How To Sell A House in a Trust in California: A Complete Guide

PrimeClientMarketing on May 20, 2024

How To Sell A House in a Trust in California: A Complete Guide

Putting real estate in a trust can deliver many advantages for grantors and beneficiaries alike, not least from a tax perspective. However, selling a house in a trust in California can be quite challenging, especially if you’ve never encountered the process before.

Before selling a house in a trust in California, you must acknowledge the unique aspects of California law that affect the process and establish a clear strategy to enjoy a streamlined process that delivers the best outcomes for all parties. This guide on how to sell a house in a trust will help you understand the legal considerations surrounding the closing process and teach you how to handle the selling process in style.

Understanding Trusts and Real Estate in California

Before looking at how to sell properties held in California trusts, you must first understand the trusts in real estate fundamentals.

In essence, a trust property is an asset that has been placed into a trust. It is affected by fiduciary duty and will be managed by the named trustees following the grantor’s death. Trustees will be tasked with managing assets as per the grantor’s wishes which are detailed in the trust’s legal documents.

There are many reasons why people use a trust in real estate management aspects of their tax planning procedures. For starters, the grantor retains control of their estate until their death by making themself a trustee. More importantly, a trust agreement is the perfect financial tool to distribute proceeds efficiently to the intended beneficiaries.

In other words, the trust provisions protect beneficiaries and prevent potential disputes. Furthermore, it can help the family reduce various tax obligations including both inheritance tax and capital gains tax, as well as potential state taxes when selling a home in California.

Tax Considerations When Selling a Home in a Trust

When it comes time to sell a home held in a trust, trustees and beneficiaries should be aware of several important tax implications:

Capital Gains Tax: If the property has increased in value since it was first acquired, selling it may trigger a capital gains tax. However, California law may allow beneficiaries to benefit from a step-up in basis at the time of the grantor’s death. This means the property is revalued at its current market value, potentially reducing the capital gains tax owed when the house is sold.
Property Tax Reassessment: Typically, selling a home in California will lead to the property’s value being reassessed, which often results in higher property taxes for the new owner. That said, transfers to children or certain family members can sometimes avoid reassessment altogether—thanks to provisions like Proposition 58.

As always, the right tax strategy can make a significant difference in the net proceeds from a sale. When in doubt, seeking guidance from a qualified estate planning professional or tax advisor is highly recommended to ensure compliance with the latest California regulations and to maximize any available benefits.

Key Advantages of Selling a Home Held in Trust

Placing a home in a trust doesn’t just simplify asset management—it delivers several substantial benefits when it comes time to sell:

Probate Avoidance: When real estate is held in a trust, it can often bypass the lengthy and costly probate process. This means fewer delays and potentially significant savings for your loved ones.
Enhanced Privacy: Probate proceedings are public record, but transactions through a trust remain private. This helps families maintain discretion during sensitive transitions.
Controlled Distribution: The terms of the trust allow the trustee to ensure proceeds from the home sale are distributed exactly as the grantor intended, reducing confusion and the risk of family disagreements.

These advantages make trusts a compelling option for real estate and estate planning—streamlining the sale process while shielding families from many of the common pitfalls associated with property transfers.

While only 33% of Americans have suitable estate planning in place, California trusts may cover various types. The most frequently used solutions are:

Revocable trust – in a revocable trust, the trust creator retains legal ownership of all assets. This does have tax implications throughout their life, as well as for beneficiaries, but the grantor is able to change the terms of the agreement. For example, they could name a new grandchild as a future beneficiary.
Irrevocable trust – in this type of trust agreement, legal ownership of assets is passed to the trustees. This reduces the taxable portion of the person’s estate, which leads to tax benefits. However, irrevocable trusts cannot be altered, meaning beneficiaries can’t be added or removed.
Living trust – in a living trust, assets may be transferred during the trust creator’s lifetime. This allows for careful asset management that can be used to support beneficiaries through ideas like paying for their college education without giving them control of the assets or income generated from them.
Testamentary trust – in this type of trust, assets are distributed as per the instructions held within the grantor’s last will and testament. In this case, the trust is not established until after the grantor’s death while it also does not avoid probate court in the way that the above trusts do.

It should also be noted that when a minor is named as a beneficiary, the trust will hold assets (or the proceeds from them) until they turn 18.

Beneficiary Rights and Approvals

When it comes to selling property held in a trust, it’s not just a matter of trustee signatures and paperwork—beneficiary rights are a critical factor. Beneficiaries may have the right to be notified before the property is sold, or in some cases, may need to provide written approval before the sale can proceed. This extra layer of involvement is especially common when the trust document or California law requires beneficiary consent, and it can add a step (or three) to your timeline. Clear communication and transparency between trustees and beneficiaries from the outset can help avoid delays and misunderstandings down the line.

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Understand different trust implications

As well as gaining the necessary approvals from each trustee, you must consider how trust home sales are impacted by the type of trust that the asset is placed in:

Revocable trust

As the grantor retains control, another trustee cannot sell the property until after the grantor passes. When selling a property in this manner, the trustee or trustees must satisfy the grantor’s intentions as per the latest version of the trust document.

Irrevocable trust

The terms of how funds should be distributed are already finalized. This may even set out the method of how the trust property should be sold, although not always. Crucially, the payouts to beneficiaries are predetermined.

