If you’ve inherited a house you need to find out if it is in a trust or not. If the inherited house is in a trust with you and the other heirs as successor beneficiaries then it’s just a matter of getting the house re-deeded to the successor beneficiaries. At that point you can sell it or keep it and rent it in a separate business name.
If the inherited house is not in a trust then it must be probated. Once you are appointed as the personal representative you then have the power to sell the property. If the will has not been proved yet or is contested you will need the courts permission to sell. If the 90 Notice To Creditors period has passed you can deposit the proceeds in the bank account you set up for the estate. If that period has not passed then the proceeds must be placed in the court registry.
If the will has been proved, you can then sell the property, pay off any creditors that stepped forward and then disburse the proceeds according to the terms of the will. In most states the personal property must be sold to pay the creditors first before the real estate is sold. Personal property would include checking and savings account balances, household goods, jewelry, autos, stocks and bonds, etc.
What if there is a reverse mortgage?
Keep in mind if there is a reverse mortgage on the property you have a limited amount of time to pay off that mortgage. The terms will be spelled out in the note and mortgage.
Want to make the selling easy and hassle free?
If you have an inherited house and don’t want to spend your time, money and hassle of getting it ready to sell or waiting for an agent to sell it then call us at Rapid Home Deals 352-446-8559 or go to our web site.