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If you have been put in a position where you are expected to sell an inherited house, you are facing some tough decisions.
Do you fix up the home, hire a real estate agent and try to sell for cash?
Do you try to sell the house as is?
Do you hire a house selling company?
Do you call a We Buy Houses sign and hope for the best?
Does the house need probate before you can sell the house?
Does the inherited house have a mortgage?
Is the inherited house in foreclosure or behind on payments?
All of these issues have to be considered when selling an inherited house. A mistake could be both costly and time consuming. That could cost the heirs when you consider the cost to hold the property – mortgage payments, property taxes, property insurance, utilities, lawn and driveway maintenance, not to mention a furnace that quits in the winter, a leaky roof or water in the basement!
If your parent or relative had some estate planning done before their passing, your job should be easier.
For instance, if the inherited property was deeded into a Revocable Living Trust in Saginaw, Bay or Midland County, it may be just a matter of finding a buyer for your inherited house and closing and distributing the assets as detailed in the Revocable Living Trust.
If your relative left a Last Will and Testament, you’ll most likely need to go see the family attorney and have them guide you through the Probate Court procedure to clear title so the house can be sold. This can be time consuming and costly depending on any contests to the estate, the necessity to inventory the estate and even possibly having an appraisal done on the assets in the estate.
If there is a mortgage on the property, it is wise to keep the payments current since the lender will expect SOMEONE to make the payments. If you are not able to make the payments, it may be difficult to communicate with the lender, since you are not the borrower and may not have authority to speak with the bank to try to stop foreclosure.
If you need to sell an inherited house or if you need someone to talk to about selling an inherited house in Midland, Bay or Saginaw County – feel free to reach out to me. at 989-430-0099 or visit: https://mbscashforhome.com/contact.html We’ve bought many probate, trust or joint tenancy owned homes – there are are certainly hidden dangers to going about this wrong – it’s wise to know the “rules” before selling an estate home. After all, your relative spent many years maintaining, making payments and passing this asset on to someone they love and trust – YOU!