Many people think
that inheriting a home is something that is akin to winning the lottery-that
is, until they learn what headaches are associated with it. If you’ve recently
inherited property, here are some things you must add to your to-do list to
ensure the process goes smoothly.
Review Property Records
The first thing you
should do is determine whether or not a mortgage or reverse mortgage exists on
the home. Even if the home had been paid for for quite some time, your loved
one may have needed some additional cash and taken out a reverse mortgage or
home equity line of credit. That person may have been embarrassed to tell
anyone about financial struggles he or she was having, and elected to keep it a
secret.
Surprise mortgages
aren’t all you need to worry about. You should also check the courthouse for
liens against the property. It’s also a good idea to ensure the property taxes
are up to date. Many relatives are caught off guard to find the property they have
inherited does not have a free and clear title. If this is the case, it’s
better to discover this before the estate is settled.
Inspection
Older adults often
put off home repairs because they can no longer do them themselves, and feel
uncomfortable asking others to fix things for them. As such, you may be
surprised to discover that there are a lot of little things wrong with the home
that must be addressed before someone could live in it.
Another thing
seniors tend to avoid is making upgrades. If your relative lived in the home
for some time, chances are the plumbing, wiring, and HVAC system may be
inadequate. Having an inspection performed will let you know if these systems
need updating.
Inheriting a house may
seem like a dream come true; however, it can easily turn into a nightmare if
there are underlying issues that must be taken care of first. In many cases,
selling the property quickly could be in your best interest, in which case we
invite you to contact us today to find out more.
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