Tag Archives: home

Processes for an inherited home -Realtors® & Legal

This article is the second in a series to assist when you have inherited a property. The first article advised the immediate actions at the commencement of possession. Relationships and family matters are the first priority. After wrapping your head around your newly acquired responsibilities, professional real estate and legal consultations will guide and direct you through this process.

Processes for an inherited home

Preserving relationships during this emotional period will aid in creating a team of trust. The consequences of inheritance may have been previously known and expected. There may be high emotion or extreme surprise of the situation. Your new duties may include being a mediator, counselor, parent, and for lack of a better label, “leader of the pack”. Until the legal disposition of the property is received, in hand, by an authority, your response will be, “I will confirm the outcome when it is received”.

A consultation with an attorney is highly advised. If the will states an executor/executrix, the responsibilities are in writing. Direction for probating the will and executing the duties will become a court order. Laws vary by state. Documentation will be required by the real estate agent, Title Company and/or attorney(s) for transfer of the property.

If the inherited property is in the name of a trust, consulting with an attorney is also, advised. A trust may have detailed instruction for maintaining, liquidating, who may reside or visit in the home, disposition of the house’s contents, etc. The trustee will be directed by the contents of the trust. If the home is to be sold, a copy of the trust will be required by the Realtor® for confirmation of the authorized signer for all contracts and property deed/title transfer. Laws vary by state and jurisdiction.

The legal outcome of the authorized individual may not be well received by all involved parties. The authorized decision maker may be taking steps not conducive to named beneficiaries. The foundation of all decisions is now based on the written instruments created by the deceased homeowner. Your response will now be, “I am carrying out instructions based on “named deceased” wishes”.

If the home owner died without a will, intestate, an attorney will need to be consulted. No action can be taken until the inheritance of this property has been legally established. Laws will vary by state and jurisdiction. Legal counsel is highly advised.

A well-established Realtor® or real estate broker can assist you through the process of the documentation required to sell the inherited home. Unless they are an attorney, they cannot offer legal advice.

A real estate agent can professionally recommend the steps involved for listing the inherited residence for sale. He or she can provide a comparative market analysis (CMA) for consideration of the list price. A CMA does not replace or substitute for an appraisal. The real estate agent can also counsel with sale projections based on any changes that can be made to the house.

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Grow a down payment

Buying a home is within everyone’s reach. Attitude and discipline will assist in reaching your goal. First time home buyers are creative people. You can grow a down payment within the means you are living with now. Home ownership will benefit your financial bottom line. You may be paying higher rent than a future mortgage payment calculates.Grow a down payment

Review your expenditures. For one week, write down every cent you spend including gum, candy, coffee, soft drinks, movies, drive-thru and impulse purchases. If you are buying $5.00 per day, for on- the- go coffee or soft drinks during a work week, it totals to $1,300.00 per year.

Toll road fees appear to be incidental to save 15 minutes of commute time. If the toll is $3.00 each way to work, five days a week – a one year total is $1,560.00.

How bad do you really want your own home?

Quit eating out. For the cost of a chef salad in your local restaurant, you can purchase salad ingredients at your local market for a few days of salad at home. Salads do not require a lot of “cooking” expertise. Learn how to cook your favorite eateries’ entree. Your down payment fund will grow exponentially. Create events such as picnics for a new view instead of the golden arches. Barbecuing in your new back yard can be a dream come true.

Do you own a boat, motorcycle, ski-doo, snowmobile, RV or classic car being stored? How often do you utilize these fabulous grown-up indulgences? Sell these items. Add up how much you will save in insurance, maintenance, storage fees and running costs. Grow your down payment. Buy your home. Buy another fancy schmancy fun extravagance to store in your new garage.

Eliminate debt, starting with the smallest balance first. Observe the amount of monthly interest you are being charged on the account. Paying off each bill will allow that dollar amount to be saved toward your goal of home ownership.

One person’s junk is another person’s treasure. Consider a garage sale or selling unused items on Ebay, Craigslist or other auction sites. If the motivation is to own your own home, think of getting rid of “things” as less to move when you switch to your new house. Less stuff to move will also lessen the moving expense. Your down payment will grow with each deposit from the sale of possessions you no longer want or need. Do not buy anything you do not actually need until your down payment goal is met. Weigh the difference between “want” and “need”.

Each of these suggestions will take fortitude, tenacity and the extreme desire to reach your down payment goal. Increasing your income with a second job can expedite the process. It is still possible to make the dream of home ownership a reality in your near future.

Share your success- add a comment of any additional ideas you may have for growing your down payment.

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