Do you have an inherited property or home in probate and are considering selling? If so, fill out our "Quick Home Evaluation Form" and we will contact you as soon as possible to review your options.
- Avoid Realtor Commissions
- Avoid Repair Costs
- Avoid Family Disputes
- No Building Inspections
- No Appraisal
- No Days On Market
- Get Fast Cash
- Close Fast
Starting Point is the premier real estate solution company in the St. Louis & St. Charles MO area. We buy homes with cash, no financing contingencies and we close fast. Any price, condition or location. Contact Us.
Do You Have An Inherited Property?
Inheriting a home can seem like a great windfall of a valuable asset, but in fact, this can lead to a lot of unforeseen problems for the inheritor, especially if they already own their own home. If you find yourself in this situation, Starting Point Real Estate can assist you!
If the house has an outstanding mortgage, you are only able to assume that mortgage as your own if you plan on living in the house yourself. If you want to keep the house as a rental, you will need to pay off the remaining mortgage out-of-pocket. Otherwise, the house will need to be sold in order to pay off the debt owed to the bank. Having a tax professional as a consultant in this manner will be necessary as there may be taxable revenue generated if you sell the house.
If the property is unencumbered (paid off) and you intend to keep it for nostalgic reasons, you may still be held accountable for taxes. Regardless, estate taxes need to be settled and the property may be kept in probate for quite a while to account for what is owed upon the deceased's estate. More questions about inherited homes? Contact Starting Point Home Solutions today!
House In Probate?
Probate is a legal process that takes place through Probate Court. The sole purpose of probate is to ensure that the property belonging to a deceased person is distributed properly according to the decedents will and state laws. If no will is in place the Probate Court assumes jurisdiction over the property and has the final authority over its distribution of assets.
When an individual’s estate enters into the probate process it can take several months, or even years, before the case is settled usually ranging anywhere from 6 – 12 months. During this time the estate will usually incur substantial court and attorney costs which can drain the real property of all its equity leaving the family with much less than what they are owed or nothing. When this occurs the Probate Court orders the sale of all property in order to recuperate legal fees and court expenses, leaving the family with nothing.