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What is Probate on a House in My Area?

January 12, 2021 • DAMEAN

Introduction to Probate on a House in NY

If you have inherited a house, or became an executor/executrix of a will, you need to know what probate on a house is? This is a legal process.

What is Probate on a House in NY?

Probate on a house is intended to prove that the will outlines the last wishes of the deceased. If claims against the will arise they will be dealt with through the probate process.

Probate on a house is carried out through a probate court. This court determines if the will is valid. It also verifies the executor has the authority to carry out the wishes of the will. It also gives authority to the executor or inheritor to conduct the probate house sale process if desired.

Probate laws can vary amongst the different states, but usually have much in common.

There also can be some differences. It is important that real estate agents in NY, or any other state, involved in this type of sale understand these laws.

Selling a House in Probate Decisions

Often the individual who has inherited the house has some mixed emotions when it comes to selling the home.

It could be that it is the home that they grew up in. Now that the parents have passed there is no need for the individual who inherited it to keep a second home.

Probate laws in Ballston Spa, NY.

Still, having to sell the house can be difficult because of the emotional attachment. Then having to go through a probate case, which is a legal undertaking, adds to the stress.

During this time, it is important to be able to rely on the right professionals. They can walk you through the entire process with as little stress as possible. You will need a probate lawyer to handle the probate legalities.

Then you should also rely on a Realtor that has experience with probate house sales.

If you prefer to sell the house quickly, you should get an offer from a local house buying company.

The Probate House Sale Process

The process of probate on a house determines the authority to handle the probate house sale process.

If there is a will then the probate courts determine the authority according to the will.

Without a will then it will be the person filing for probate, or an Administrator volunteer. During this process, those involved must deal with the person who has authority to sell.

First, the probate on a house legalities are attended to. Then the selling a house in probate format is basically the same as any house sale.

The main focus has been on the title issues because of the owner’s death. Now standard sales issues have to be addressed if there are any. These include issues with easements and encroachments.

Or, there could be problems with encumbrances and mortgages that need to be dealt with.

Just like with any standard home sale any repairs that are needed should be attended to.

If this is not possible, then when determining the sale price this should be taken into consideration.

The need for repairs could become a concern during the home inspection. There is a lot to be considered with the probate on a house process and its sale.

Setting the Selling Price for the House

Setting the selling price for the house on probate.

As with all laws, there are acts that dictate how they must be applied. It is the executor who sets the asking price for the house.

This is in accordance with the Administration of Estates Act.

This individual will have the experience of knowing what the house is worth. His opinion will be based  on the current market value for the home. This will be according to comparable value to other homes in the area and its current condition.

Once the price has been agreed upon, it is then listed with a Realtor, or sold to a cash home buyer. This is all just part of the probate house sale process.

Marketing the Property For Sale

A Realtor that is experienced with probate on a house legalities will see that everything is in order. This is done before marketing the property. The marketing process for selling a home in probate is done the same way as any home sale.

Advertising, signage, and multiple listing opportunities will be taken advantage of. The agent will also schedule and attend to the home showing appointments.

What is Probate on a House in NY?

If you’d rather avoid going through all of this, you can skip it by calling us to get a no-obligation cash offer to buy the house as-is. Call us at 1-800-494-9448 today and we can get you an offer within 24 hours.

Offer acceptance

Any offer that is being considered must be at least 90% of what the Probate referee has appraised it at. If this is the case, then negotiations can continue.

A Notice of Proposed Action has to be mailed to the heirs. This is if the offer has been accepted. This is in compliance with the probate selling laws.

Objections must be filed within fifteen days. If they are not, then no court hearing will be held.

Notice of the sale may have to be published in a local newspaper. This is if the executor or Administrator does not have full authority under the IAEA. The same applies if there has been an objection by one of the heirs.

The estate lawyer will apply for a court date for the sale execution.

Probate on a house has a lot of rules that must be followed and the process can be time-consuming, but if it is handled by the right professionals, then in most cases it goes smoothly.

Avoiding Probate on a House

If you end up with a house inheritance and have to deal with a probate house sale process, it may get you thinking. You may be worried about your personal situation. You don’t want to put your loved one through the same stress of selling a house in probate.

Avoiding probate on a house in NY can be accomplished with some preventative measures. Instead of looking at leaving the standard type will take a look at writing a Living Trust. Your house and other assets are left to a trust. This puts a trustee in authority over them, on behalf of the beneficiaries. This way the house will not have to be probated because it has already come under the authority of the trust.

Another advantage of using the trust is that it eliminates the cost of having to go through a probate. This is a big advantage. Often the fees associated with the probating of a will are based on a percentage of the entire estate.

These are all important factors that you will want to consider when you are seeking out the answers to the what probate on a house is in NY question.

Summary

When you are involved in a probate on a house you should first begin to fully understand what it entails. Then know which professionals are going to help you the most. Choose experienced experts that can help you through the entire selling a house in probate process.

Sell Your House Fast in Ballston Spa to USA Online REI

If you have probate on a house that the estate is considering selling, why not get a cash offer from USA Online REI in Ballston Spa?

USA Online REI is in the Ballston Spa area so he can make you a cash offer within 24 hours. In just a few days, you’ll be free of your house and able to move on with your life. You’ll have quick cash and can immediately begin prioritizing your financial goals. This is how to sell a house fast in Ballston Spa.

Sell Your House to a Cash House Buying Company

Another option is to sell your house to a house-buying company. This gives you the best of both worlds! You won’t have to worry about any repairs, you save on commission costs and you can receive a quote in just 24 hours.

USA Online REI gives you a cash offer within one day and you can close it whenever you want. Your house can be sold in a week!

If you need to sell your Ballston Spa area house fast and would like to get a no-obligation cash offer, call us now at 1-800-494-9448. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

Inheriting a House in Ballston Spa, NY

January 5, 2021 • DAMEAN

Inheriting a house is a bittersweet experience. While you’ve gained new property that can drastically improve your standard of living, you’ve also lost a loved one. Making rational and financially sound decisions while you’re grieving can seem impossible, especially if you’re inheriting a house from a parent.

