More Than You Ever Wanted To Know About Selling Inherited Real Estate
It can be very difficult to make heads or tails of legal matters when a loved one has died and left you with a real estate inheritance. One of the first things that you need to know besides all of the lingo, is that you may find that you need to look into a trust lender trust loan. But first things first.
We will pretend that my Great Aunt has just died, and that she was a lovely and giving woman who owned large tracts of land and many houses. My Great Aunt loved me more than any other relative and so she left that real estate to me in her will along with everything else she ever owned. She has granted me inheritance, which is a common practice whereby the death of someone will trigger the passing on of their titles, debts, rights, property, obligations, and expensive jewelry. I consider it a real shame that she did not have any titles to pass on.
But just because my Great Aunt said I could have all of her stuff does not make it so. A special kind of court known as a probate court, or sometimes also known as a surrogate court, will look at the will and decide whether or not it has legal validity. The court can then give approval and grant probate to the will executor.
Throughout this probate process, the will executor, in this example that would be me, may be guided in how best to disperse the assets of my Great Aunt and take into account the rights of creditors all at the same time. Yes, this is confusing.
And it can be very expensive. You may find that you need a trust lender trust loan to carry out some of the activities required of you. A trust loan is a loan by which one can use inherited real estate, or probate real estate, to pay for certain probate related legal fees.
These probate loans can come from several funding sources including investors of private real estate, cash advance providers, and even from investment groups. But back to my example, my Great Aunt has way more land and houses than I could vacation in year round. I need to sell some of those properties and this is where a trust lender trust loan will come in handy.
Like many other probate executors I can use an advance from this probate loan for maintenance of the many properties, for making repairs, and also to pay for the expenses surrounding staging the homes so that their value is maximized and they sell faster.
Thus concludes the story of my Great Aunt and the awesome inheritance that she bequeathed to me. It would have been more awesome if it did not require that I take out a loan just to sell off all the unwanted real estate, and it would have been more awesome still if it was a true story and not a fictional example. But hopefully that clears up a little bit of the confusion surrounding what you might encounter if you find that inheriting real estate creates more trouble than it does vacation homes.