Inheriting a property can be a good thing for many people but often times it can also be a burden.
Especially if the property is in another state, vacant or in need of repair and maintenance. It could have an existing mortgage with a loan balance continually increasing due to missed payments, legal and late fees.
The person inheriting the property may also have to endure the legal procedures before they become the new owners.
How the decedent held legal ownership to the property will determine the path of those legal proceedings.
Examples ownership may include, if the property was owned by a trust. Whether the property was the decedents homestead, or if the requires probate proceedings .
In a significant amount of cases, these legal proceedings can cause long delays to closing.
There is also tax implications to consider.
We are well versed in the world of legal complications that can effect title to real property- having purchased a great number of homes in Florida. We can help you navigate the process and work towards a positive resolution to your situation. Whether the thought of significant time and investment required to maintain the property or the complexity of the LEGAL situation has begun to weight on you, selling the property to a qualified and experienced real estate investor may be an attractive option. It’s the first step in relieving the associated stress.