Yet, with knowledge, guidance, and a little planning, you can make positive life changes in the wake of a heartbreaking loss.

inheriting a house in san antonio

Inheriting a House

When you inherit a home you’re suddenly faced with a multitude of questions you may not be prepared to answer. How do I claim my inheritance? What do I do with the property if it’s in poor shape? Should I move into my loved one’s home, or should I sell it?

Be prepared to commit to many financial and emotional decisions you make when inheriting a house.

Obtaining your inherited property is a straightforward process but can seem overwhelming to those not familiar with it. Before deciding what to do with your inherited house, the estate must go through probate.

Probate is the legal process for settling an estate, usually involving lawyers and other seasoned professionals to help transfer assets and pay off debts. Most states allow a summary probate to occur; this is an expedited process that avoids litigation.

inheriting a house with brick walls

However, that option is for smaller estates – those not exceeding more than the state laws allow. Many estates with property exceed the proposed maximum and must suffer through the regular probate process.

After your inherited property passes probate, it’s yours to do with as you will. But what should you do when inheriting a house? Most heirs have three options: move into the property, transform it into an investment property, or put it on the market. Although all options can be beneficial to a benefactor, evaluating your inherited property will allow you to choose the best one for your financial future.

Moving into an inherited home appeals to many heirs. The property can hold sentimental attachment if you’re inheriting a house from a parent. You also might want to hold onto the property if you’re already a renter and the inherited home is an upgrade to your current residence. However, moving into your loved one’s home isn’t a realistic option to those already paying a home loan, or happy with their current house.

Inheriting a house that is paid off might lead some heirs to travel the rental route. This happens a lot when it comes to houses inherited in Ballston Spa.

Renting out property can often generate income. But the expenses of maintaining a rental can be overwhelming to new landlords.

Not only do landlords pay for the upkeep of the property, they often need to update an inherited home before renting it out. Old homes can seem outdated to potential renters, so placing a tenant in your inherited home might isn’t guaranteed. Unless you’re willing to take a major risk, the reward for converting your inherited home into a rental property isn’t worth the headache.

Inheriting a house and selling it may be your best option after the initial home evaluation.

Just be careful of the unknowns.

Selling the property not only allows an heir to pay off any debts accrued by the decedent, it also gives the heir freedom from making major repairs that can be costly. If the property needs too much work, selling as-is to an real estate investment firm offers a speedy resolution to a money hemorrhaging home. Getting an inherited home into selling condition might take time, but it offers the smallest amount of risk with the biggest reward.

 

Inheriting Expenses

Inheritance comes in all shapes and sizes. Along with a home, your loved one can leave almost anything behind in a last will and testament: family heirlooms and collectibles, vehicles and motorboats, and sums of money. But did you know the decedent can leave behind unexpected expenses too?

Most heirs don’t realize that inheriting a house and taxes go hand in hand. Although state tax rules and exemptions fluctuate, expect to pay a little something to Uncle Sam once you claim an inherited property. Heirs benefit from a stepped-up basis; they inherit the home at fair market value at the time of the decedent’s passing. This means you’re only taxed on the home’s appreciation after inheriting it. If you make minimal improvements to the property and sell it quickly – with a home buyer for instance – you may avoid a capital gains tax altogether.

inheriting a house with a balcony

What about inheriting a house with a mortgage? Does an heir assume those expenses when claiming the property? The short answer: you only assume a mortgage on an inherited home if you decide to move in or rent it out. If you decide to sell the property during the probate period or soon thereafter, the mortgage can be paid off with the profit of the sale.

On the other hand, if you’ve decided to keep the house, you must transfer the mortgage over to your name and continue payments within the lender’s specified time frame or risk foreclosure. Sometimes an added home loan payment helps heirs choose to sell their inherited house.

Even if an heir decides to sell an inherited home, the property still requires paying for even more expenses. Until the house is sold, expect to pay property taxes, liability insurance, utilities, and general upkeep for maintenance monthly. Unless you have money saved to keep your loved one’s home, these financial burdens can be devastating. Inheriting a house and selling it might be the best option for a property that costs too much to manage.

Inheriting with Siblings

Managing an estate can be complicated when doing it alone. Inheriting a house with a sibling can be much more difficult. If all heirs agree on what to do with the property, the process can be smooth. But what do you do when you and your siblings cannot compromise?

All assets must be divided evenly when inherited to multiple people. This includes property. If the decedent leaves a home to more than one heir, each heir has equal rights to the property. These joint-heirs are considered tenants in common. While each sibling owns a percentage of the property, they’re all entitled to use the entirety of the home. This can be an ideal situation for amenable heirs, but what about siblings that aren’t willing to share?

inheriting a house on a lake

Get all the options out on the table with family members,” offers Richard Koreto, contributor to realtor.com’s blog, House Logic. “There may be a creative solution” to an heir disagreement. If a compromise cannot be made, judicial action can be taken but is not recommended. It’s divisive, expensive, and time-consuming.

Losing a family member is emotionally draining. Processing your loved one’s will and sifting through legal documents can add stress to an already anxiety-inducing ordeal. But understanding the litigation and knowing your options might alleviate some of this stress. Inheriting a house in Ballston Spa, NY doesn’t have to be another financial burden. With the right guide and careful planning, you will know how to handle your loved one’s property with ease.

We Buy Inherited Houses in Ballston Spa, NY

USA Online REI buys inherited houses in Ballston Spa, NY and can make you a cash offer within 24 hours. You can sell your house fastreally fast. We can close within a couple days if needed. Give us a call today at 1-800-494-9448 to find out what we can pay for the house. There is not cost for us to make an offer and no-obligation. Why not find out if this option is the right one for you?