Testamentary trust

The trust provisions will set out the conditions, such as all beneficiaries (or guardians of minors) having to agree on a sale. As long as a trustee approval agreement is made, home sales can occur in any method.

Challenges and Solutions When Selling

Many sellers experience challenges selling a house in a trust, and not only because of the legal challenges mentioned above. Here are some of the most common problems when selling a house in California that is a trust asset:

Beneficiary disagreements

Beneficiary disagreements are most likely with a testamentary trust but you could experience these or trustee disagreements at other times. Having an impartial agent speak with all parties to lay out the possible solutions should allow everyone to find their way back to the same page.

The Step-Up in Basis: Minimizing Capital Gains for Beneficiaries

One of the key benefits for beneficiaries inheriting a home through a trust in California involves the “step-up in basis.” But what exactly does this mean for your tax bill when it’s time to sell?

Under IRS rules, when a beneficiary receives real estate from a trust after the grantor’s death, the property’s tax basis resets to its current market value—not what the grantor originally paid for the home decades earlier. This adjustment is known as a step-up in basis.

Here’s why it matters:

If beneficiaries sell the property soon after inheriting it, the sale price may be very close to this new stepped-up value.
That means any capital gains taxes owed will be based only on the small difference between the stepped-up basis and the final sale price, rather than decades of appreciation.
For example, if your grandparents paid $100,000 for a house now worth $1,000,000 and you inherit it, your new basis is $1,000,000. If you then sell the home for $1,025,000, your taxable gain is only $25,000—not $925,000.

Consequently, inheriting property via a trust can translate to significant tax savings for beneficiaries, making the process of selling an inherited home far less financially daunting.

The Step-Up in Basis: Minimizing Capital Gains for Beneficiaries

One of the notable advantages of selling a house held in a trust is the level of privacy it provides. Unlike the probate process—which unfolds in the public eye and becomes part of the official court record—a trust sale keeps your personal and financial details away from public scrutiny.

When a property passes through probate, information such as the value of the home, the identities of beneficiaries, and your family’s private matters are all made accessible to anyone who wishes to look. In contrast, handling the sale through a trust allows families to manage the transaction discreetly, maintaining confidentiality around the estate and any related decisions. This added layer of privacy can be invaluable, especially for those who wish to keep sensitive family or financial information away from prying eyes.

What Is Proposition 58 and How Does It Affect Property Tax When Transferring to Family?

One important aspect to consider when selling or transferring a property in a trust to a family member is Proposition 58. This California law, passed in 1986, offers substantial property tax benefits for families looking to keep a home within the family.

Proposition 58 allows parents to transfer ownership of their primary residence to their children without triggering property tax reassessment. In other words, the property taxes will generally remain based on the original assessed value, rather than jumping up to current market rates. This can mean significant ongoing savings for the new owners, especially in areas where real estate values have skyrocketed over the years.

Here are some key points about Proposition 58:

Applies to primary residences and some additional property (with limitations on value).
Transfers must be parent-to-child (and in some cases, grandparent-to-grandchild, under Proposition 193).
A claim must be filed with the county assessor to secure these benefits within the proper timeframe.
For transfers that do not qualify, or for non-family members, the property will typically be reassessed at its current market value, likely increasing property taxes.

So, if your goal is to keep the family home in the family—and avoid a costly property tax spike—understanding the ins and outs of Proposition 58 is essential when planning your trust or handling a property transfer.

Step-by-Step Guide to Selling Your House in a Trust in California

While the benefits of putting a property in a trust are clear, selling real estate in a trust can be a little testing. Therefore, careful planning is required to sell assets efficiently and promote a smooth closing process that allows your family to enjoy the tax advantages and full proceeds of the sale.

If you want to sell an inherited property in a trust or just need to sell a property in a trust you didn’t create, there are options. The process of selling a house in a trust may seem daunting, but the following steps should lead you to a successful sale.

Gain trustee approval

Trustee approval will make the process of selling trust property far less stressful as it’ll help you avoid disputes and delays caused by miscommunication. While single trustees are possible, most trusts name multiple people. If you have three or more people, ensuring that all parties are on the same page should be the first item on your checklist.

It is an emotionally charged time in which past disputes between relatives could make this process difficult. However, Premier Property Buyers can help by facilitating clear communication by all parties. Arranging a consultation to discuss everything from fiduciary duties to estate taxes and the options for selling a house should lead to an agreement. When all trustees feel suitably informed and prepared for the process ahead, things should fall into place.

Consult with an Estate Planning Attorney

Before moving forward, it’s crucial to consult with an estate planning attorney—preferably one familiar with California trust and estate law. An experienced attorney can ensure that the sale process complies with state regulations and the specific instructions outlined in the trust. This step is especially important when:

There are complex trust terms or large estates involved
Trustees or beneficiaries are unsure of their legal responsibilities
You need guidance on handling proceeds and potential tax implications
Past or ongoing family disputes may complicate the transaction

Consulting with a qualified attorney helps trustees navigate complicated legal and tax issues, avoid pitfalls, and ensure the sale is legally sound from start to finish. Ultimately, having proper legal guidance streamlines the process and provides peace of mind for everyone involved.

