If you have recently inherited a property, then it probably means that you’ve lost a family member or loved one. It also means that this is a confusing, emotional time in your life, and the last thing on your mind is having to cope with all of the financial liabilities involved. On top of all that you have already been dealing with, this is a huge responsibility that you may not have been prepared for. Eventually, you will need to move forward with your life and determine what to do with this property.
Keep it or Sell it?
The newly inherited property may be linked to many fond memories. However, you cannot let this get in the way of your best financial options at this point. In the long run, your options for handling this property need to be made by taking the financial benefits or consequences into consideration before making your decision. You have two choices at this juncture: You can keep the property or sell it. Although selling it seems fairly straightforward, there may be a mortgage, lines, violations, etc involved.
If that is the case, you will need to contact the lender and research the details of the sale. For example, was there a co-signer involved? If there was, they are responsible for making any future payments on the property. If not, you will need to supply the lender with a death certificate and verify that you are now the current owner of the property. You will also need to do one of two things- Either assume responsibility for the home loan or pay off the mortgage. This can be tricky if you are not financially sound or are unable to pay off the mortgage.
Once a clear property title to established and ownership is agreed upon by anyone else involved in the inheritance, then any existing liens will need to be paid off before the home can be sold. Keep in mind that making the best decision for the family is priority #1. Homeinc has a team of advisors that are all well-versed in the probate process. Our team can walk you through the process, take care of the the probate fees and get you a competitive offer for the property. There is no risk in calling the Homeinc team to get advice on the sale of the property.
Whatever you decide to do, make sure you have all of the information required so that you can approach the situation with the best outcome for all parties involved. Should you decide to sell the property and want to work with a team that handles probates every single day, Homeinc will be happy to help. For more information, call or text Homeinc today at (888) 850-2636 with a free property analysis and answers to all of your probate questions