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

Selling a House in Probate in Ballston Spa, NY

December 29, 2020 • DAMEAN

Quite often individuals are left with a family home as a result of the passing of a loved one. This means you’ve likely inherited a house.

In many cases, this means that it is a second home and not one that they wish to keep so they want to sell it. When the Will is going through probate, the heirs often want to sell the house…even while the house is in probate..

Unfortunately, selling a house in probate is not an easy process and can be lengthy and somewhat frustrating.

There are cases where you can sell a house without probate.

selling a house in probate

Selling a House While in Probate

The individual that will be responsible for seeing that everything that has been outlined in the will is carried out will be the administrator or executor. The executor will be the one that has been named in the will to act as such, and if no one has been named then usually the closest relative is appointed to the administration position which can be done by the court or other close relatives.

Selling a House In Probate

When selling a house in probate it has to go through a series of steps that are regulated by the courts. These regulations may include deadlines as a well as documentation that has to be paid close attention to through the entire real estate in probate sale process. There are many details involved in.

Other individuals that may be involved in the sale of the home is the appraiser, the realtor, and an attorney as well as the courts itself.

deciding on selling a house in probate

Selling a House Before Probate Is Granted

When it comes to selling a house in probate the value of it has to be determined first. This is done through a proper appraisal and most often the realtor that you choose to handle the sale of the property will be able to recommend a proper appraiser. The rules are that the property must sell for at least 90% of what it is being appraised at.

It may not always be necessary to have an independent appraiser as some Realtors are experienced in probate and trust sales, and are considered credible when placing a value on the house. This agent will then usually carry through with listing the house for sale.

You can then go through with. A probate sale is granted beginning with this step.

Selling a House Once Probate is Granted

The big responsibility for selling a house once probate is granted partly becomes the responsibility of the chosen Realtor. This professional will work on this by using many different resources.

It usually involves different segments which include the proper signage as well as different types of advertising placed in different media’s.

In addition to this, the Realtor will hold open houses to encourage other real estate agents and potential buyers to attend. Then when viewings are set up the Realtor will attend to the showings.

These are all important steps that help when selling a house in probate.

Selling a House After Probate

Quite often potential buyers are looking for a cheap buy when it comes to a home being sold in probate.

want to be selling a house in probate

What has to be remembered is that there are court rulings in place regarding the sale, which is the offer has to be within the 90% of the sale appraised value. The Realtor again will play a big role here in making sure that the seller is able to negotiate the proper terms that are going to fit in with the requirements for both the buyer and the seller. Selling a house after probate allows the executor or administrator to enter into the necessary contracts.

Once this has been completed and the offer has been presented and accepted, then the court requires a notice of proposed action to be mailed to all the heirs that were named in the estate. This allows the heirs  15 days to present any objections that they may have. If none is raised, then the sale can go ahead without the necessity of a court hearing. This is where it can sometimes become frustrating for those selling a house in probate.

what to do when selling a house in probate

In some cases when selling a house in probate it may be mandatory that the notice of the sale is published in a local newspaper. This could be because the executor or administrator did not have all the powers necessary as stated under the IAEA, or an objection was lodged by one of the heirs.

A court date has to be set for the confirmation hearing which usually takes place between 30 and 45 days after filing of the application and the details again may be mailed to all parties concerned. During this time the realtor will most likely continue to show and advertise the property as there may be an opportunity to increase the sale price.

It is not unusual, for sometimes during the court confirmation hearing when selling a house in probate, the original bid that was accepted becomes overbid by someone else that is interested in buying the home. If this happens the party coming in with the second or higher bid has to attend at the hearing and bring with them a cashier’s check. The amount of this check must be at a minimum of 10% of the offering price they have placed on the home.

If it turns out that there are more than one over bidders then the outcome is, the bidder with the highest bid is awarded the purchase of the home. What happens is that this a bidder submits the cashier’s check to the executor or administrator. This money is then held in escrow for a period of time, which is usually 30 to 45 days following the court hearing.

get cash when you're selling a house in probate

Selling a House Without Probate

There are some stipulations within the estate law that do allow for selling a house without probate. Normally the executor or administrator of the will doesn’t have the necessary authority to sell a house unless probate is in place. Probate may be possibly avoided if the deceased placed the home in a living trust while still living.

It is really important that the proper professionals are chosen to assist you through the probate sale as it can be most complicated and it is taking place at a time where family members are going through the stress of losing a loved one, and this is just a added burden for them to have to attend to. When the process is followed properly it usually flows in the proper manner and the big concern is having the right realtor on board to get the price that has been placed on the home by being pro active and energetic in their selling responsibilities.
Want to find out more? Here’s an article we have that shows you how to sell an inherited house.

If you want to know your options when inheriting a house, read this article.

Cash offer?

Find out whether you can get a cash offer to buy the house in probate. We buy houses cash in Ballston Spa and can make you an offer. We have experience with helping people sell a house fast even when it is in probate or about to go through the probate process.

If you have any questions about how this works, please call us at 1-800-494-9448. We’re here to help…even if you decide not to sell the house.

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

Inherited a House? Here Are Your Options!

December 22, 2020 • DAMEAN

So, you’ve inherited a house?

Do you find yourself thinking, “I inherited a house, now what?

First of all, congratulations! We understand inheriting a house might be a stressful situation for some, but you don’t need to worry. We broke down your options and explored pros and cons. We also provided further steps you need to take after you make your decision.

So let’s go!

Inherited a house? Here are your options!

First thing’s first.

HuffingtonPost states these are the questions you need to ask after you inherit a house:

  • What condition is the house in?
  • How much will my expenses be?
  • How much is the house worth?
  • Should I move in, rent it or sell after I’ve inherited a house?

So, what are your options?

Sell when you’ve inherited a house!

Inheriting a house comes with plenty of unwanted headaches, especially if it’s something you didn’t want to happen. The first thought most have is to sell the house.

What to do when you've inherited a house?

