How a Professional Home Buyer Can Assist With the Probate Process
For many, the topic of probate is one that is unfamiliar. In layman’s terms, probate is the legal process for distributing the wealth and property of a deceased individual. Depending on the situation and the people involved, the probate process can range from relatively simple to extremely complicated. If you find yourself involved in the probate process, it’s important to understand that a professional home buyer from LEDGE Real Estate Solutions, LLC, can help you navigate the ins and outs of this process to obtain a favorable result.
In this article, we’ll explain how our team of professional home buyers can help those who desperately exclaim: “Sell my house fast in Winter Garden, FL!”
What Is Probate?
When an individual passes away, their executor or attorney will typically start the probate process. Those named in the will must attend probate court, where these individuals will be validated as the true recipients of a piece of property. If you are named as the recipient of a home through the probate process, you may also be responsible for any taxes owed on behalf of the estate. Although Florida has no estate tax, the federal estate tax may apply.
In other words, claiming property can be more complex than simply picking up the keys to your new home. You may need to pay off some lingering costs before the home officially becomes yours. If you already are paying off a mortgage and find yourself coming into possession of a second home, you should consider whether or not you plan to keep it. If you don’t, paying the probate costs may not be worth the hassle. Why spend money on something you plan to sell anyway? This is where a professional home buyer from LEDGE can be of assistance.
How a Professional Home Buyer Can Help
Being gifted a house may seem like a blessing, but it can be just the opposite depending on the particulars of your situation. For example, if the house is old or damaged, it may not be suitable to live in. Furthermore, investing in repairs or renovations may be out of the question, depending on your financial status. You could be met with financial hurdles simply attempting to claim the home, too. A professional home buyer can help alleviate all of these issues. First, they can front the recipient the money required to go through the probate process. Then, they can walk them through this process, including finding an attorney and paying for their attorney fees. For many people, this is the only way to claim and sell a home from probate. Of course, we’re always happy to help when situations such as these arise.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.