Have you inherited a house from a family member? Are you responsible for settling the estate of a loved one so assets can be distributed to the heirs?
Losing a loved one is never easy and can be very stressful on the entire family. Aside from the emotional grief that must be endured there is the task of settling the affairs that were left behind. For most people one of the biggest gifts they leave for their family is the house they have lived in for years. Typically, one person, the Executor or Personal Representative, is selected to be in charge of handling the legal matters and ensuring the wishes of the deceased are carried out. While it sounds ideal to keep an inherited house in the family, that often is not the best option and sometimes is impossible depending on the desire of the heirs.
Proud Start Real Estate Solutions is here to help reduce the stress from settling an estate by allowing you to cross off one of the biggest items on your “to do” list, selling the house. We work with people just like you throughout the Bay Area who have inherited a house and will structure a plan that is fair and easy.
When selling a house through probate there is a key distinction to take note of, do you as the Personal Representative have full or limited authority. Full authority allows you two sell the real estate in the estate without court approval, this makes the process quicker and easier. If you have been granted limited authority you will need to set a court date to have the probate judge approve the sale. This will cause the transaction to take longer and often times discourages buyers since they do not want to tie the deposit up for that long given that the sale might not be approved or someone might come in and outbid them at the hearing.
There are several challenges to navigate and it’s helpful to have an experienced team on your side. Give us a call to see how can help you sell your inherited Bay Area house fast.
What Are Your Options When You Inherit A Bay Area House With A Mortgage
Losing a loved one is never easy, it is one of the most emotionally draining experiences we can go through. While grieving, the last thing we want to deal with is the probate process, but it is an essential part of society and best addressed in a timely fashion. Delaying taking action to handle your loved one’s estate can cause confusion with creditors and late fees. One of the most significant assets on most people’s estate is their house. If the house is paid off then it’s fairly simple, you can keep it or you can sell it and collect the proceeds. When it gets a little trickier is when the house has a mortgage.
What to do if you inherit a house with a mortgage in the Bay Area?
First thing, is there a co-signer or someone else on the mortgage, if so this person will be responsible for maintaining the loan by making the payments. If there is no one else on the mortgage then you will need to contact the lender and let them know about the passing and that you have inherited the property. They will have you submit a copy of the death certificate among other paperwork. Once this has happened they will share with you the details of the loan, what the balance is, how much payments are, etc.
In most cases as family member or spouse that inherited the property, the mortgage company will allow you to take over the loan under the same terms. If this is the case you can keep the house by simply making the payments. If you decide to sell your inherited Bay Area house you can do so and now you know how much is owned on the mortgage.
Can I assume a mortgage if I’m not related to the deceased?
The Garn-St Germain Depository Institutions Act of 1982 allows relatives and spouses to assume mortgages when they inherit Bay Area property with a mortgage. Non-relatives cannot simply assume the mortgage despite having inherited the house. If you are unable to take over the current mortgage, you can obtain new financing to payoff the current loan or you can simply sell your inherited house.
Navigating the process of taking over a house with a mortgage while dealing with the stress and heartache that comes with losing a loved one can be overwhelming. Proud Start Real Estate Solutions is her to assist. We are your Bay Area House Buyer and have plenty of experience with inherited properties. Give us a call to find out what options you have.
155 Sharene Ln #301
Walnut Creek, CA 94596
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