RealtyTimes states that the absolute first step you must take if deciding to sell your inherited house is t0 seek legal action. Are you selling an inherited house to a sibling, at a loss or just wanting to sell? There are a few questions that should be addressed during this process, including the following:

  • Who will take care of getting the house ready for sale?
  • Who is responsible for negotiations and real estate agent hirings?
  • How will you divide the expensive?
  • Who is responsible for caring for the house while it is on the market?

You can also sell your house with a realtor without making repairs, or sell to a cash home buyer. We offer you both of these options! The best part is that you can get a cash offer in just 24 hours – your inherited home can be sold faster than you think!

Selling the house fast would be the best option for those who have no intention of moving in or renting it. There are a few pros as well as cons that come with this decision.

What options do I have when I've inherited a house?

Pros of selling an inherited house:

  • It can be sold FAST!
  • Paying in cash and having flexible payment options.
  • Not having to worry about the future of the property.

Cons of selling an inherited house:

  • You will have less control over who gets your house.
  • You might not be able to sell for the true value of the house.

If you’re considering selling, read this article: how to sell an inherited house in Ballston Spa.

Rent when you’ve inherited a house!

Another option to consider is to rent your inherited Ballston Spa house. If the house is to be rented, the heirs might ask:

  • Who will collect the rent?
  • Who takes the maintenance calls from tenants?
  • Where will the rental deposits and payments be held?
  • How will the income after costs be split among the heirs – each month, quarterly or annually?

Cons of renting an inherited house:

  • NextAvenue states that:”For tax purposes, the house (not the land) is considered a depreciable asset and a certain percentage of its value can be deducted annually.”
  • It can often be time-consuming.
  • You’ll need to make sure your tenants are a perfect fit for the house.

Pros of renting an inherited house:

  • Steady income on a long-term basis.
  • Creating networking relationships with the tenants.
  • Adding your management skills to your resume.

Move into your inherited house!

house

This option might be an obvious one – you could move when you’ve inherited a house and call it your new home.

The question that comes with moving into your inherited house is what to do with your current house. The same answers as above apply – you could easily sell it or rent it if you wish to do so.

Before you do decide to move into the inherited house,HouseLogic suggests to do the following:

  • Investigate the mortgage.

Especially if you’ve inherited a house from your parents at a loss – be aware of the current mortgage situation and know how to deal with it.

  • Physically check the house.

Is the property furnished or unfurnished? Take note of what needs to be fixed and what you want to fix. How does the season change affect the house? Do you like the surrounding area? See if all conditions meet your criteria before you decide to move in. Gather all necessary paperwork on the house and its appliances.

sell inherited house

If you inherited a house from your parents, you need to address the following questions:

  • Are you moving in alone, with your siblings or other relatives?
  • If the latter two, how will you split the costs?
  • What do you want to do with your current property?

Don’t forget to check out Good Housekeeping’s moving checklist – 9 Smart Things to do Before You Move

So, what’s it going to be? These decisions take time and planning. Make sure you check your budget, consult with professionals and get all your documentation ready.

Decided to sell? Give us a call and we will provide you with the best cash offer in just a couple of days!

 

Get a Cash Offer Within 24 Hours

Lucky for you, we buy houses in Ballston Spa. We work fast to get you a no-obligation cash offer for you house within 24 hours.

Our customers comment all the time about our soft approach. You won’t get a hard sell with us. If you are not completely satisfied with the offer we make to buy your house, you don’t have to accept it. No charge. No fees.

We’d love to talk to you today about the house and your situation. We’re here to help even if you decide not to sell your house.

Give us a call at 1-800-494-9448 or fill out the form below to get started. We look forward to talking with you.

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

How to Sell an Inherited House in Ballston Spa, NY

December 15, 2020 • DAMEAN

How To Sell an Inherited House Made Simple

Inheriting a property is a bittersweet experience. Although it might mean acquiring a house that could drastically improve your life, it also means that a loved one has passed. There’s a lot to consider if you don’t want it, like knowing if you should sell an inherited house or not.

Grieving is a difficult process, and dealing with your newly acquired property might be the furthest thought from your mind. However, it’s important to manage your inherited property before it becomes not only an emotional stress factor but a financial one too. Knowing how to sell an inherited house doesn’t have to be an added stress.

sell an inherited house

The Center of Wealth and Philanthropy, at Boston College, projects that the baby boomer generation will inherit upwards of $27 trillion over the next four decades. A large portion of that figure includes inherited homes.

But the sudden acquisition of an inheritance can leave you with many questions. As a benefactor, you might ask yourself: what do I do when I inherit a property? What kind of taxes do I pay after claiming the house? How do I sell an inherited home?

How To Sell an Inherited House – Your Options

If you are in a position where you need to sell an inherited house, you’ll need to know your options.

An heir has three options when deciding what to do with their inherited home: they can rent out the property, move into it, or sell. Although it’s a personal choice and all options have their positives, selling an inherited house will provide the seller with the ripest rewards.

Renting out an inherited property may help you keep the home in the family, but it also comes with a hefty cost and high risk.

Rental properties are hard to maintain: a landlord needs to interview prospective tenants, collect rent, pay for upkeep, and be on-call for complaints often 24 hours a day.

That’s why many landlords hire property management companies, especially if they live too far from the rental property. These companies can be unreliable, neglectful, and ask for up to 30% rent while managing.

They’re an unnecessary risk when handling your loved one’s home.

how to sell an inherited house

You might want to move in if the inherited home is a vast improvement to your current residence. However, with an upgraded home comes an upgraded price tag. Living in your inherited property may result in an increase in property taxes. Since the house more than likely has appreciated when considering the stepped-up value (the fair market value of the property at the time of the previous owner’s passing) you’ll have to pay more to live there.

Generally the best option is to sell an inherited house when dealing with a new property. Once the home sells, a benefactor will be able to pay off the home’s mortgage, will save money by avoiding capital gains taxes, and may even see a profit of their own.

