, the home will be bought as is and then fixed up. Although selling the home of a deceased loved one can prove to be very painful, keeping the house is not always an option. Although the beneficiaries may want to keep possession of the probate house, there may be too much debt involved. In order to pay these taxes and debts, the beneficiaries may have no choice but to sell the home. These expenses can pile even higher if the executor has to hire a lawyer and pay for documentation. When cleaning out the house, many items invoke memories of the lost loved one. Deciding what to do with their things can be very difficult. Watching all of the belongings being sold in an estate sale can be a painful process to go through; however, keeping those beloved items may be even worse. Having them in the beneficiaries’
The beneficiaries and executor will be very limited in their decisions about the probate house.
The court will have most of the power in any decision making.Despite the drawn out process, things can seem very rushed. Deadlines will have to be met for multiple things. There will be deadlines for court and taxes. The beneficiaries will also be presented with a tight schedule on accepting and declining offers on the house. There will also be deadlines set for people making offers on the house and making a deposit on a percentage of the offer. In the end, the court will have the main say in the dealings with the probate house.
Most of this can be avoided if the beneficiaries can set aside their disagreements and come to a conclusion on their own. If this conclusion is to sell the house to a real-estate investor, it can alleviate some of the stress of losing a loved one as well as the financial burden of keeping the house. Although seeing the house sold can be heartbreaking, it will keep the beneficiaries from fighting and having to go through the loved ones belongings or even the possibility of living in the house.
For more advice on how to prepare your house you received through inheritance for sale, seek the aid of a professional real estate investor.
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