Without A Will What Happens To The House?
Handling the estate of a loved one who has passed is always a challenging event. But when your loved one died without having a will, the process is much more difficult. When a person dies without having a will he or she is said to have died “intestate”. When the diseased is a homeowner, the state will often appoint someone to act on behalf of the deceased estate. In most cases, this duty falls to a close relative.
Most often, the estate is divided among the surviving heirs, being a domestic partner, the children, grandchildren, and any siblings. If there are no surviving close relatives, other blood relatives could be entitled to inherit the estate. But it is important to remember that the estate includes more than just the deceased house and possession.
In the event that the house is not paid for, the estate must continue to make the mortgage payments on the house as well as paying any insurance or property taxes. This must continue until someone takes ownership of the house such as an heir or the house is sold to pay off the mortgage. If the home is owned outright, the estate must still keep current on the taxes and homeowners insurance until the ownership is transferred.
In many cases, even when the home is paid for, the estate will have other debts which must be paid. If there is not enough money in savings or in life insurance to pay the debts then the sale of the house could be necessary to cover the estate’s debts. But this can be a long process, and additional interest and penalties can accrue before the home is sold and the debt can be paid.
When an estate carries a heavy debt load, selling the house quickly can be very important. But often times an elderly person’s home is in need of many repairs and a serious deep cleaning before the home is even considered to be marketable. In these cases, it is best to contact Higher Offer, a real estate investment firm, to get a cash offer on the home in as-is condition. A buyer will access the property and provide the estate manager with a written offer for an all-cash purchase. In most cases, if the offer is accepted the sale can be completed before any more mortgage payments or bills come due which will help to avoid additional fees.
Dealing with an estate without a will is never an easy process. But quickly selling the house that is included in the estate can be a huge milestone. Contact Higher Offer today to determine the actual cash value of the home today and potentially have the sale completed in just days.