Inheriting a property isn’t always as desirable as it sounds.
Things can get over-complicated when a loved one passes away. Whether or not they have a will, the probate process will commence to distribute their money and assets. Part of this will be passing on their real estate to close family members.
The problem is, when you’ve inherited a house you don’t want, you have to figure out what to do with it. In this post, we’re going to tell you how to sell an inherited house in the simplest possible way.
There are countless reasons why you wouldn’t want to keep a deceased loved one’s house. Whatever your reason is, keep reading and we’ll make selling an inherited house a straightforward process so you can put it behind you and mourn the loss of your loved one.
The Problems with Inherited Houses
When you inherit a home, it doesn’t always feel like an asset. A lot of the time, you’re also inheriting a lot of problems and even the mortgage and costs associated with upkeep. In this way, inherited homes are more of a burden than a blessing.
There are also familial issues to think about. If you’ve inherited a parent’s home without a will, there could be disagreements between siblings about what to do with the home.
It gets even more complicated when there are existing debts. When the mortgage isn’t paid off, the responsibility will fall on you to make those payments. You may also be on the hook for federal estate taxes on the inherited property, even though you won’t have to pay the capital gains tax.
Probate, Explained
In short, probate is the process of dealing with a deceased person’s will. The executor goes through the money and assets to distribute them to those named in the will.
If they don’t have a will, someone is named as administrator. They’re then responsible for using the assets to pay existing debts off, then breaking up the estate to distribute the remaining assets to the beneficiaries.
When the probate court gets involved, they review the assets and provide a final ruling on who gets what. When a significant asset like a house is involved, multiple beneficiaries may end up in control of it. This is when things can get complicated.
How to Sell an Inherited House
In most scenarios, it’s best to sell the inherited house. You can do this directly through the probate court, but it’s not always the best move.
Probate courts will always want to sell the home for as much money as possible in order to benefit the heirs. This often elongates the selling process, especially when you’re dealing with an older home that might be in disrepair.
If you’ve decided to sell the home, there are a few things you’ll need to get in order. The first is to get an understanding of the state of the mortgage. Perform a title search to find out how much is left on the mortgage, whether payments are up to date, and if there are unpaid taxes.
It’s also important to understand the probate process because it’s not always quick. If you don’t have full ownership of the house, you won’t necessarily be able to sell it. Probate is a judicial process that can take as little as a few weeks or as long as several months.
Going through the probate process can be overwhelming. Many inheritors end up choosing to sell the home to a cash buyer instead. Let’s discuss the benefits of taking this route.
Why You Should Sell Inherited Property to a Cash Buyer
Cash buyers are investors that aim to help homeowners out of tricky situations. This could include people dealing with foreclosure, cross-country moves, or probate. Cash home buyers make the process of selling a home simple and fair.
At ibuyhomes.com, we’ve helped countless homeowners sell their homes coming out of probate. In some scenarios, it’s even possible to sell a home for cash while it’s still going through probate court.
There are plenty of benefits to selling a home for cash during probate. The biggest is probably the ability to turn an expensive “asset” into cash. You can then use this cash to deal with any ongoing expenses relating to the deceased’s liabilities or legal fees from the probate process.
It also helps you get rid of a property that you don’t necessarily want. Some folks decide to live in an inherited property or rent it out, but if that’s not your goal, a home can be a huge burden. Selling for cash means you can sell the house as-is, so you don’t need to think about repairs or hiring a realtor, which can be expensive.
How to Sell a House for Cash
The process of selling a home during probate is actually quite simple. Head over to our main page and fill out our secure online form. From there, we’ll contact you to get a few details, both about the home itself and the probate situation.
If you’re still in the probate process, we can put you in touch with a lawyer that can help clear up any complications. We may or may not be able to buy the home while it’s still in probate, but we’ll definitely be able to simplify the process.
Once we’ve appraised your home, you’ll get a no-obligation cash offer. If you choose to accept the offer, we can start moving on the paperwork. We’ll close at your convenience and you’ll walk away with cash in hand.
Let ibuyhomes.com Help You Deal with Probate
Now that you know how to sell an inherited house, you can put this complex and emotional situation behind you. Probate can be difficult, especially when you’re grieving a lost loved one. If you don’t want to keep it, choose to sell the inherited property to ibuyhomes.com.
We’ve been helping homeowners all over America get great cash value for their homes for over 20 years. Contact us today with any questions you have about our process and fill out our secure online form.