Understand different trust implications

As well as gaining the necessary approvals from each trustee, you must consider how trust home sales are impacted by the type of trust that the asset is placed in:

Revocable trust

Irrevocable trust

Testamentary trust

Prepare the home for sale

Preparing for trust sales of real estate assets may look a little different depending on which route you take. In either scenario, though, you will have to obtain the necessary legal documents. The relevant info when selling trust property in California is detailed below.

When opting for real estate agents, you will need to consider the necessary repairs before it can be listed on the property market. If the repairs are significant, it may be better to look at the prospect of a cash sale. Aside from saving time and hassle, this is often the best option from a financial perspective in this situation.

Contact a real estate agent or experts

When selling real estate in a trust, you will also need to call an expert. A real estate agent will help with marketing the property if this route is taken. However, you can also sell trust property assets through a cash home buyer service, who can also take care of issues like using the right escrow company. While 350,000+ properties are sold in California from Long Beach to Anaheim annually, the direct route is often preferred in this situation.

California requires careful planning, especially when you want to sell property effectively while serving the best interests of all relevant parties. Whichever route you take, it’s important to contact a team that will offer a professional appraisal and a transparent service.

Legal Requirements for Selling a Trust Property in California

The legal requirements for selling a trust property demand a lot of attention, especially as you will be inexperienced in this type of sale. You must ensure compliance with California’s legal authority if you want the sale to be finalized and beneficiaries to receive their sale proceeds.

In California, the following legal documentation and compliance requirements must be addressed depending on the sale process used:

Selling With the Trustee

The legal requirements for selling a trust property are easier with a trustee than without. The property is sold to a third party with the funds being added to the overall trust, which can then be distributed as per the specific instructions of the trust document.

Most courts allow trustees to sell properties unless the trust states that the asset should not be sold. When selling with the trustee, you will need:

The trust document to confirm that you have the right to sell the property. A trust certification in California can also be handed to a third party who works in good faith that trustees are operating as per the trust agreement.
The trust certification in California, signed by a trust attorney.
A California deed of trust, which is essentially the mortgage that must be cleared with the sales proceeds.
The grantor’s death certificate.
The trustee’s tax ID number.

As well as verified documents, you will need to work with an expert capable of providing professional guidance in reaching an agreement for all parties. The sale proceeds will then be added to the trust funds, which are distributed as per the trust instructions.

Handling Sale Proceeds and Debts

Once the home is sold, the trustee is responsible for ensuring the proceeds are managed correctly, following the terms of the trust. This process typically involves:

Settling outstanding debts and liabilities: If the property has an existing mortgage, unpaid property taxes, or other debts, the trustee must use the proceeds from the sale to pay off these obligations first.
Distributing remaining funds: After all debts and expenses are satisfied, the trustee then distributes the remaining sales proceeds to the beneficiaries, strictly according to the terms outlined in the trust document.

Careful attention to these steps ensures compliance with California law and protects all parties involved in the trust sale process.

Trustee Responsibilities: Tax Reporting and Compliance

After the sale of a trust-owned home, the trustee takes on important tax and reporting duties. It’s not just about moving the property and distributing proceeds—the trustee must also handle the necessary paperwork to keep Uncle Sam and the State of California happy.

Here’s what’s required:

File tax forms: Report the sale to the IRS by filling out the appropriate federal return, such as Form 1041 (U.S. Income Tax Return for Estates and Trusts), and any accompanying schedules that detail the asset sale.
State tax responsibilities: California may also require specific state filings to ensure all local taxes related to the sale are handled correctly.
Pay any owed taxes: The trustee must calculate and pay any capital gains tax resulting from the home sale, factoring in things like the property’s original purchase price (cost basis) and any improvements made.
Distribute final documentation: Beneficiaries may need tax statements (such as a Schedule K-1), so they can handle their own individual tax filings for any distributions they receive.

Failing to manage these tasks properly can cause delays or even legal headaches for everyone involved, so it’s wise for trustees to work with a qualified accountant or tax advisor familiar with trust sales in California. Properly completing these steps ensures both compliance and a smoother transition for the trust’s beneficiaries.

Selling Without the Trustee

Although a little complicated, selling without the trustee is an option available for California trust real estate sales, especially if the asset is intended for a single beneficiary. In this instance, you will need;

The trust documents to confirm that the legal title can be transferred.

Agreement from the trust, in writing.

A deed form from the trustee, which will then be filed to officially transfer the title.

Once this has been finalized, the beneficiary will be free to sell the asset with a real estate agent or direct cash home buyer. They can subsequently use the funds as desired, either for themselves or shared with others.

Challenges and Solutions When Selling

Beneficiary disagreements

Property valuation disagreements

Disputes on the property value are another potential issue, especially as potential buyers often want to negotiate offers through their real estate agent. A professional appraisal and valuation service allows you to determine the value. A quick house sale will give you a fair price based on this while also helping you avoid fees like marketing.

Legal document issues

As stated above, it is imperative that you have all documents ranging from a death certificate to trust certification. Given the emotions and stress experienced at this time, mistakes can easily happen. Working closely with an experienced team who can use their experience and remove the emotional attachment is advised.

Delays

Delays in property sales aren’t limited to selling a house in a trust. Potential buyers may be waiting on the sale of their properties. Similarly, California Civil Code 1102 means you have to disclose potential issues with the property while any repairs or curb appeal updates could hold you back further. A quick sale within seven days will remove those problems.