Before the Sale

Before selling an inherited house, J.D. Esajian, a Fortunebuilders.com contributor, wants you to be realistic about your new house. “Inheriting a piece of property isn’t anywhere near as straightforward as you would imagine,” he warns. There’s a lot to consider when accepting an inheritance. Becoming acquainted with the property, assessing the housing market, and hiring help when needed are all viable considerations before you sell an inherited house.

red door on an inherited house

First, know where you stand. Familiarize yourself with the inherited home’s status. The property might have been the home where you spent most of your adolescence, but you might not know everything about your newly acquired home. What state are the major home systems (septic, HVAC, etc.) in? Does the property have any major liens? How does it compare to other homes in the neighborhood? Knowing the answers to these questions will help you estimate your inherited property’s worth.

Assessing the current market might also help you decide how to sell an inherited home in Ballston Spa, NY. If the market is favorable and the house has appreciated, you’ll most certainly receive a sizable profit at closing. Also, you won’t need to worry about the selling an inherited house taxes. Any appreciation gained during your loved one’s life is forgiven and you’re only taxed on appreciation gained after inheriting the property. “Unless the property goes up in value very quickly or you hold the home for a long time, you most likely will have very little tax liability,” adds Demand Media’s Solomon Poretsky.

Hiring a professional organizer to help empty out your inherited home while salvaging sentimental pieces is a necessary step before the sale. After a loved one passes, it’s hard to imagine going through their items and sorting out what’s valuable enough to keep and what needs to be donated or trashed. Yet, the property needs to be sifted through and cleaned before making any kind of sale. Don’t carry the emotional burden alone; hire someone to help clean out belongings and depersonalize rooms to get your inherited home in selling condition.

inherited house in san antonio

Realtors, Estate Sales, or House Buyers

So, you’ve decided to sell, researched your inherited home, and cleaned out your loved one’s property. Now, what? According to Amber Keefer, an eHow blogger, and real estate expert, there are three options in when to sell an inherited house: listing with an agent, sell at an estate sale or auction, or utilize a cash buyer.

Hiring a Realtor is common practice when selling an inherited house. Yet, it may not be your best option. Since Realtors cannot guarantee a sale, a home can stay on the market for months. This requires money and time to keep the house in showroom condition. Unless you can afford several months’ worth of insurance, utilities, and tax, not to mention Realtor fees at closing, using an agent to sell an inherited home is out of the plan.

It’s also risky believing a real estate agent’s honest opinion about what your inherited home is worth.  “There is always the concern that real estate agents might just be telling you what you want to hear in order to get another listing inked,” Esajian says. Your loved one’s property will not be handled with care if considered just another sale by an unsympathetic agent.

trying to sell an inherited house

Estate sales offer similar problems when using them to sell an inherited house. There’s no guarantee of sale, and every day not sold means bleeding your wallet dry. Also, auctioneers are likely to mishandle your inherited house if not managed properly. However, unlike hiring a realtor, estate sales mean you earn less money upon purchase. Although the house might sell quicker than if sold by an agent, you’ll lose out on a significant sum.

Sell an inherited house to a house buyer is the quickest, simplest option if available.

House buyers usually offer cash for homes, allowing you to avoid prolonged time on the housing market. Sometimes they cover selling costs to expedite the sale.

Forego spending money on sprucing up your loved one’s home and fixing any major repairs; house buyers buy as-is. They also allow you to skip using a realtor and communicate with you directly. If you have questions about the selling process or want to make sure your parents’ home is getting the attention it deserves, house buyers are more open to assuaging whatever fears are pestering you. Unlike many realtors, house buyers have experience with inherited property and know how to be sympathetic to grieving homeowners.

Selling an inherited house can be emotionally and fiscally daunting, even in Ballston Spa, NY. Don’t make it harder than it already is. Considering your options, familiarizing yourself with the market, and sorting the estate before a sale will reduce time on the market. Deciding to sell gives you options, but accepting a cash offer is the surest way to have your loved one’s home taken care of and sold with ease.

We Are Cash House Buyers

USA Online REI is a cash house buyer in Ballston Spa, NY. We’ve been buying houses for many years and have helped hundreds of homeowners sell an inherited house fast.

We buy Ballston Spa houses and want to make an offer to buy your house. Give us a call today at 1-800-494-9448 to get started. You can have a no-obligation cash offer for the house within 24 hours.

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

I Inherited a House in Ballston Spa, NY. Now What?

December 8, 2020 • DAMEAN

I’ve inherited a house….now what?

It’s a question many face when they suddenly inherit a house without any prior knowledge on the situation. In this article, I will inform you of everything you need to consider if you’ve inherited a house.

Inheriting a house can be a fortune for some and a headache for others. There are several things you can do when you’ve inherited a house – move in, sell it, or rent it.

But there are also many other implications you might have to consider, such as inheriting a house with a mortgage, paying taxes on an inherited house and tax implications.

inherited a house

 

But don’t worry. Everything you need to know about inheriting a house is explained below, including what happens if you inherit a property with a mortgage, and any tax implications you might face.

First off, you need to decide whether you want to sell, rent it, or move in when you’ve inherited a house. If you don’t wish to do anything with the property, you can also disclaim it – scroll to the bottom to find out how to disclaim your inherited property.

Second step: Read the will!

Does the deceased have a valid will? Are you fully aware of everything the deceased is offering? If you’re not sure how to proceed, it’s always best to consult with a professional.

What you should know: If the estate is worth more than $100,000, the court will start a probate to make sure all debts are paid and everything is distributed as it should be. Having a will does not avoid the probate process.

If the will is not valid, the court will follow the state laws of intestacy.

I inherited a house and decided to sell it. What do I have to do?

