Inheriting a house can be a complex situation, figuring out if you’re responsible for paying taxes, existing mortgages, or HOA fees. Its no wonder some people will decide to skip a lot of this headache and quickly sell a property for cash. This article will cover the top 5 most common reasons people come to Gold Leaf Home Buyers to sell an inherited property for cash.
1.The deceased will requires you sell the property
On occasion the deceased will specify in their will or trust that their home or in some cases homes must be sold and the money distributed between the beneficiaries.
2. To settle and prevent liabilities
When you are an executor of an estate you have a lot of responsibilities along with a lot of risks. As the executor you are responsible for ensuring debts are paid, this includes things like taxes and mortgage payments and securing the estate and assets. Rather than dealing with payment of these while also trying to fix any needed repairs to the home many people opt to sell the inherited home for cash to a company like Gold Leaf Home Buyers.
3. Expedite the process of liquidating the estate
A lot of times relatives of the deceased are out of town, have jobs and other obligations, expediting the process of liquidating assets can be a lot easier than maximizing the sale of every asset. Costly repairs, drawn out open houses and family conflict can draw out the process of selling a home, going to a company like ours for a cash offer on an inherited home can solve this issue.
4. Avoid out of pocket costs
When the inherited property is payed off in full there are still things such as taxes and home owner association fees that need to be paid or the executor risks a lien on the house. When there’s still a mortgage on the property the executor will need to take care of the payments out of pocket until they can sell the property or risk a lien. This can be financially devastating for families who have inherited a house depending on their financial situation. Selling the inherited property for cash can allow the beneficiaries to avoid thousands of dollars in out of pocket costs.
5. Tragedy of the loss
The death of a loved one, especially when unexpected is always difficult. Planning funeral services can be hard enough without the talk of a will or trust to deal with. Many families do not have the energy to handle the property and legal process of probate through this very difficult time and instead opt to sell their inherited property for cash.
Selling inherited property for cash
The above reasons are the most common for selling an inherited or probate property for cash to a company like Gold Leaf Home Buyers. We understand these situations can be complex and ever changing, for a free consult please contact us.