Your loved ones meant well when they left you their home. You can live in it, rent it, or sell it. That said, the complex legal environment can make the house become a burden. The high costs of maintenance, while you try to sort out the title issues, can dent your savings significantly. In Long Island, the prices of properties have risen by 4.9% to a median price of $429,999 in recent years. So, it is the best time to sell your inherited property fast.
In Long Island cash for homes companies offer fair market value for your property and will handle all the paperwork for you as well. All you need to do is get in touch and start the process.
Probate versus Inheritance
Inheritance is when a family member dies and leaves their house to you. Probate is the process along the way that proves that the will is valid and that you are the rightful owner of the house.
Selling the House While Still In Probate
It is a good idea to sell the property while it is still in probate. This will help you save the hassle of maintaining it while the title transfers to you. There are several Long Island cash for homes companies that offer to buy inherited houses with title issues.
As per the inheritance laws in Long Island, selling the house in probate means that the executor will sell the property and distribute the proceeds to the beneficiaries. This process of establishing the beneficiaries and selling the property are simultaneous and saves time.
Selling the House While Still In Trust
When the house is in trust, then the trustee can sell the property and transfer the proceeds to you. You save time, as waiting for the transfer of the title of the house is not required. The procedure to sell the home while it is still in trust is below:
- The death of the original trustee is recorded
- A title search is carried out
- House is appraised
- The real estate agent is hired
- The buyer signs the purchase agreement
- After closing, the proceeds are transferred to you
Waiting Period before Selling
Typically there is no waiting period before you sell the property; there is, however, the time taken to determine the amount of tax you need to pay on it. The tax amount may vary if you sell the property during this period.
Mortgages and Other Obligations on the House
The house may still have a mortgage on it, or there may be other obligations, like taxes, attached to it. The state laws applicable to Long Island specify estate taxes on properties. These taxes can go up to 16%. Any overdue can hamper the sale of your property. So, selling the property fast is your best bet to get out of this tangle soon.
Several house wholesalers make it easy for you to sell inherited property immediately for cash. They take the property off your hands despite the title issues. Also, at the end of the sale, you will probably walk away with a large sum in your bank account.