Additional Legal Considerations to Avoid Setbacks

On top of these practical challenges, there are critical legal considerations to keep in mind when selling trust property:

Trustee Authority: Double-check that the trustee is fully empowered to sell the property. Sometimes, the trust document may include restrictions or require specific conditions to be met before a sale can proceed.
Beneficiary Rights: Beneficiaries aren’t just passive bystanders. In many cases, they have a right to be notified or may even need to provide written approval prior to the sale. Failing to honor this can open the door to disputes or delays.
Proper Disbursement of Proceeds: After the sale, the trustee must follow the trust’s instructions strictly when distributing proceeds. Any misstep here can result in legal challenges from unhappy beneficiaries.

Navigating these requirements isn’t always straightforward, especially if the trust language is ambiguous or beneficiaries aren’t on the same page. Consulting with an experienced estate planning attorney—ideally one familiar with California rules—can save a lot of headaches and help ensure the process is both smooth and legally sound.

Conclusion: Selling Trust Property with Premier Property Buyers

Selling property in a trust in California is a process that requires professional guidance if you wish to enjoy a streamlined process. From checking the necessary documentation to factoring in any special considerations, there are several steps involved as you look to achieve the best result for the named trust beneficiaries while simultaneously respecting the dearly departed’s wishes.

However, you’ll also want a convenient process with a fair sales price. Frankly, selling property without the need for a real estate agent is the preferred solution as it allows you to draw a line under the process without waiting months for a sale or using open houses in an attempt to sell your house in a trust quickly.

For a better solution, it’s best to work closely with a local cash buyer like Premier Property Buyers. You are guaranteed a quick and convenient sale at a fair price while our experienced professionals can help you navigate the legal minefield of selling property in trust agreements. Crucially, our local knowledge of California law will serve your best interest whether the asset is in Anaheim, Long Beach, Hollywood Hills, or any other part of Southern California.

For a free no-obligation offer and a stress-free sale process, contact Premier Property Buyers now. Your trust property could be sold within 7 days!

Can You Sell a House With a Reverse Mortgage in California?

PrimeClientMarketing on February 21, 2024

Can You Sell a House With a Reverse Mortgage in California?

You can turn to a reverse mortgage if you’re over 62 and need cash. A reverse mortgage provides cash from your home’s equity and doesn’t require monthly payments.

But what if you decide you want to move? Can you sell a house with a reverse mortgage in California?

Yes. You can sell a house, but you’ll need to learn a few things first.

Continue reading this guide as we discuss selling a house with a reverse mortgage.

Basics of Reverse Mortgages

A reverse mortgage is unique in one primary way. You do not repay it through monthly payments.

Instead, it’s a loan you only repay if one of these apply:

You die
Sell the house

Reverse loans are only available to older individuals. The primary purpose of a reverse loan is to give a person some cash without inheriting a monthly debt.

You may turn to one if you live on a fixed income and need supplemental income. Acquiring cash from your home’s equity provides a solution to this problem.

It’s also beneficial because you do not repay the money. Reverse loan lenders do not expect the money back until you sell the home.

How to Sell a House With a Reverse Mortgage in California

The good news is that you can sell a house with a reverse mortgage. You can sell your house anytime. This includes your personal residence or an inherited home with a reverse mortgage.

The most common reason someone with a reverse mortgage decides to sell their home is because they are moving to an assisted living or retirement residence.

You must begin by proving ownership if you inherit a home with a reverse mortgage. You can do this through an affidavit of heirship. You’ll already have proof of ownership if the home is your primary residence.

In either case, you may want to begin by evaluating the home’s value. You can look at a recent appraisal or estimated value to see how much it’s worth. Next, look at the reverse loan balance.

Comparing these amounts helps you determine the approximate equity in the house. You must repay the loan balance when selling a house with a reverse mortgage.

A reverse loan is a lien. Liens provide legal rights to lenders. Homeowners must satisfy these liens when selling their homes.

The next step is finding a buyer. Unfortunately, many homeowners wait for weeks or months to find a buyer. Once you find one, you’ll spend time negotiating the details.

The buyer may ask you to repair parts of the home. They may ask you to pay for some of their closing costs. You’ll also pay for some closing costs, including the realtor’s commission.

Then, of course, you’ll have to wait for the buyer and their lender to complete all the necessary steps. After finding a buyer, you’ll likely close the deal approximately five or six weeks later.

Considerations for a Reverse Mortgage Home Sale

Before selling a home with a reverse mortgage balance, it’s helpful to consider a few implications. Here are several:

Equity and Profit

As mentioned, you must consider the home equity and profitability of the house. Look at the home’s current value, then consider all the costs you must pay.

First, you must repay the reverse mortgage balance. Next, you may have to pay for repairs, commissions, and inspections.

After subtracting these costs, you’ll see the amount you’ll receive from the home sale. There is a cost of selling a house through a traditional sale, often more than you might expect.

Home Condition and Contingencies

The second consideration is the home’s condition. A traditional buyer might not take the house as-is. Instead, they’ll insert contingencies into the purchase offer.

Contingencies require you to do something. In many cases, they require repairs, which cost money. These repairs affect your bottom line.

Unpermitted Work

Also, consider if the home has unpermitted work. Unpermitted work refers to projects completed on the house without the proper work permits.

Selling a house with unpermitted work can lead to roadblocks. Unfortunately, you may be responsible for paying the costs of fixing the issues.

