A property with a mortgage on it can be inherited, just like any other type of property. Whether it is owned free and clear or is owed a large sum amount, the steps to take stay the same. Hopefully by the end of this post you will fully understand what your next steps to take are, or contact us for help in the matter.
The first step to take is to ensure you are the rightful owner.
Which you can do by visiting the county recorders office and recording the deed.
The next step to take, which we can also help you with, is to check whether the inherited property was insured or not. This is a very important step, and is often overlooked by many first-timers. We typically call the title company to be sure that the house or property does in fact, have or has had, insurance within the last 5 years.
After that the next step is to call the insurance company to either make sure, or grant you a homeowners policy on the house.
What you need to find out after taking these three steps, is if the inherited property had any mortgages or liens on it.
Often times people do not understand that liens, mortgages, loans, back taxes, etc… do not go away when one passes. They continue on and pass down to their benefactors.
People are often overwhelmed when hearing this, but some liens and loans can, in fact, be negotiable. Often times banks and people loaning the money will accept partial payments instead of none at all. It truthfully all just depends upon your situation.
You can consult with a professional to see what modifications you qualify for.
After completing these three steps, feel free to contact us with the information and we will do our best to have a cash offer ready within 24 hours of you submission of the form.
If you run into any snags in the process feel free to contact us any day of the week, we would be glad to help!
Often times, people check and find that they owe nothing on the property whatsoever.
For these cases, we encourage you to send us a form of your property address and contact information in the form on the sidebar. That way we can take a look at your property and have an offer available as soon as possible.
Whether you are looking to sell your house or property that needs work done to it, quickly, or need help in the whole issue. Darrel and his team of professional real estate investors would be glad to help.