If you have an inherited house, then as home investors we know there is a lot to deal with. Family members must cope with the loss of a loved one. And even in best case scenarios, dealing with the estate left behind only adds to the stress.
We encounter these issues on a daily basis. The good news is there are a few facts that can help you and your family be prepared.
Your Relatives Might Not Be As Organized As You Thought
First of all, your family may not be as organized as you thought. Most people are inclined to assume that their parents or siblings had a will, and that they simply have to probate it and go from there.
However, it is very common that the person has done little to nothing to prepare their estate for their passing. Luckily, we have ways to handle it such as heirships and affidavits, and other problem solving, but it can be very stressful to know that you’re starting from step 1.
Children and Marriage Surprises
Another very common issue with inheriting houses is children and marriages. People marry, divorce and remarry without considering how it affects their estate. Children, half children, adopted children and THEIR marriages further complicate the issue.
If there isn’t a will, then everyone is entitled to a piece of the pie. Negotiating becomes more difficult and convoluted. As home investors, we often facilitate communication and negotiations when there isn’t a will.
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Options and More Options
Lastly, many people don’t realize just how many options exist when a house is inherited. It can be extremely stressful to suddenly inherit the financial burden of an inherited house, especially if there are no other assets or finances to compensate the family. However, there are resources that can help.
While finding a tenant can sometimes be an option to help pay for the holding costs, it can also add to the stress of the situation (read here for more information).
For example, if you fall behind on payments on the inherited house, there are multiple ways to alleviate the burden. If you fall behind on taxes, the county will usually allow you to arrange a payment plan to catch up on the tax payments. If you fall behind on the mortgage, you can go to the lender to negotiate a payment plan, or you can get information about HARP, a government organization whose aim is to help people stay in their house.
How Home Investors Can Help
One reason people sell inherited houses to home investors such as Big State Home Buyers is that the estate is in SUCH a mess that they don’t know where to start. Big State cleans up these messes at no cost to the seller – its our expertise, but it’s also what we love to do.
If you have questions about your inherited house, call us for free information or a no-obligation offer on the house.