Inherited House

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Have you recently inherited a house?

When a person passes away, their property is put into a court process called “Probate”. Probate is a legal proceeding used to liquidate and settle a person’s legal and financial affairs after death. The court examines wills, estate plans, and other legal documents to determine the legal beneficiaries. The probate process can be complicated, time consuming, and expensive. If you’ve recently inherited a house, we are here to help.

IF THERE’S NO WILL

What happens when there’s no will?

Sadly, more than 60% of American adults do not have an estate plan. When no will or estate plan is provided, the process to determine the beneficiaries and how the property is distributed will be dictated by the state. This creates a complex nightmare of legal and financial problems, and it can be overwhelming for families to deal with the loss of a loved one while meeting with lawyers, accountants, funerary services and more.

Foreclosure can happen in as little as 6 months following your first missed payment.

Note: This is a representative example. The foreclosure timeline can vary on a case-by-case basis.

61% of Americans do not have an estate plan

84% of single/never married Americans

70% of Americans with children under age 18 living in the household

34% of Americans age 55 and older

Source: rocketlawyer.com – conducted online by Harris Interactive

INHERITED COSTS

What are the costs of an inherited house?

Most probate homes are in fairly bad shape because many times the homeowners were elderly, ill or just unable to provide proper maintenance. Having a home sitting empty during the probate process can create mounting costs too. Maintaining a vacant home can be expensive, especially if the beneficiaries live in another state. The beneficiaries will also be responsible for all the necessary repairs before either living in it, renting it, or selling it through a realtor which can be expensive if the house is in poor condition.

Maintenance

Items such as HVAC replacement, foundation and plumbing repairs, and carpet cleaning add up.

Home Insurance

The cost varies depending on where you live, but the national average is $1,000 a year.

Utilities

Factor in an extra $3,000 annually to cover utility costs such as electricity, gas, and water.

Property Tax

Expressed as a percent of your home’s value, Americans pay an average of $2,216 each year.

Mortgage Interest

The cost is highly variable, but expect to pay an annual interest rate of 3% to 5%.

Private Mortgage Insurance

Costs between 0.3%-1.50% of mortgage but only applies if you don’t have a 20% down payment.

Renovations

Plan on setting aside some extra cash for various renovations and updates as they arise.

Homeowner's Association Fee

HOA fees cover the costs of maintaining public spaces and are a required for many homeowners.

Closing Costs

Closing customs will vary usually equate to about 2-3% of the cost of the home.

Source: Business Insider, Zillow, Credit.com, Bankrate

WHY CHOOSE US

Sell with confidence

We’re honest and clear.

You can trust that we’ll stick to our word and stand by every offer we make. We execute your contract at the price and timeline we promise.

We make it easy for you.

You won’t have to worry about repairs, multiple showings, or waiting for money. We take care of it all and give you flexible closing and move-out options.