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Are you the inheritor of a property and seeking a quick sale?

Coping with the passing of a loved one can be a challenging experience. In addition to the emotional turmoil, you may also have to manage the burden of an inherited property, which can add to your stress. Retaining the property would mean having to handle numerous expenses linked to it.

Repairs – Maintenance – Inspections – Inheritance Taxes – Mortgage Payments and much more

If you have inherited a house from a loved one, there are various options available to you. However, many people choose to sell the property quickly and move forward with their lives. If you are interested in pursuing this option, please do not hesitate to reach out to us today.

All-in-one place: the process and expertise.

With more than 18 years of experience, we specialize in helping individuals sell their inherited homes quickly and easily. When you choose to sell your home to First Capital Home, you can avoid the costly repairs and commissions typically associated with selling through an agent.

We strive to make the process of selling your inherited house to us as easy and fast as possible, while ensuring that you always receive a fair and profitable deal.

Our team can also provide:

  • Mediation services with your family’s attorney to resolve any blockers that may arise during the process
  • cash advances to assist with moving, storage, past bills, or other financial hardships
  • help to rectify difficult or unresolved heirship issues that may be complicating the sale

No will Prepared

Resolving complex heirship and title issues is our specialty.

Inherited Debt

We eliminate any debts and judgments against the inherited property.

Family Conflict

We provide assistance in resolving family conflicts and reaching resolutions.

Clutter & Vandalism

All the junk, trash, and hauling will be taken care of by us, so you can sit back and relax.

Costly Repair

We purchase houses in their current condition, regardless of any deterioration, damage, or need for repairs.

Tenants and Vacancy

We handle existing tenants and vacancies.

How would you define probate, and in what situations is it necessary?

Inheriting a house can be a daunting process, and selling it can become an even more difficult task. Once the house is inherited, there are major steps to encounter before it can be sold. The first step is to determine whether there is a will that needs to be probated, or whether the property was placed into a Trust. If none of these plans were made prior to the decedent’s death, the house will have to go through the court system.

Proper estate planning can simplify the process of selling a family home after the death of a parent, spouse, or loved one. It can help avoid probate, which can be a lengthy and costly process. The goal is to help the family navigate through these difficult times while ensuring they accomplish the goal of selling the property with the least amount of impact on the estate and heirs, while also being timely.

At First Capital Home, we understand the complexity of selling an inherited property. We have over 18 years of experience in helping people cash out on their inherited homes. Our team specializes in resolving complex heirship and title issues, removing debt and judgments against the inherited property, and dealing with existing tenants and vacancies. We aim to make the process easy, fast, and profitable for you.

What Process Do I Need To Sell?

The answer to this question depends on the arrangements made by the decedent prior to their passing.

  • ownership of the property is transferred to the beneficiary(ies) named in the Will.
  • If the decedent left the property in a Trust, the Trustee can sell the property and distribute the proceeds to the beneficiary(ies) as outlined in the Trust, which functions similarly to a Will.
  • If there is no Will and no Trust for the property, then an administration process must be completed, dividing the estate equally among all heirs.
  • There are situations where selling a property without undergoing any legal process can be achieved if the property is co-owned, as explained below.

We are able to work with the family to complete the process in a timely manner, regardless of the specific procedure that needs to be followed.

Probating A Will

If someone passes away leaving a Will, the document usually specifies one or more individuals (called the executor) who will be responsible for managing the estate and distributing the decedent’s possessions to the beneficiaries named in the Will. After the Will is validated in court, the executor is appointed. There are two ways to sell the property once the Will has been probated:

  • The property can be sold while it is still in probate. Once the court appoints the executor, they can sell the property and distribute the proceeds according to the provisions of the Will.
  • After the probate process is complete, ownership of the property is transferred to the rightful heir(s). At this point, the heir(s) can sell the property like any other real estate transaction since they now own the property.

A Property Left In A Trust

The act of placing one’s property into a Trust involves appointing a Trustee to make decisions for that property, which can be advantageous in various ways.

  • During the lifetime of the settlor, the Trustee has no authority over the property and only gains control after the settlor’s death. -This scenario is common when a minor child is the intended beneficiary of the Trust. Moreover
  • Trust can eliminate the need to undergo a court process to sell the property.
  • After the settlor’s passing, the Trustee can sell the property while it is still in the Trust, and the proceeds are then transferred to the beneficiary.
  • The Trustee can transfer the property title to the beneficiary, who can then sell it. If a minor is involved, the Trustee may continue to manage the Trust until the minor reaches adulthood.

Property Jointly Owned

In order to transfer title or sell, there exist three types of jointly owned property which do not require going through a probate process.

  • One way to write a title is through joint tenancy with rights of survivorship, where co-owners have equal shares of the property and full ownership is transferred to the surviving co-owner upon the death of one co-owner. Typically, proof of death is required to transfer title or sell the property.
  • Real estate owned as tenants by the entirety denotes that the property is owned by a married couple as a single entity, and not as individuals. Neither spouse can sell or transfer the property without the consent of the other. In case one spouse passes away, the surviving spouse assumes full ownership of the property, and if they decide to sell, the property can be transferred without undergoing probate proceedings.
  • Some states acknowledge and permit property to be community property with the right of survivorship, which means that if a property is bought after marriage, both spouses have equal rights to it and it transfers over to the surviving spouse upon death, just like joint tenants with rights of survivorship. It is important to note that community property is not recognized in New York State.

Administration

Sometimes, selling an inherited house can be challenging when the deceased person did not have any estate planning, such as a will, trust, or joint ownership of the property. This results in a complicated administration process that involves court approval and collaboration with all the decedent’s heirs.

  • To complete this process, the estate requires the appointment of one or more immediate family members as the administrator or co-administrators.
  • In order for one or more individuals to be appointed as the administrator (or co-administrators) of an estate, all the heirs must come to an agreement and sign off on it. Typically, the heirs will choose a person they believe is best suited to make decisions for the estate.
  • All heirs are entitled to an equal share of the estate’s proceeds, and it is required that they are distributed accordingly.
  • In some cases, the process can become more complicated if one or more heirs do not cooperate or agree with the majority. This can lead to further court intervention.
  • After an administrator has been appointed, they have the authority to sell the property or transfer ownership to all the heirs, who can then sell the property themselves. Selling the property with the administrator is often less complicated, especially if there are several heirs involved.

Our team collaborates closely with the family throughout the entire process of selling the property, regardless of how the heirs or beneficiaries are able to sell it. We have a team of estate specialists who review each case on an individual basis and work with the family to determine the best course of action. We also work with the family’s attorneys to ensure a smooth and successful outcome for everyone involved.

Contact our team at First Capital Home and let us utilize our decades of experience in estate and probate sales throughout New York to assist your family.