When deciding to sell your inherited house, here are the first steps you need to take:

  • Verify your ownership.
  • Get advice from a professional.
  • See a tax advisor.
  • Check out the state of the house.

inherited a house that's too old

Does the house need an upgrade to up the value? Are there some improvements you need to make? Does the exterminator need to be called? Make an inventory of all items and note down all problems that need fixing. Then, get in touch with all necessary professionals that will help you sell your house and give you the best quote. Please note that in most cases, especially when dealing with real estate agents, this could take months, depending on the state of your house.

Do you wish to sell your house FAST to a cash buyer? Give me a call and I’ll give you a quote in just 24 hours – we are happy to accept houses that need repairs.

I inherited a house with a mortgage. Help!

Inheriting a house with a mortgage instantly brings up a lot of questions that sometimes remain unanswered and resolve in long-term complications. Here’s what you should know:

A house with a mortgage can be inherited just like any other property.

What you need to do is make arrangements to pay off the mortgage and look into property taxes.If you’re inheriting your parent’s home you MUST live in the home and make required payments, however, if you intend to assume the mortgage, you can also keep it in the deceased relative’s name.

Make sure you consult your lawyers and financial planners – find any other implications that come with inheriting a house with a mortgage in your country.

Do I pay taxes when I inherited a house?

Selling you’ve inherited a house can mean that you will most likely have to pay income taxes if you made a profit while a loss during the sale could mean a tax deduction. There are plenty of tax implications that can come with an inherited house, so make sure to read the fine print carefully and always consult with your financial and tax adviser.

“The higher the basis, the lower your taxable gain from the sale.” states LegalZoom.

To put it in simpler words:
[property value] – [your purchase] = taxable gain
Different rules might apply due to the inheritance tax.

So yes, you do have to pay taxes when you inherit or sell your home. In the case of a sale, you need to use the same calculated method as above to discover your tax gain or loss and then report the sale on IRS Schedule D as well as your 1040 tax return – please note that this form needs to be used in the year you sell your home.

How do I disclaim an inherited property?

There are several reasons why someone might not want to do anything with their inherited house – not even bother with the process of selling it.

Reasons to disclaim an inherited property:

  • High real estate taxes.
  • Avoiding responsibility of the deceased’s legal past.
  • Give it to another family member.
  • Other personal reasons.

Inherited property disclaimer requirements:

  • It needs to be done in writing.
  • It needs to be disclaimed within nine months of the deceased’s passing.
  • No benefits should be made when disclaiming the property.
  • The assets cannot be passed indirectly to the person disclaiming the property.

inherited a house with flowers

Thinking of renting after you’ve inherited a house?

Becoming a landlord comes with plenty of responsibilities. Make sure you read my articles on renting a property to get all necessary information on renting an inherited home.

Ready to sell your house? Sell it to a house-buying company. This gives you the best of both worlds! You won’t have to worry about any repairs, you save on commission costs and you can receive a quote in just 24 hours.
USA Online REI gives you a cash offer within one day and you can close it whenever you want. Your house can be sold in a week!

We buy houses in Ballston Spa and we pay cash!

If you need to sell your Ballston Spa area house fast and would like to get a no-obligation cash offer, call us now at 1-800-494-9448. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

Sell A House Fast in Ballston Spa: 5 Tips For Success

December 1, 2020 • DAMEAN

5 tips to sell a house fast

Considering selling your house and want to do it as quickly as possible? Of course! Most people want that. We buy and sell houses all the time and have some proven tips on how to sell a house fast in Ballston Spa… or any other town or city.

We use these tips every time we sell a house we’ve fixed up. Most were learned when the real estate market tanked back around 2008.

With foreclosures up 81% back then, there were a lot of houses on the market clamoring for the attention of the reduced amount of buyers looking to buy a home.

We were forced to find ways to compete and get houses sold. In this article we are passing those hard-earned lessons on to you so that you can better be able to sell your house fast in Ballston Spa or anywhere.

sell a house fast

Selling a House Fast Requires the Right Price

We quickly noticed that the single biggest factor in getting a house to sell fast in any market is the price.

Yes, how much you are asking for your home plays a huge role in being able to get offers right out of the gate.

Consider this from the point of view of buyers looking to buy a house in your neighborhood or area. They are likely going through dozens or even hundreds of listings that are most likely sorted by price.

Everybody wants a bargain. They are judging your house and its price against what your neighbors are asking for a similar house.

Pricing a house is not the easiest thing to do in the world so we wanted to provide some quick tips to help you determine a great price:

  • Check comps

    Find out what other similar houses are selling for and how fast they are selling. Take the closest matches that sold quickly and average the selling prices.

  • How does your home compare?

    If you are working with an agent, you can have them show you pictures of the houses that sold. If you aren’t working with an agent, many times you can see pictures of houses that sold on Zillow.com or Realtor.com. Compare the fixtures and finishes to what you have in your house and adjust your price up or down based on what you find. Always be considering this from the buyers’ perspective. What would you think when you saw the houses that sold and then came and saw your house? It’s very important to be objective here.

  • Have friends give their opinions

    Sometimes we as homeowners are seeing things through a different lens. We need to get unbiased opinions from friends or family that are completely objective.

For more great tips on pricing your house for sale, check out this article on Zillow.

cash offer from a house buying company

Get an Offer from a Cash Home Buyer

Not everybody is aware there are people who buy houses cash that will make you an offer to buy your house quickly.

You might wonder,”why do they buy a lot of houses?” They buy for investment purposes and usually have the cash to close faster. This allows you to sell your house without even putting it on the market.

What’s the catch with these house buying companies? They usually don’t pay full market value. That might be an issue if you need to sell for top dollar.

Of course, this option doesn’t make sense for all home sellers. It makes the most sense for people that don’t have the time or energy to deal with getting their house fixed up and put on the market. This is also a good solution for sellers that don’t like the idea of having dozens of complete strangers going through their house, looking at all of their stuff.

We buy homes in Ballston Spa and would love to talk with you about what we can pay for your house.

market your house for sale everywhere

Market Your House Everywhere

The quickest way to sell a house you put up for sale is to get as many eyes on it as possible. You need to make sure everybody knows the home is for sale.

