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Before selling a house left to you in a will, and even intestate (without a will), consider the difficulties you will encounter. The sale of inherited property is more complicated than selling a residence.
Inherited property often comes with unpleasant surprises. In addition to needing costly repairs, an inherited house can be encumbered by financial obligations. Other factors, such as multiple heirs, can also complicate the sale.
Unless you were the caretaker for the deceased person, you might not be aware of their financial status. Discover any financial obligations of the estate, which could affect the sale of the house.
The house may have an outstanding mortgage balance. Creditors may have a lien against the property—such as a tax lien filed by the county for back taxes.
Any financial obligations attached to the house must be settled before the house can be sold.
Inherited houses are usually older properties, and maintenance may have been neglected over the years. Fixing any problems with the house can be costly and time-consuming.
Few buyers want a house in disrepair. If the repairs are minor, such as dings and holes in the walls, a buyer might make a discounted offer. But serious problems, such as water damage and black mold, will deter the average buyer.
If you and your siblings inherited the family home, selling the house after the death of a parent can present additional difficulties. Any of which can delay the sale.
For example, one brother wants to keep the home in the family and convert it to a rental. The rest of the siblings want to liquidate the house as quickly as possible and divide the cash. All siblings must agree before the estate can be settled.
Inherited property can take much longer to sell than heirs realize. Mother’s house could be tied up in probate for months if she left no will. Even selling a home that doesn’t need to go through probate takes longer than selling a residence.
Selling to a real estate investor is the easiest and most convenient way to avoid the typical difficulties associated with selling an inherited house.
Cleveland Cash House Buyer is well known in Cleveland, Ohio and the surrounding areas. Years of experience in helping people turn inherited homes into cash have made us Cleveland’s premier cash home buyer.
An inspection of an inherited home can reveal many costly repairs. We are not real estate agents, who expect you to make all those expensive renovations before even showing the house. We are professional real estate investors who buy houses in any condition.
Good news for you! We don’t care about the condition of the house. Even black mold and a rotting floor won’t deter us from making you an offer. We factor the house’s condition into our fair cash offer. And once you accept our offer, you do not need to make any repairs! The condition of the house becomes our responsibility.
If you wanted to sell your residence, you would already know any loan balances or other financial obligations that would have to be paid. You are not, however, going to necessarily know all the issues that could hinder the sale of inherited property.
When we buy your inherited house, we take on that responsibility. You don’t have to chase after paperwork in the courthouse. We take care of any paperwork issues. And we deal with the decedent’s creditors.
If you inherited the house with your siblings, we help settle any disputes.
Because of our fast and efficient service, we make a quick sale of an inherited home. The usual time from the acceptance of our cash offer to the cash in your hand is 3-30 days.
We won’t delay your cash with loan approvals or home inspections. When we buy your inherited house, you will have the money we offered you in just a few days—with no closing costs or hidden fees.
So where do you start? Determine whether the house has to go through probate by checking to see if the deceased left the property to you in a will or a living trust.
We can buy the house during probate. Or we can buy it directly from you when you become the legal owner.
Probate is the legal process of settling the estate of someone who has died. All property must go through probate unless it is held in a trust or jointly owned with a spouse.
If you can’t avoid probate, you need to get probate granted by the court. The estate’s executor can then sell the probate house through a real estate auction or an executor’s sale. We have years of experience buying houses under probate fast.
If you can sell the house without probate, we can buy it as soon as you have legal ownership.
For example, your mother’s house is held in a living trust. Upon her death, the trustee can transfer the title to you, and we can buy the house. The trustee can also sell the house to us and then transfer the cash to you when the trust is settled.
Jointly held property is transferred directly to the surviving spouse without going through probate.
A house that’s a part of a small estate goes through abbreviated probate. Each state determines the maximum size to qualify for a small estate, but in Texas it’s $75000 maximum (though exempt property is not counted). If your house qualifies, complete a “Small Estate Affidavit” form, which will significantly speed up the probate.
Contact Cleveland Cash House Buyer. Our experienced professionals know how to help you easily turn your inherited property into cash.