Probate & Inheritance
Inherited Property Isn’t Always a Gift
When a parent, grandparent, or loved one dies it can be devastating to your family. Unfortunately, if their death means that you have inherited their home, it isn’t always a benefit, even though it may have intended to be.
Sometimes Inheriting Property Is a Liability
If you have inherited a loved one’s home, it can be a tremendous liability because it comes with an overwhelming number of unforeseen responsibilities and expenses that lead to difficulties you’re not always ready or equipped to handle.
Your Inherited Property Needs to Go Through Probate
Did you know that all inherited property must go through the process of probate? If you have inherited a piece of property, this means that you are responsible for finding and collecting all your loved one’s assets, paying their last expenses, filing the taxes, and distributing the money that’s left to the creditors they owe money to and their heirs.
Do You Have the Time – and the Money – to Go Through Probate?
Do you know what probate costs – or how long it takes? In a nutshell the simplest, uncontested probate process takes about 6 months and will cost a minimum of $2,000 to $2,500 dollars. If any details are complicated or any members of your family disagree on the smallest thing – it can drag on for more than 2 years and cost thousands of dollars or more!
Inheriting Property Can Cost a Lot of Money
If you have inherited a home, you have the choice of taking over the mortgage (if there is one) and living in it, renting it out, or selling it. However, it’s critical that you find out exactly what your legal options are for each of these actions, because holding onto the property isn’t always a good idea. Keeping a home could drain your family’s financial resources for a number of reasons – either because the mortgage is too high, the home is no longer worth what is owed on it, or keeping it will force you to refinance the mortgage in your name.
Inheriting Property Can Be a Lot of Work and Trouble
Keeping an inherited property in the family may be important for sentimental reasons, but the reality is that it can also be a tremendous strain, particularly if the home needs repairs, is in bad shape, or is in a low-income area of the city. Trying to hold on to a distressed home can be a lot more trouble than it's worth, so it’s important to carefully consider what it means.
Can You Afford to Inherit a Home?
If you keep the home, do you have the finances to handle it? Can you afford to pay the monthly mortgage, insurance, and the annual taxes on the property? Do you have the money to fix it up so the home is truly livable – or sellable down the line? Many people are often surprised at what they will have to do – or how much it costs when they inherit a home to either live in or sell.
What To Do If You’ve Inherited a Problem Property
The answer to that question is this: pick up the phone and call King Home Offer for a free consultation. We can give you the information you need to figure out your options and the best solution. We walk you through every scenario, and help you determine if keeping the home is worth the heartache and headaches you may have to endure. You may be surprised to discover that selling the home quickly is what will be the best solution.
We Can Help You Handle All the Details
If you decide to sell your property, we will help explain the entire process to you – and help you move through it more quickly. We are fair, we are fast, and we can handle all the leg work for you. You don’t need to hire a contractor, a realtor, or call a lawyer – you just need to sell your home quickly, and we can make that happen for you. There’s a reason we’re called King Home Offer – because we are! Let us help you deal with selling your property successfully – so you can have the cash in hand tomorrow.