Options for Selling With a Reverse Mortgage

As described already, you can sell the house through a traditional sale. This process involves hiring a real estate agent to assist. However, there is a simpler option: Sell to a cash buyer.

Cash home buyers in California purchase all types of homes. They pay cash for the properties and can buy houses with reverse mortgages. For example, homeowners looking for a home sale in Los Angeles can quickly sell a house even with a reverse mortgage by contacting a cash home buying company.

This method is the best option if you want to sell a home fast in California. Here are some reasons people choose this method:

No Extra Costs

While you must repay your liens, which include a reverse mortgage, you won’t pay for anything else. You’ll receive a check for the difference between the offer amount and your loan balance amount.

There are no additional costs involved with a home sale to a cash buyer.

No Work Required

Secondly, the buyer won’t give you a list of things to do to the property. They’ll take the house in its current state, problems and all. This leads to ease in selling a property that needs work or with unpermitted work.

It's Fast

Additionally, this method offers a fast sale. Cash buyers don’t need mortgage lenders. Therefore, they won’t require an appraisal, inspections, or title insurance.

The result is a fast sale. In many cases, you’ll close the transaction within a few weeks of requesting an offer from a cash buyer.

Learn More About Selling to Cash Home Buyers

You can sell a house with a reverse mortgage in California. The first method is through a traditional sale. However, this method takes time and can be costly.

A simpler option is to sell it to a cash home buyer in California. As you can see, selling to a cash home buyer negates many steps.

As a result, cash home sales are often the best solution to selling a home with a reverse mortgage.

Premier Property Buyers makes the process simple. We offer no-obligation consultations, providing a hassle-free approach to selling a home with a reverse mortgage. Whether you’re thinking about selling a house in Garden Grove or you’re selling your house in San Diego, we have options for all Southern California Homeowners.

Reach out today to learn more about the process.

What is an Affidavit of Heirship When Selling An Inherited House in California

PrimeClientMarketing on January 16, 2024

What is an Affidavit of Heirship When Selling An Inherited House in California

Navigating the intricacies of selling an inherited house may seem complex and intimidating at first, but understanding key legal documents, like an affidavit of heirship, can make this journey considerably smoother. An affidavit of heirship is a sworn statement identifying who are the rightful heirs of a deceased property owner’s estate. For those inheriting one themselves, this document serves as a beacon of clarity amidst legal murk, providing clear paths of ownership while making selling their California-inherited house easier!

Explanation of an Affidavit of Heirship

An Affidavit of Heirship is a legal document used to establish the rightful heirs of deceased property owners’ assets after death. Notarization by an official body gives this document much-needed legal weight. Affidavits provide evidence of familial relations between the deceased and claimants (or applicants for clarity) and provide details regarding property ownership, debts owed by the deceased, and any other pertinent information about their life and death. This sworn statement provides for a precise determinant of ownership, effectively establishing who inherits the property under California law. By doing so, any potential confusion regarding rightful ownership can be eliminated, leading to an easier and quicker sale process.

When and Why an Affidavit of Heirship is Required

An affidavit of Heirship is needed when the deceased does not leave behind an estate plan or will, an affidavit of Heirship becomes especially essential in such cases. Determining legal heirs may become a difficult issue with a lot of red tape, causing delays and disputes. An affidavit of heirship provides a powerful solution for these potential challenges, legally identifying all rightful heirs as well as outlining property and liabilities owned by the deceased. Not only is an Affidavit of Heirship essential in establishing ownership, but it is also widely acknowledged by various institutions – courts, tax authorities, and real estate agencies – making it extremely useful when selling an inherited house. By clarifying ownership and streamlining transfer processes, an Affidavit of Heirship can significantly simplify this process; eliminating potential stressors and legal complications while simplifying the selling process significantly.

For instance, imagine John inheriting a property in California from his deceased aunt without her will in place to say who should claim ownership specifically. Without a will, there is significant ambiguity regarding rightful ownership. An effective solution for John could be to create an affidavit of heirship, signed by two neutral witnesses familiar with her history and signed off by them as witnesses to John. These witnesses could recount that John’s aunt was unmarried, had no children, and considered John her only heir. An affidavit of heirship could then pen down these facts in detail to establish John as its rightful owner and facilitate his intention to sell inherited property. This example illustrates how an affidavit of heirship can play an instrumental role in streamlining the process of selling an inherited house when there is no will or estate plan available to help facilitate this decision-making.

Process of Obtaining and Filing the Affidavit

Filing an affidavit of heirship requires several steps and requirements that must be strictly observed to ensure its proper execution.

First and foremost, an heir or multiple heirs must complete and sign an affidavit of heirship form by providing information about the deceased, property ownership details, and all heirs involved. It is very important that this document be notarized so as to legally establish its credibility and reliability.
Once completed and notarized, an affidavit must be filed with the county recorder’s office where the property resides. California state law specifies that this filing must take place no later than 40 days after the death of the deceased person.
California law also mandates that an affidavit accompany an inventory and appraisal of the deceased’s real property, prepared by a probate referee appointed by the California State Controller.

Following this affidavit of heirship process helps ensure a clear and uncontested transfer of property ownership, opening up opportunities for an uncomplicated property sale process.

