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Common Questions
I've just inherited an estate,
now what do I do? Help!
Contacting an experienced Real Estate agent familiar with these types of sales can help you connect with the recourses needed including but not limited to attorneys and tax advisors, and property resources. An experienced agents who deal with estates will advise you on what repairs (or no repairs) are best for your unique property situation.
Are there any taxes or legal responsibilities I need to be aware of before selling an estate?
Yes, each situation is different, as an executor you will be responsible for identifying and getting assets appraised, and also notify creditors and pay debts and taxes in a specific order. Often a tax return will be necessary and all estate taxes owed will need to be paid. legal counsel is often required.
Should I make repairs or
sell the estate as-is?
This is where an experienced distressed property agent is beneficial. sometimes a repair can change the targeted market for your property and allow for the estate to sell for much higher price point. However, there are situations where the condition of the property is so dire or distressed that a few fixes are not enough and its better to sell as-is.
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What is the difference between a short sale and a foreclosure?
A short sale is an agreement between the borrower and the lender to sell the property for less than the remaining loan balance. On the other hand, foreclosure is a legal process in which the lender takes possession of the property because the borrower has failed to make mortgage payments.
Can a homeowner SELL their home to avoid foreclosure?
Yes, homeowners can sell their home to avoid foreclosure if they find a buyer willing to cover the outstanding mortgage balance. If the home's value is less than the mortgage balance, they might consider a short sale, which requires the lender's approval.
Can a homeowner RENT out their home to avoid foreclosure?
In some cases, a homeowner can rent out their home to generate income, which can be used to cover mortgage payments and avoid foreclosure. However, it's essential to ensure that the rental income is enough to cover the mortgage and other related expenses. Additionally, homeowners must verify that their mortgage terms allow for renting out the property.
If I have received legal notice of foreclosure action, do I have to move out of my home?
No! Not until the sale or auction date has occurred. Until that time, you remain the legal owner of the property. Be sure to check if your state has a Redemption Period, which may allow you to stay on the property even longer.
Can I sell my property even after a foreclosure action has begun?
Yes. As long as you remain the legal owners of the property, you can list it for sale. Even if you lack equity, you may still qualify for a Short Sale. In a Short Sale, the lender/servicer agrees to accept less than the amount owed, allowing the title to be transferred to another party.
What is a reverse mortgage?
A reverse mortgage allows homeowners aged 62 or older to receive payments from their home equity without having to sell their home, and the loan is repaid when they sell, move out permanently, or pass away. The homeowner remains responsible for property taxes, insurance, and maintenance.
Can filing for Bankruptcy make the foreclosure go away?
Filing for bankruptcy can delay the process, but it won't stop the foreclosure permanently. It can, however, provide you with some extra time to sell the property through a regular sale or a short sale.
If I have received legal notice of foreclosure action, do I have to move out of my home?
No! Not until the sale or auction date has occurred. Until that time, you remain the legal owner of the property. Be sure to check if your state has a Redemption Period, which may allow you to stay on the property even longer.
Can I sell my property even after a foreclosure action has begun?
Yes. As long as you remain the legal owners of the property, you can list it for sale. Even if you lack equity, you may still qualify for a Short Sale. In a Short Sale, the lender/servicer agrees to accept less than the amount owed, allowing the title to be transferred to another party.
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