Have you recently inherited real estate from someone close to you and are wondering what to do next? In this video, I’m going to answer the seven most common questions people have when they inherit a piece of property. By understanding the process, you’ll be better prepared to take care of your new property during this difficult time.
Inheriting Real Estate
First off, I’m really sorry for your loss. Selling a property of a loved one can be very difficult, but there are processes specifically set up for situations like this.
When you inherit the property of someone that you love, the process of selling that property is not a traditional process. Most likely, you have other heirs involved in a property that have rights also. You might have debt on the property. On top of that, there’s probably personal property that was left behind that needs to be taken care of as well.
We’ll look at some common questions to better understand the process so you’ll know exactly what to expect.
1: Do I Need An Attorney?
The very first question that most people ask is if they need an attorney. The answer is yes, you must get the right guidance. It is not your typical transaction where you can call one of your friends and get solid advice on.
Unlike a traditional sale, there’s a legal process that you must go through. I’m not a real estate attorney, but if you find yourself in this situation, you should be consulting with one. If you need an attorney, I’d be more than glad to refer you to one that will specialize in this particular process.
2: What Do I Need To Know?
Once you have your team of professionals located, I encourage you to learn as much as possible about the process. The more knowledge you gain, the easier it will be to communicate with everybody so the process will go smoothly.
3: What Do You Do With Personal Property?
Another common question is what to do with personal property that’s left behind in the house. The unfortunate part is, when someone passes, no one’s left behind to guard over all their personal property. Things like burglary, theft, freezing, and all sorts of things pop up. These problems must be handled immediately.
4: How Do You Take Care Of The Property?
The first thing that I recommend is that the property is secure. The second thing that you do is you want to make sure that the property is insured. Another thing that you’re going to need is a team of people that can help you with all of the items to clean out this property, weatherize it, and make sure there are no issues moving forward. If you’re going to be selling the property, you need to have it vacant and broom-cleaned so it can be marketed correctly.
5: What Happens In The Process Of Probate?
Probate is not a quick process. It’s is a legal process that must be followed completely. One of the things that we need to know is if there was a will left behind on that. A will is a legal document that determines what happens to the property after the passing of the deceased. If there was a will left behind, then the process will be a lot quicker.
If there wasn’t a will, the process will take more time. This is the reason why it’s really important to have a probate attorney that can outline the complete process. At this point, we can determine how you want to sell the property. A company like ours can make you an all-cash offer, or we can list a property and market a property to receive a retail value.
6: How Long Does The Probate Process Last?
On average, the probate process takes up to six months. If it’s complicated, it can take longer, sometimes even up to 12 months. Everything revolves around several factors, and that’s why I highly recommend that you find a qualified probate attorney.
7: What Happens When We Sell A Property In Probate?
Once the legal processes occur and you’re given the green light to sell the property, it becomes a traditional sale. As we said, a company like ours can come in and either offer you an all-cash offer or we can help you sell the property. The all-cash offer can be sold in an as-is condition, or there are other possibilities that we can discuss. If you decide to list the property, we can also help you with that.
You have many different options available, but most importantly, it matters what you are looking to do. This is the time that you and your heirs collectively must consult and determine what outcome you wish to have of the property. Regardless of what you decide, we can facilitate the sale of the property based on your needs.
Helping With Your Probate Needs
I hope these tips provide you with some basic information on what you need to do first when inheriting property. Ultimately, it comes down to what your needs are and what you decide to do with the property.
If you have any further questions, please feel free to reach out to me and I’d be happy to help.