EXPERIENCED IN PURCHASING INHERITED HOMES WITHOUT A WILL
VARIOUS OPTIONS TO SUIT YOUR NEEDS, INCLUDING CASH OFFERS AND OUR PROFIT PLUS PROGRAM
COMPASSION AND UNDERSTANDING AS YOU’RE FACED WITH A STRESSFUL SITUATION
HELP ARRANGING A MOVING COMPANY
HOW DO I GO ABOUT SELLING INHERITED PROPERTY?
You inherited a house you don't intend to keep—now what? Selling a home is challenging enough when you know the ins and outs of the property in question, but selling an inherited house that only recently—and perhaps quite unexpectedly—came into your possession can open the door to more complications.
Inherited property usually falls into one of the following categories:
• Current will with all heirs known: If a will exists and is unchallenged, then we can assist with (and often times pay for) that will to be processed and probated to assist with the sale.
• Current will with missing heirs: If a will exists but its terms are challenged, a Probate Court will decide the matter of inheritance. The value of the inheritance will then be dispersed under the justice system.
• No will: If the decedent didn’t have a will, or if there is a will that hasn't gone to Probate, a document called an heirship affidavit can be used to establish heirs, real estate ownership, and a clear chain of title.
Big State Home Buyers is your local source for information and your partner in achieving a quick and fair sale. We have experience and expertise finding the easiest solution for selling inherited houses and we process heriship affidavits in-house (or assisting a probate attorney you've already hired) free of charge! Our in-house Title Resolution Team will make the process simple and easy at no cost to you. We understand that every situation is unique, but our experienced staff is adept at resolving most issues in-house.
WHAT DOCUMENTATION DO I NEED?
If heirship has not been documented by the Probate Court, owners of inherited property must submit other proof of legal heirship to sell the house. The first step is to obtain copies of the decedent’s death certificate. An heirship affidavit must also be completed to determine who may lay legal claim to the estate. This document contains information about the family and marital history of the deceased, including the names and addresses of any children, grandchildren, brothers and sisters, and nieces and nephews. The form helps establish who will inherit the property in question and reduces the chances of an unknown heir coming forward to make a claim on the estate later on.
WHAT IF THERE ARE PROBATE ISSUES?
Any questions or disagreements regarding the decedent's estate will be decided by the Probate Court, whose function is to decide inheritance issues after a person dies. The court validates or negates an existing will if one is present, identifies and appraises the decedent's estate, determines debts and taxes, and distributes the value of the inheritance to legal heirs. The court subsequently appoints an administrator or authorizes the estate’s executor to sell the property. In the event of multiple heirs, an agreement can be reached to authorize the sale of the property, and the proceeds are then divided among the heirs.
We do everything possible to facilitate an agreement that makes everyone involved happy, delivering the fairest results given your family history. We'll work to negotiate an agreement between heirs before going to court, but if a court resolution is needed to close the estate then we can assist with legal expenses to accomplish this for you.
Inherited home from mom
Paid cash and kept the home from staying vacant
"I inherited my mom’s home, but my family and I already have a home of our own and didn’t want to keep it. Big State Home Buyers helped guide me through the process and offered me cash for it. This made it a lot easier for me, since I didn’t want the home to sit and fall into disrepair."
Inherited home without a will
Issue was resolved to allow me to sell
"My uncle died without a will, and I was his closest relative. I was worried about how to handle everything legally, but Big State Home Buyers made it much easier than I thought it would be. They explained every step, which made me feel confident it would all work out. I was able to file an heirship affidavit, and Big State Home Buyers bought the house so I didn’t have the headache of putting it on the market."
WHAT DO I NEED TO DO WHEN SELLING INHERITED PROPERTY THAT IS VACANT?
Is Selling Inherited Property with a Reverse Mortgage Possible?
As reverse mortgages have become increasingly popular in recent years, many baby boomers are inheriting homes with this type of debt.
If you’re selling inherited property with a reverse mortgage, there will still be a lien on the title. Until you pay the loan back, interest on the balance will continue to accumulate and further diminish the equity in the home.
You have several options:
- Pay the loan back and keep the house. You may decide to live in it or rent it out.
- Sell the home and repay the reverse mortgage with the proceeds.
- Let the lender foreclose on the property.
- Sign the deed over to the lender. This is known as a “deed in lieu of foreclosure” and can be utilized if more is owed on the house than it’s worth.
Inheriting a home with a reverse mortgage comes with a few extra challenges, but you still have options available. Ultimately, you’ll need to decide whether you want to keep the home or not and proceed from there. Whether you’re keeping or selling inherited property, contact Big State Home Buyers today if you need help!
It is in the heir’s best interest to ensure the continued upkeep and maintenance of an inherited house, even (or especially!) if it remains unoccupied for an indefinite amount of time. Small issues left unattended can quickly turn into large headaches that reduce the value of the property and make it more difficult to sell later. It is also important to monitor the house regularly to prevent burglary, theft or vandalism, and to discourage squatters who may set up camp in a residence that is unsupervised for a long period of time.
- Ask a neighbor to check on the property periodically
- Keep the yard mowed and trees trimmed
- Forward mail delivery and stop newspaper subscriptions
- Maintain proper insurance
If or when you decide to sell the house, selling to home investors is a great option to achieve a fast sale at a fair price for a home in as-is condition. Be sure to thoroughly vet the prospective investors and choose a local company with a solid history of customer satisfaction.