How an Affidavit of Heirship Can Impact on the Sale of Inherited Property

An affidavit of heirship plays a vitally important role in selling an inherited property, as this document makes the process less of an uphill battle and easier to manage. An affidavit provides the legal basis for rightful heirs to act, sell, or distribute the property as they see fit. By eliminating potential ownership disputes over its status and providing clarity about ownership issues, potential buyers have more assurance regarding legal ownership issues for any potential purchases of the property in question. On the flip side of the coin, without an appropriately administered affidavit of heirship, selling an inherited property can present many obstacles. Potential buyers might become uncertain of its rightful ownership due to this uncertainty. Furthermore, without an accurately filed affidavit of heirship, disputes among heirs could lead to legal battles that will significantly delay the sale process. Thus, an affidavit of heirship must be obtained and filed properly to ensure an efficient sale process.

Professional Assistance with an Affidavit of Heirship in California

Navigating the legal complexities associated with inheriting property and filing an affidavit of heirship can be complex and time-consuming; for this reason, it is highly advised that legal or real estate professionals provide their expertise to guide this process efficiently and correctly. Premier Property Buyers offers invaluable assistance when faced with such circumstances, offering deep knowledge of the California real estate market as well as extensive expertise in handling affidavits of heirship. Let our expertise assist in simplifying the complex process of selling an inherited house for maximum sale potential. Premier Property Buyers is dedicated to making selling an inherited property as easy and satisfying an experience as possible, meeting all legal requirements flawlessly and expediently. Partnering with them means having access to an experienced team that can turn any difficulties associated with selling into a rewarding journey.

Conclusion

An Affidavit of Heirship (AoH) is an essential document when selling an inherited house in California. It establishes legal ownership and can significantly accelerate the selling process. However, dealing with the legal procedures associated with an inheritance property can be complex and emotionally draining, especially during times of grief. Get professional guidance so that this process goes as smoothly as possible. At Premier Property Buyers, our experts specialize in successfully handling complex transactions smoothly. Reach out to us for any assistance or advice that might help make selling an inherited house in California less stressful and more satisfying process. Contact us now and find out how we can support your journey!

Navigating the Probate Process in Southern California: Step-by-Step

PrimeClientMarketing on November 18, 2023

Navigating the Probate Process in Southern California: A Step-by-Step Guide

When a loved one passes away, there are a lot of issues to resolve. Amidst emotional turmoil, families and friends find themselves coordinating funeral and memorial services, and settling the affairs of the deceased. This includes executing a will and determining how assets––including money, property, and real estate––get distributed.

In instances where there is not a will (or the will does not specify the distribution of assets), then it goes to probate. The California probate process is complex. It also can take a great deal of time and money, depending on the circumstances.

This article details the procedures involved in California probate. Keep reading to find out what you can expect based on your circumstances.

Understanding Probate in California

Probate is the legal process of distributing the assets of a deceased person. These include bank accounts, financial investments, and real estate holdings. The proceedings are typically carried out in specific state courts (“probate courts”).

Is Probate Always Necessary in California?

Probate is not required in all circumstances. If the deceased’s spouse or domestic partner is still living, assets can be transferred directly to them (through a separate, more streamlined, process), without going to probate. This is the case regardless of whether the deceased had a will.

There are other circumstances where probate is not required. One is where the deceased was in a “joint tenancy ownership” of property, where one or more names to the title of the home. In these cases, the property automatically becomes sole ownership of the living partners.

A final circumstance where you can forgo probate is when the total of all assets is less than a certain amount (in California, that is currently $184,500). In these cases, those inheriting the assets can complete the process with sworn affidavits.

Even when probate is used, not necessarily all property is subject to it. You can have situations where some assets are handled outside of court, while others are subject to the court’s authority.

For instance, you can have a situation where a will specifies where money in bank accounts goes but fails to lay out what happens to a house. In this case, the court would only make determinations about the sale and proceeds from the home.

Also, things like life insurance and retirement benefits have designees assigned in the policy. In most circumstances, these would simply pay out to the beneficiary.

Navigating Through the California-Specific Probate Process

In California, probate is handled by the state’s Independent Administration of Estates Act. Like in other locations, probate is not always necessary in California.

If the deceased person left a will, an “executor” is responsible for carrying out the wishes described in the will. This includes allocating assets to beneficiaries. If not, then the process follows these steps.

Filing and “Proving” the Will

First, probate must be formally initiated through a “petition for probate.” You must submit a filing fee of $435 with the petition.

You must file the petition in the appropriate court based on where the deceased resided at the time of their death. After this, the court will schedule a hearing within 30 days.

If there is a will that names an executor, that person should begin the process. Otherwise, the court will name someone (usually a family member) to serve as the “administrator” of the estate (which is the same function as an executor).

The court will arrange for local newspapers to publish notice of the probate. They will also contact everyone named in the will, as well as the deceased’s legal heirs.

In some situations, there may be a dispute about the validity of the will. A “self-proving” will has an affidavit legitimizing everyone signing it. If there are questions about legitimacy, the court will decide the requirements for proving (or disproving) it.

Organization of Assets

Next, the executor will take charge of all the assets left by the deceased. The court often requires an inventory of these items.

These include bank accounts, stock, bonds, mutual funds, and brokerage accounts, as well as physical assets like motor vehicles, boats, planes, and real property. This also includes any necessary appraisals.

Note that, during this process, the administrator must protect all assets. This means maintaining (or purchasing) home insurance as a safeguard against damage or theft. The executor must continue filing tax returns on the estate until the court settles the matter.

