Inherited Property Isn’t Always a Gift
When a parent, grandparent, or other loved one dies it can be devastating to their family. Unfortunately, if that death means that a member or members of the family inherits the loved one’s home or property, it isn’t always a benefit, though of course it was meant that way.
Sometimes Inheriting Property Is a Liability
Sometimes the inheritance of a home can be a tremendous liability to an heir or heirs, because it comes with an overwhelming number of unforeseen difficulties, responsibilities, and expenses that no one in the family is equipped to handle.
Your Inherited Property Needs to Go Through Probate
Did you know that all inherited property must go through the process of probate? If you’re the heir to a piece of property, this means that you are responsible for finding and collecting all your loved one’s assets, paying last expenses, filing last taxes and distributing everything that was left among between creditors and heirs.
Do You Have the Time – and the Money – to Go Through Probate?
Do you know what probate costs – or how long it takes? In a nutshell – In Georgia, the simplest uncontested probate process takes 6 months, and will cost a minimum of $2,000 to $2500 dollars. If anything – and we mean anything – is more complicated or you and/or other members of your family disagree on the smallest thing – it can drag on for more than 2 years and costs thousands of dollars – or more!
Inheriting Property Can Cost a Lot of Money
Someone who has inherited a home has the choice of taking over the mortgage (if there is one) and living in it, renting it out, or selling it. However, it’s vital that the heir(s) find out exactly what their legal options are for each of these actions, because holding onto the property isn’t always a good idea. Keeping a home can sometimes drain an entire family’s financial resources, either because the mortgage is too high, the home is no longer worth what is owed on it, or to keep it you will be forced to refinance the mortgage in your name.
Inheriting Property Can Be a Lot of Work and Trouble
Keeping an inherited property in the family may be important for sentimental reasons, but the reality is that it can also be a tremendous problem, particularly if the home isn’t in good shape, has been significantly damaged, or is in a poor area of the city. Trying to hold on to a defective home can take mean much more trouble than its worth, so it’s important to consider what it means carefully.
Can You Afford to Inherit a Home?
If you keep the home, do you have the finances to handle it? Can you afford to pay the monthly mortgage, insurance, and the yearly taxes on the property? Do you have the money to fix it up so it the home is truly livable – or sellable down the line? Our clients are often surprised at what they will have to do – or how much it costs to inherit a home to either live in – or sell.
What To Do If You’ve Inherited a Problem Property
The answer to that question is this: pick up the phone and call GWG Properties for a complimentary consultation. We can give you the information you need to figure out the best course of action. We can walk you through every scenario, educate you about every option, and help you determine if keeping the home is worth the heartache and headaches you may have to endure. You may well discover that selling the home quickly is what will serve the entire family’s best interests – and the greater good!
We Can Help You Handle All the Details
If you decide to sell your property, we can explain the entire process for you – and help you move through this complicated process more quickly. We are fair, we are fast, and we can handle all the footwork for you. You don’t need to hire a contractor, a realtor, or call a lawyer – you just need to sell your home quickly – and we can make that happen for you. There’s a reason we’re called GWG Properties – because we are! Let us help you deal with selling your property successfully – so that you can have the cash in hand tomorrow!