It’s an unfortunate reality for every individual that one day, we will pass away. Some people arrange for the end of their life while they are alive, but many do not. This can create a complicated problem for your family, as it may result in your final assets going into probate.
The most commonly asked question about probate is: what is it? Probate is one way of distributing a person’s assets as declared in their will. If a person did not leave a will before their death, the State or jurisdiction they lived in will take over the task of finding the legal beneficiaries. Now that may sound scary, but probate can be more simply described as the legal process of what happens to your possessions after you pass away.
Things like cars, stocks and bonds, retirement funds, your home, and other personal assets are all considered to be part of a person’s estate. If a person left a will, it will be reviewed by a court to determine if the document is valid, and then the decedent’s assets will be distributed appropriately. If a person did not leave a will, the court will then appraise the value of the estate, pay off any outstanding debts and claims, and then distributing the remaining assets.
For most people, the most valuable asset they own is their house. If the homeowner dies suddenly or unexpectedly, they may not have specified what should happen to their home after death.
An all-too-common occurrence is that the home becomes the property of their next of kin, usually an immediate family member. Often times, the closest family member or relative already has a house, and does not want or need a second house. It is also quite common for the inherited house to need some work done. Anything from minor yard work and cleanup to major electrical, plumbing, or structural repairs.
Getting rid of an inherited house can be a challenge, especially if you live in a different state from your deceased family member or relative. It may sound crazy, but a person’s greatest asset can in face become a significant burden for their family members.
So what should you do if you inherit a house from a relative? There are a lot of factors to consider. You may or may not be in the same state as the house, and as a result may not be able to visit the property in person. The house may also need some repairs in order to make it ready to sell – assuming that is the route you want to go. At this point in your life, other constraints from work and family may prevent you from taking on a project house.
It can be difficult to find a realtor who specializes in selling these types of homes, and they may not give your listing the same amount of attention as their other listings. This is further complicated if the deceased relative lived in a different state such as Florida or Arizona, possibly in a different time zone from where you are located.
There is one option for selling an inherited home that you may not have heard of. Companies such as BuyMyHome specialize in purchasing distressed and unneeded properties and can offer a quick and painless alternative to the probate process or selling through a distant real estate agent. All it takes is a quick phone call or visit to BuyMyHome.com to receive a fast cash offer on your home. BuyMyHome takes care of everything and can offer fast closing times, allowing you to get on with your life instead of dealing with the court system.
To get a cash offer for your home, call 602-892-0353 today or visit www.buymyhome.com.