Get an ad in the local newspaper

If you want to sell a house fast in Ballston Spa, you might consider putting an ad in the local newspaper or their website.

Use a Listing Agent

Real estate agents can list your house on the MLS (Multiple Listing Service) which will help you get maximum exposure.

If you decide to sell your house without an agent, you can get a ‘For Sale By Owner’ sign from HomeDepot or Lowe’s and stick it in your front yard. I highly recommend you get the directional signs as well. This will allow you to point people driving around your area to your house that is for sale.

Use Social Media

Take lots of pictures and do a video walk through. You can post these on Facebook and Youtube.

One social media platform is perfect for pictures: Instagram. Give it a try.

Tell everybody you know

Tell everybody you know that your house is for sale. Ask everybody you talk to if they know of anyone looking to buy a house in the area. You never know who might be looking for a house just like yours. This will certainly help you sell a house fast.

gives concessions to sell a house fast

Give Concessions to Sell Quickly

There are lots of ways to entice buyers to give your house a little extra attention.

Here are some of our favorite ways to sell a house fast by giving concessions:

Agent bonus

Reward agents for finding you a buyer. We’ve given bonuses of $1,000 or more for buyers’ agents that sold their buyers on our houses. You can do the same.

There are agents that look for listings of houses for sale where these bonuses are available and start showing their clients these houses first. Get yourself on the top of potential buyers’ must-see lists with this tip.

When buyers see your house first, they may just fall in love with it and make you an offer. Offering an agent bonus has allowed us to sell a lot of houses faster over the years.

Try it!

Closing cost assistance

Not all buyers need assistance with their closing costs…but most do!

If you offer to help pay closing costs for your buyers, they will much more likely to buy your house over others on the market.

In order to sell a house fast, you should consider offering this assistance. Be sure to write into the description of your listing your willingness to pay some closing cost assistance. It really goes a long way in persuading buyers to give your house more consideration.

Home warranty

This tip for selling a house fast is not mentioned often. Providing a home warranty gives buyers a peace of mind.

They might be nervous that they are overextending themselves when buying your house. They will likely feel better knowing that if something goes wrong, they have a warranty that will cover it.

American Home Shield offers a great home warranty that is pretty comprehensive. It’s great because it doesn’t cost an arm and a leg either. We’ve offered their warranty dozens, if not hundreds of times.

Offering a home warranty gives your home a competitive advantage that will allow you to sell your house quicker.

If you want to shop around and find the perfect home warranty, check out these reviews.

stand out when selling your house

Be Different

This piece of advice is one that I hope my competitors that sell houses don’t catch wind of. We make it a point to find economical ways of setting our houses apart so that they sell much faster.

The secret is spending some time to see what houses are for sale that your home will be competing with. Then, make note of the similarities between the houses.

  • Do they all have beige walls with white trim?
  • Do they all have formica counters?
  • Do they all have oak cabinets?
  • Do they all have brown exterior paint?

What you want to do now is find some things to do that will make your house stand out because it doesn’t just match all the others that are for sale.

You sell a house fast by making it unforgettable.

Great websites to get cheap design tips are Houzz.com and Pinterest.

Final Thoughts About How to Sell A House Fast in Ballston Spa

Whether you situation dictates you sell a house fast in Ballston Spa or somewhere else, you can follow these 5 tips we’ve outlined to pretty much guarantee a quick sale.

If you feel you’ve benefited from this article, please share it!

We’d love to hear any tips you might have for selling a house fast. If you have some tips, please don’t hesitate to leave them in the comments below.

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

We Buy Houses Scams In Ballston Spa and How To Avoid Them

November 24, 2020 • DAMEAN

Have those advertisements for people saying, ‘we buy houses’ caught your eye and made you question whether they are we buy houses scams? This is a very real concern for people considering this kind of service.

we buy houses scams signs

Trying to sell your house fast in Ballston Spa? Are you concerned that you might get taken advantage of or have the wool pulled over your eyes?

Join the club.

The traditional way to sell a house is using a real estate agent and having them list your house.

Maybe you would rather skip the hassles and sell to a Ballston Spa cash home buyer instead. Every year, thousands of people sell their homes directly to investors rather than listing with an agent. In fact, nationwide, pending home sales jumped to 5.5% in February of 2017, according to Investor’s Business Daily.

If you’ve never sold a home before or never sold one without the services of agent, it can be quite scary. It can seem downright overwhelming.

I’m going to share some tips for you to make sure that who you are working with is a legitimate house buyer and not someone looking to scam you. By the end of this article, you’ll be armed with what you need to know to choose the right company to buy your house.

The Sniff Test For We Buy Houses Scams

There are a lot of legitimate house buyers in Ballston Spa, but there are also some people that are running we buy houses scams. It can be difficult to know which one you might be dealing with.

The stakes are high. People have lost lots of time, money and even their houses to scams run by investors that don’t have any sort of moral compass.

It can be difficult to determine if who you are dealing with has your best interests at heart. Most of the time there are “tells” that will clue you in to their true intentions. These signs can mean you are caught in some of the we buy houses scams being used today.

  1. Application Fees – If a house buyer wants you to pay them any kind of fees to evaluate your house, run away as fast you can. This person is likely a scammer. Honest home buying companies don’t make money charging application fees. They make their money from buying houses, fixing them up and either renting or selling the house.

  2. Kitchen Table Closings – If a buyer wants you to sign over the deed to your house anywhere other than a title company or attorney’s office, you’re likely going to be making a costly mistake. Any sale you have should happen at a title company so that you can make sure the paperwork is handled properly and all liens are taken care of.

    Please do not mistake this for signing a contract to sell your house. That can and probably will happen at your house. Just don’t sign any Warranty Deeds, Quitclaim Deeds without the services of a real estate attorney or title company.