Settling Bills

Next, the representative must settle any outstanding debt. They must pay any local, state, or federal taxes owed, as well as any new taxes, like estate taxes. If bills owed by the deceased exceed the amount of assets, the court determines the order in which the administrator pays creditors.

Distribution of Assets and Closing

Once all debts are satisfied, the executor can then begin distributing funds to beneficiaries. After this occurs, the court will issue a notice of the estate’s closing. The court also will receive an outline of all accounting actions, including payment of attorney fees (which they must approve).

The Role of a Probate Attorney in California’s Legal Landscape

In California, you are not required to hire a lawyer to handle probate. Much of the process is paperwork, and almost anyone can complete it.

Opting for simplified procedures may be cheaper and more expeditious, but there may be advantages to hiring a probate attorney as well. If there are a lot of issues that need handling, it may be worth hiring someone. A probate attorney also can help you expertly navigate complex debt or tax issues, that could end up saving you money in the long run.

In many locations, lawyers can charge their basic hourly rate or collect flat fees for their work. California is one of a handful of states that allow attorneys to collect “statutory fees” for probate representation.

This is a percentage of the estate set out by state law. These range from 0.5 to 4 percent, depending on the value of the estate. This means that attorney fees can be quite expensive, regardless of how much work is required to settle the estate.

Note that attorney fees are based on the gross value of the estate. That means that, if the deceased still owed money on their mortgage, the attorney still gets paid a percentage based on the full value of the home (not the value minus outstanding debt).

Also, note that attorneys are not mandated to follow this schedule. Although it is common, you may seek one out that charges a base or hourly fee.

In some instances, a probate attorney may not be required to sell an inherited house. In these cases, something called an affidavit of heirship will be used to transfer ownership to the heirs. To learn more about an affidavit of heirship, visit our guide on understanding an affidavit of heirship and when it can be used.

Choosing Ease and Certainty: Sell Your Inherited Property to Premier Property Buyers

Having covered the California probate process, it’s clear that dealing with an inherited property isn’t a straightforward task. The process can be long, and complex, and often necessitates the expertise of a legal professional. It could mean months, or even years, of uncertainty and paperwork. For tips on preparing your home for sale, including getting rid of odors, check out our tips for preparing your home for sale.

However, there is a stress-free alternative that exists right at your fingertips – Premier Property Buyers. As Southern California’s trusted home-buying company, we provide a streamlined approach to selling inherited properties that bypasses the hurdles of the traditional process. We don’t just buy your property for cash, but also shoulder all associated fees and closing costs.

Moreover, our team prides itself on guiding homeowners like you every step of the way, ensuring you are informed, comfortable, and satisfied with the transaction. With Premier Property Buyers, you’re not just selling a house; you’re choosing a quick, simple, and reliable solution that puts your needs at the forefront.

So why grapple with the daunting complexities of probate when you can choose a path of ease and certainty? Contact Premier Property Buyers today, and transform the stressful task of navigating the probate process into a swift and hassle-free experience.

How to Sell an Inherited House That Needs Repairs in California

PrimeClientMarketing on November 18, 2023

How to Sell an Inherited House That Needs Repairs in Southern California

There’s nothing less appealing to buyers than a home in desperate need of repairs. From huge issues like roof or foundation damage to problems with the utilities, buyers may decide to steer clear of the headaches involved with fixing them.

Of course, if you’re trying to sell an inherited house, you may also want to steer clear of these headaches!

Selling a property that needs repairs isn’t always straightforward, and deciding when to go for an “as-is” sale can be tough. Let’s look at the challenges and costs associated with selling an inherited house without making repairs.

The Challenges of Selling an Inherited House That Needs Repairs

Selling an inherited property in poor condition isn’t impossible, but it can have its own unique challenges. Here are a few disadvantages to keep in mind if you choose this route:

Making Repairs Takes Work

If you do decide to spruce up the property, you may end up investing a lot of time, money, and energy into the work. Cleaning, repairing, and even staging a home can take longer than you’d think, so make sure you’re prepared to tackle a project of this size.

You Won’t Always Recoup Your Investment

Renovating and repairing can help you sell a house faster, but that doesn’t mean those repairs will pay off. Be careful not to spend more money than the house is worth!

You Might Struggle to Find Buyers

If you don’t make repairs, you may have a hard time finding buyers. As you can imagine, the majority of buyers are looking for a property they won’t have to put time, money, and effort into fixing. This often translates to houses that sit for longer on the market.

Estimating the Cost of Repairs in Southern California

Figuring out the expected cost of your home repairs can be tricky, especially if you don’t have real estate or home repair expertise. Worse, every property and repair is unique, which can make it hard to tally the individual costs of each problem you’ll need to fix.

An easy way to get around this is by checking for online estimates of major types of home repairs. Though the cost of a roof repair or mold removal may fluctuate, for example, most online guides can often give you a ballpark figure. You can also contact multiple contractors in your area to get a few estimates for a job, allowing you to figure out what a fair price for each project might be.

If you’re planning to do some of the work yourself, your estimation can become more difficult. You’ll need to figure out what types of supplies you need and check material costs at your local home improvement store.

Is Repairing an Inherited House Worth It?

