After there is a death in your family, the idea of selling the family home can be a very difficult one to make. Not only are there memories tied to the home, but there is also a large list of complications that come with the probate process.
Understanding how this process works can be a little challenging since there are many requirements that must be met in order to sell the house.
What Is Probate?
Probate is the legal process that follows the death of a homeowner, typically when the house was not in a trust or equally owned by someone else who had full rights of survivorship.
Typically the home will need to be sold and the funds will be split amongst beneficiaries if there were no specific instructions as to whom the home would go to.
If this is the case for your situation, it’s important to hire a lawyer and get the paperwork in order, before petitioning the courts.
A judge will ultimately decide who owns the property or house and will typically base this decision on the will.
If probate is found in your favor, you can use the final sale of the home income to pay off your probate fees and lawyer.
However, it is important to note that you can’t sell or list the home while dealing with the probate process. Probate must be finalized before you consider listing your home.
What Can I Do With My Inherited Property?
Once you officially own the inherited property you have several options to consider. You can potentially rent the property, list and sell, or even work with an investor for a quicker process. It all depends on your end goal and how involved you want to be in the process.
Typically the goal is to sell, but first, let’s explore your other options.
Rent The Property
Renting is a potential option, you might need to make some repairs and get everything up to code before renting, but this is a great way to earn an income while keeping the property.
If you are out of state, this might be a little more difficult to handle but you can always consider getting a rental company to handle the tenants for you.
Give The Property Away As A Gift
Another option you have for inherited property is to give it away as a gift. Once you have gone through probate and own the property outright, giving it to your children or family members is another option to consider.
Listing And Selling Your Inherited Property
If you do not want to deal with tenants, another option is to sell your property. First, you will want to hire a real estate agent and make any necessary repairs and updates to the home so you can sell.
Next, your agent will list the property and set up showings to get your house in front of buyers. After the sale, you will need to cover the agent’s fees and you can officially step away from the house and responsibilities.
If you are out of state, there can be a few more complications to this process, so it’s important to work with an agent you trust.
Selling To A Real Estate Investor
If you are out of state, having costly repairs, or simply want a fast option to sell, an investor is a great option. Working with The Trusted Home Buyer ensures that you don’t have to worry about closing costs, repairs, or hidden fees.
This option allows you to be as hands-on or hands-off as you want to be. Over the years we have worked with local and out-of-state clients who have inherited property and helped them navigate the probate process and offered cash, quick closing, and no fees to make the process easier and stress-free.
We understand how difficult the probate process can be, especially if you are dealing with the loss of a family member.
Real estate has been, for so long, providing a primary means of survival to humans. Being a primary sector, the demand for workers is constant. As a result, the real estate industry keeps growing, and many people want a piece of it. For instance, you can easily land real estate jobs on reputable aggregators like […]
Unfortunately, foreclosures are a regular occurrence, and many Arizona homeowners face the possible foreclosure of their homes. This article will walk you through the foreclosure process and offer some options or steps you can take to avoid foreclosure. What Is Foreclosure? Foreclosure is the legal process of a lender who attempts to recover the amount […]
Inventory of resale homes is low, and the rising interest rates are making it harder for buyers to leap into home ownership, potentially causing a surge of failures comparable to 2008. We are now seeing a rise in mortgage lenders' bankruptcies, which is troubling news for an already uncertain market. NQM and Bankruptcies Now there […]
Last weekend our CEO participated in the annual "Hotshots 19" charity and memorial event to honor the 19 members of the Granite Mountain Hotshots firefighting team who lost their lives in the Yarnell Arizona fires. As part of the local CrossFit community, Martin and his family supported this event through donations and participating in their […]