  3. Too Much Information is Given – Phony bank statements and pre-approval letters for loans are given without being requested from untrustworthy real estate investors. These investors present these documents to make them appear legit but these documents can easily be faked.

    This occurs a lot when the supposed “investor” lives in a different city than Ballston Spa and communicates almost entirely by email. I don’t know about you, but I’d rather work with somebody local that I can meet face to face. Just because they are not local doesn’t immediately make them a scammer, but I sure would rather know who I’m dealing with.

Scammers Don’t Always Look and Act Like Used Car-Salesmen

used car-salesman

It’s not always easy to pick out who the scammer is in a crowd.

Sometimes it’s the overly nice gentleman.

Sometimes it’s the straight and to-the-point woman.

Don’t let your guard down just because someone smooth talks you. You need to get the facts about who they are and what they can do for you.

We will discuss exactly what to ask for to determine whether you are dealing with the right kind of house buyer or not later in this article.

It may seem impossible to determine whether someone is genuine or running we buy houses scams…but it’s not.

One way is to trust your gut. If something doesn’t seem right…it probably isn’t.

Another way is to determine whether their actions match their words. Actions always speak louder than words and I’ve found them to be very telling about people.

If a Ballston Spa home buyer says he or she is going to meet you at your house at 2:00 on Wednesday and they show up at 2:20…they might not be trust worthy. They certainly don’t value your time or respect it.

If they walk through your house and tear it apart with harsh words about the house or your situation, you are probably dealing with someone that could care less about your feelings or what you get out of the deal.

Harsh words about your house are solely intended to force you to lower your opinion of the value of the house. This type of investor may as well be wearing a plaid suit and lots of gold chains. They are worse than a used car salesman…

A respectable and reputable real estate investor will always treat you with respect. They will show up on time and show empathy. When viewing houses, trustworthy house buyers will look for the positive aspects of the house as they know full well they will be making repairs and breathing new life into the home.

Other Not-so-obvious Semi-Scams to Watch Out For

There are many other situations that I call ‘semi-scams’ to watch out for. These may not be illegal or full-blown we buy houses scams but are intended to take advantage of you and your situation.

It’s best to avoid these at all costs.

  • Sub2 or Subject To Scams – Some investors use a strategy called ‘Subject To’ or Sub2 when using shorthand. This is where they buy your house from you “subject to” the existing mortgage. They will want you to deed them the house without paying off your mortgage.

    The biggest problem with this is that the mortgage is in your name and, if it goes unpaid, directly impacts your credit!

    It’s pretty easy to see why this type of deal is important to avoid. You would basically be trusting an almost complete stranger with your credit. No thanks!

  • Short Sales Scams – Short sales are where a bank or mortgage company agrees to release their lien on your house in exchange for less than the principle balance of your loan. Typically, you have to pay off any principle balance and interest due for them to release the lien. When they agree to accept less, you are performing what is called a short sale.

    A short sale in and of itself is not a problem, it’s when this is attempted when it doesn’t make sense that causes a lot of problems for Ballston Spa homeowners.

    If you are behind on payments but have a lot of equity and a home that doesn’t need any major repairs, you might have an investor convince you to attempt a short sale.

    Short sales can drag on for months and the bank may wait until just before a foreclosure auction to deny it. Then what are you going to do? You won’t have time to sell it. It’s almost certain to be lost to foreclosure.

    Some careless investors don’t give you all the facts when they attempt a short sale on your house. You also need to be aware that even if the bank agrees to take less for the lien to be released, they could put a deficiency judgement on you for the amount the loan was shorted. You will probably also have to report the amount shorted as income which could cause your income tax owed to be a real problem for you.

How to Avoid These Potential Scams

Do your homework to avoid we buy houses scams.

With some quick research you can easily determine whether somebody has a history of doing what they say. You can also find out if they’ve been in business for a while which shows they are stable and worthy of your business.

Crooks rarely stay in business long and almost always have negative reviews.

reputations are everything

  • Check testimonials – Be sure to look for online reviews and testimonials for the house buying company you are considering. Any reputable business will have statements from previous customers that can attest to how they do business. You can read dozens of reviews from customers of USA Online REI here on our website. Take a look at them for an example of the types of things you will find for any honest business owner.

  • Check the Better Business Bureau – The Better Business Bureau (known as the BBB) allows consumers to leave reviews and rate local businesses. You should only work with house buying companies that have a strong rating with the Better Business Bureau.

    If a company is not rated with the BBB you can not have as much faith in their ability to do what they say.

  • Check how long the company has been in business – Great businesses have been around for a while. According to the Small Business Administration, nearly one third of all businesses fail within the first 2 years. If you find a business that’s been around for longer than 5 years, you can probably bet they are still around for a reason. They probably are doing something right.

  • Make sure to close at a title company – There is so much legal talk in contracts and deed documents that you simply must have a title company or real estate attorney handle the closing.

    This is to ensure that everything is done properly.

    The last thing you want is for something to be done incorrectly that you have to deal with years down the road.

    You could even run into a situation where you are sued because something wasn’t handled properly.

    Title companies provide title insurance that will protect you from most of these problems. It’s definitely worth it.

  • Don’t sign documents you don’t understand – This one seems to be common sense but is definitely not common practice. If you don’t understand something, don’t sign it.

    This is also where a good real estate attorney or title company can be worth their weight in gold. They should be able to break it down for you in layman’s terms so that you know what you are getting into.

    Great house buying companies will also take the time to clearly explain everything you are agreeing to in a way that makes sense to you. If you find you are working with someone not willing to do that, don’t work with them. Find someone else that buys houses.

Conclusion

When selling a house fast to a local house buying company, you should be aware of the signs of a potential we buy houses scam.

Armed with the knowledge from this article you are much better prepared to find a great house buyer for your house that will treat you with respect and do what they say they are going to do.

If you would like to get a fair cash offer for your Ballston Spa house, do not hesitate to give us a call at 1-800-494-9448. We would be glad to answer any questions you have and help you in any way we can.

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.