Inheritance & Probate

Inherited Property Isn’t Always the Gift You May Think

The death of a loved one can be devastating to the family they leave behind. If that death means a member or members of the family inherit the loved one’s home or property, it isn’t always the gift one initially thinks.

Inheriting Property Can be a Liability

Inheritance of a home can be a tremendous liability to an heir or heirs, accompanied by an overwhelming number of unforeseen difficulties and expenses that some may not be equipped to handle.

The Property Isn’t Yours Until It Goes Through Probate

All inherited property must go through the process of probate. If you inherit property, this means that you are responsible for finding and collecting all your loved one’s assets, paying outstanding debts, filing final taxes and distributing everything left among creditors and heirs.

Do You Have the Time and Money for Probate?

Probate takes time and money. In the simplest cases, an uncontested probate process can take 6 months and cost thousands of dollars. In most cases, it is more complicated and if you or other members of your family disagree on the smallest detail – it can drag on costing more time and money.

Inheriting Property Can Be Expensive

Someone who inherits a home with a mortgage has the choice to take over the mortgage and live in it, rent, or sell. However, it’s vital that the heir(s) knows exactly what their legal options are for each action. Holding onto the property isn’t always a good idea. Keeping a home can drain a family’s financial resources due to high mortgage costs or the home may no longer be worth what is owed. Sometimes keeping the property requires the mortgage to be refinanced in your name.

Inheriting Property Can Be Tons of Work and Trouble

Keeping inherited property in the family may be important for sentimental reasons, but the reality is, if the home isn’t in good shape, has significant damage or is in an undesirable area of the city, it can be detrimental to the family. Holding on to a defective home can be more trouble than it’s worth, consider carefully.

Can You Afford to Inherit a Home?

You’ve decided you want to keep the home you inherited, but can your finances handle it? Can you afford the monthly mortgage, insurance, and annual property taxes? Do you have the money for repairs and upkeep so the home is livable – or sellable down the line? Our clients are often surprised to learn the work it takes to inherit a home – or how much it costs to inherit a home to live in or sell.

So You’ve Inherited a Problem Property

The solution is simple, pick up the phone and call for a complimentary consultation. We will give you the information you need to decide the best course of action. We will walk you through every scenario, educate you on your options, and help you determine if keeping the home is worth the heartache and headaches. You may discover that selling the home quickly will serve the entire family’s best interests!

Let Us Help Handle All the Details

If you decide to sell your property, we will explain the entire process and help you move through this complicated process more quickly. We are fair, fast, and we can handle all the legwork for you. No need to hire a contractor, a realtor, or call a lawyer – and we can buy your home, quickly. There’s a reason we’re called – because that’s what we do! Let us help you sell your property successfully today and have cash in hand tomorrow!