When property is dealt with as the result of a will, it has to be probated, which is a legal process completed by a lawyer. However, many people avoid having wills probated, especially when it comes to selling inherited houses. Without probate, you can sell off your inherited home quickly and with little hassle. Here are a few reasons why you should avoid probate.
- Avoid taking on any liabilities. With probate, you become the executor of the will, which brings on a myriad of responsibilities, including property taxes, mortgage payments, and maintenance costs. If you don’t take care of everything related to the probate action, you can end up losing money instead of making a profit when selling your inherited house. Holding onto the home (especially an old one) can come with unexpected costs, such as utility bills, taxes, and repairs. By selling it, you can avoid these liabilities and come out with a nice profit.
- Liquidate the asset quicker. In the event of a person’s death, distributing his or her assets and wealth between the deceased’s living heirs can become a messy, drawn-out situation, especially when family members do not get along. By selling the house right away, the heirs don’t have to worry about repairs or home maintenance costs. Commissions and other legal fees can be avoided as well.
- Quash any potential disagreements between heirs. A house may be difficult to split between two or more heirs, so liquidating the inherited house is a quick and easy way to get money to distribute instead. By splitting money up quickly between the heirs, family members can move on from painful reminders of the deceased, especially in the cases of family feuds.
- Avoid extra expenses. If you inherit a house that hasn’t been paid off, you have to assume the mortgage payments. Even if it has been paid off, you still have to pay taxes to own the home, plus other expenses to maintain the property, such as lawn care, appliance repairs, and security systems if you live away from the property. A traditional sale of an inherited house through a real estate agent means paying for upgrades and repairs before the home is presentable for the market.
- Leave the burden to the professionals. You deserve to grieve properly without having to worry about maintaining the property or probates. By choosing home investors instead of probate, you can wash your hands of the home-selling process so you and your family members can grieve in peace with no unneeded distractions that drain more of your energy.
- Selling the property by requirement. Sometimes, the deceased does not want to leave his or her home to a specific heir and says in no uncertain terms that the property should be sold. In that case, that person’s wishes should be respected and the proper steps should be taken to sell the home.