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, 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 Solution 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.
We recently had the opportunity to purchase an inherited home in Vallejo. Here is the story:
We were contacted by the owner, Cathy, through one of our mail pieces. After meeting with her and walking through the house it was clear that she wanted to sell the house and preferred not to go through the traditional sales process of listing with an agent. We were able to agree on a price that was in alignment with what she expected to get and finalized the purchase shortly after.
During our discussions with Cathy we learned that the house had been in the family for many years and she had grown up there, so she had a strong emotional bond. The house had not been updated and was in need of some TLC. After the remodeling was complete we invited Cathy out to see how the house had been revitalized. She was very happy to see what had been done to give her childhood home a second life. Now the house will be home for another family for many years to come.
We were able to help Cathy fulfill her responsibilities in regards to the estate of her mother and the sense of contentment from knowing her house was being updated and taken care of.
The following video was taken with Cathy after we completed the rehab on the house. As you watch keep in mind that we are here to help you if you are in a similar situation. Proud Start, LLC supports Vallejo and the rest of the Bay Area. We will make you a fair offer and can close fast! Give us a call today!
So you've inherited a house, now what?
To begin with we would like to offer our condolences for your lose. The passing of a loved one is very difficult. Surely, the last thing you want to deal with is figuring out what to do with all of their stuff. But the reality is that this needs to be done, and often the sooner the better. This article will address 4 key things to be aware of when you have inherited a house, hopefully after reading; you will have a better understanding of your obligations in this situation.
When someone passes away their estate is typically administered through probate court, this is the legal process of paying off any debts then distributing the deceased’s property. An executor is selected, typically a close friend or family member, to oversee the process. Depending on the particulars of the estate this process can take months to resolve, becoming very aggravating and stressful for beneficiaries, who are not only in mourning, but also may be struggling financially and need the money to stay afloat.
If the deceased person has a valid will, the court will follow the terms of the will through the probate process, making sure any debts are paid and assets are distributed accordingly. If the deceased person does not have a valid will they are considered to be intestate and assets will be distributed according to state laws, which may be drastically different from what deceased would have wanted.
If the house you inherited still has a mortgage it is possible that the lender will call for the balance of the loan to be paid off. If you do not have the money to pay the loan you will need to take out a new mortgage in your name. Most mortgages in today’s environment have this sort of due-on-transfer or due-on-sale clause written in.
Taxes, Maintenance, and Violations
After you have completed the probate process and actually own the house, you are responsible for its up-keep. This includes property taxes, interior and exterior maintenance, correcting any code violations. Owning a house has many benefits but also requires time and money. Given that you most likely won’t be living in the property, you have actually inherited a new job: landlord. Being a landlord presents a special set of challenges; tenant screening, collecting rent, repairs, etc.
Inheriting a house can definitely be a financial gain for the beneficiaries however, as you have just read, there are several possible issues that may need to be addressed. If you decide that you would rather not deal with any of the burden we are happy to assist. Proud Start, LLC is locally owned and operates throughout the Bay Area. We will buy your house, fast for cash. We buy Bay Area houses and are always sympathetic to your situation. Fill out the form on this page or give us a call today at (925) 240-3096! We will work with you to create a fresh start you can be proud of!
155 Sharene Ln #301
Walnut Creek, CA 94596
Fill out our form to get started. There is absolutely no obligation. We buy houses for cash so that you can sell your house in the easiest, most hassle-free way possible.