When a love one passes on, it can be a hard situation to process for their living relatives. Having to handle a newly acquired property with no knowledge of property management can prove to be more of a burden than a gift adding unexpected taxes and overwhelming responsibilities.
Inheriting an expected property can be a huge responsibility and liability to heirs, adding hidden expenses, taxes and the cost of maintaining the home or selling and paying for realtors can prove to be more than some families can handle or afford during these uncertain economic times.
Inherited Homes & The Probate ProcessWhen you inherit a home, that property is required to go through a process known as probate. If you are the heir to a property, you will be responsible for paying final expenses, final taxes and gathering assets for accurate distributions between creditors.
The probate process has a cost! –The quickest and simplest probate process is about 3-6 months long. If there is even the smallest disagreement amongst heirs or family members, the process can then be extended by an additional 6-12 months costing between $2,000–$50,000 or more.
When you inherit a property, you can do a few things with the home. Either take over the mortgage, move into the home, renting the home or selling the property. Retaining possession of properties without equity can be finically destructive. Causing you to drain your savings or ruin your credit, losing your financial security.
Some heirs will try to keep a home that was inherited in the family as an heirloom that serves as a generational keepsake holding sentimental values but very little retail value which can prove to be problematic, if that home is in a bad neighborhood, or is in distressed conditions. Holding onto a defective, unlivable property can prove to be money pit!
When you inherit a home, do you have the money to manage a property? Do you have the disposable income to afford a second mortgage, with property insurance and taxes? Inheriting a home adds another house to your responsibilities that requires upkeep and maintenance. Our ultimate goal is to make this process easy comfortable and profitable, Contact us and we can help you find peace and comfort during these tough times and process.
