What to Do If You Inherit A Property You Don’t Want to Keep

When you inherit a house, while it may bring you financial gain, it can also create increased legal and financial responsibilities. It can mean you need to negotiate with siblings, and the whole situation is emotional.

Our investors, and their quick close bids, can help!

#1): Make a short-term plan for property upkeep. This includes making sure the homeowners insurance policy is correctly titled. You need to maintain the home for a few weeks while next steps are finalized.

#2): Get copies of the death certificate. We’re sorry, but it’s hard to get anyone to help you, in any way, without it.

#3): Find out if the property was in a trust, if there was a will, was the mortgage paid up-to-date? Are there multiple stakeholders? If there’s no will, you will want to learn about something called Affidavits of Heirship. An online search can give you lots of tips, and all of this information will be important. Our home advisors can help get a title search run or recommend an attorney if that’s necessary.

#4): Make a plan for removing valuables from the property. Many of our investors will make a bid that includes them getting rid of “junk” post-closing…but most sellers want the important items, or most valuable items, taken care of before closing.

#5): Even if probate is necessary, a cash buyer can frequently buy the home while the probate process is still going on. The court will usually request a couple of different opinions of value – and our home advisors can help with this. A sale of an inherited property may not be immediate, but it may not take as long as you think.

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