Selling Inherited Real Estate Is Not For The Faint of Heart

Written by Channel 12 Richmond on April 30, 2013. Posted in Fiduciary loan, Heir advance

Probate problems

Most people find that the sale of inherited real estate to be a bit different than the sale of a personal residence. Many executors, heirs and trustees learn of the problems of taking control of a property form a deceased owner quite quickly. The property is rarely ready to be put on on the market and the various decisions create several probate problems.

In the sale of inherited of real estate, the executor generally has to decide if they want to sell the property to a retail buyer or an investor. If they sell to a retail buyer, the house must be prepared for maximum value. Generally, there will at least be cosmetic repairs needed. But often, major repairs are needed as well. The question usually arises as to who will pay for the repairs and who will do them?

If they decide that the sale of inherited real estate will go to an investor, they will most likely have to sell for a deep discount. When selling real estate in probate to an investor, the biggest advantage will be an all cash sale and the ability to walk away from the property without having to do anything to it. In the sale of inherited real estate to an investor, they will usually pay for closing costs, repairs, title transfer and taxes. In the sale of inherited real estate to an investor, it is possible to move the process a long much quicker.

Getting a probate loan or probate cash from trust lenders are a possibility, but they should be considered carefully. It would wise to discuss the pros and cons with your probate attorney and even your accountant. The sale of inherited real estate is rarely a smooth or pleasant event. Fortunately, many people find that it a job that they only have to do once.