Once you’ve inherited a home in California, you might wonder whether repairing it is worth your time. Here’s when it might be a good idea to repair an inherited home:

You know you have the budget to complete repairs
You think the repairs will increase your ROI
The home needs only a few repairs
You aren’t worried about selling the house fast
You know you can maximize the sale price if you repair the home
There’s a buyer’s market in your area, and you want to take advantage

Though this option isn’t right for everyone, you might want to consider repairing an inherited house if the statements above sound right for you.

Your Options: Sell As-Is or Fix Up?

Let’s make things clearer by going through the pros and cons of selling vs. repairing a fixer-upper home:

Pros and Cons of Selling As-Is

Selling as-is has a few obvious advantages. First, you’ll sell fast if you aren’t wasting time on repairs, especially if you end up working with a cash buyer. In addition, you’ll save money upfront because you aren’t splurging on the materials or labor for repairs.

However, there are also a few disadvantages. If you sell as-is, you might not make as much money as you could with repairs. You might also get fewer offers if you’re selling with a real estate agent.

Pros and Cons of Making Repairs

The main advantage of making repairs is clear: you’ll often make much more money than you would by selling as-is.

However, there are many more disadvantages. Repairs can take a great deal of time, meaning you’ll have to hang onto the house while paying all taxes and costs associated with it.

If you’re doing some or all of the repairs yourself, you’ll also have to factor in your own efforts via manual labor. In addition, the time spent staging, marketing, and showing a home can add up.

Last, while you’ll often make more money by repairing a home, you’ll have to pay for the repairs upfront.

Selling a Fixer-Upper to a California Cash Home Buyer: How It Works

If you’re only familiar with traditional real estate transactions, you’ll be surprised at how easy and efficient selling to a cash buyer can be. The home-buying process has only a few steps:

First, you’ll contact any cash buyers you’re interested in working with. There’s no need to make repairs; the buyers will inspect your inherited home in as-is condition.

Next, the cash buyer will reach out and arrange a time to visit the property. They’ll evaluate the property’s value on the spot.

You’ll then receive a no-obligation cash offer. Depending on the cash buyer, this may take anywhere from 24 hours to a few days.

If you accept their offer, you’ll sign the closing documents and receive your funds! This can happen within a few business days to a few weeks. In most cases, you can choose the closing date, if you prefer.

Sell a California Inherited House to Us

Deciding whether or not to make repairs can be tough, and every home and seller is different. However, if you choose to sell an inherited house in as-is condition, we hope you’ll trust our expert team to get the job done!

At Premier Property Buyers, we offer fast cash offers without commissions, fees, or closing costs. To learn more or to get an offer, contact us today.

Can You Quickly Sell an Inherited House in Southern California?

PrimeClientMarketing on November 18, 2023

Debunking Myths: Can You Quickly Sell an Inherited House in Southern California?

In theory, most people believe they’d love an inherited house. After all, the idea of having property land in your lap for free has its appeal!

When it happens, however, many new owners find themselves stressed over a house that isn’t exactly a dream home. Whether they’d rather sell the house for quick cash, want to avoid extensive repairs on an older home, or don’t like the idea of being a landlord, many hope to get the property off their hands fast. However, the legalities of inheriting property seem to make this goal impossible.

Fortunately, there’s plenty you can do to quickly sell an inherited property. Let’s debunk a few myths and cover a few steps for a fast sale.

Common Myths About Selling an Inherited House Quickly

Selling an inherited property can sometimes be different from selling a property you already own. For that reason, a few common myths have sprouted up around this type of real estate transaction:

It Takes Much Longer

Selling an inherited property can sometimes take more time, but this isn’t always the case.

The timeline depends on an initial delay: you have to wait until you have official ownership of the property.

Depending on your situation, this may mean you’ve gone through probate, you’re the trustee of a trust that holds the property, or you’ve been named as a beneficiary. If your situation is simple, you may become the legal owner right away. If things grow complicated, which often happens in drawn-out probate proceedings, the process could take years.

You Have to Go Through Probate

As we’ve hinted above, you don’t always have to go through probate to become the legal owner of a home.

Many states do require probate, which can take weeks to months, but most also have a small estate probate process. This process is fast, and you don’t often need an attorney.

If you’re lucky, however, you can bypass probate completely. This happens when the previous owner transferred ownership with a beneficiary deed or when you’re the trustee of a trust that holds the property. In addition, you can bypass probate if the deed names surviving owners. When you work with a great cash buyer, they can help you understand if you will owe taxes from the sale of the house whether you go through probate or not.

You Can’t Sell Fast With Multiple Owners

Disagreements among joint owners can make it hard to sell a home fast. However, this isn’t always true.

If joint owners agree to sell a property, the sale can be as simple as any other. If joint owners disagree, hiring a mediator can often solve the problem without the need for a lengthy court battle.

In addition, it’s easier to force a sale through majority rule in California than it is in most states. This happens through a partition action lawsuit. These lawsuits take time, but they can still be faster than property-based lawsuits in other states.

The Truth About Fast Home Sales in Southern California

The truth is that once you have the authority to sell, an inherited property sale can often be as fast as any other sale. For most people, it’s the drawn-out process to reach this point that takes the most time!

When you have the authority to sell a property, you may be able to speed up the sale process in a few ways:

Know the Details

As with any other property transaction, you’ll want to know a few key details about the property. For example, if you inherited, and are going to sell a house in a trust, you’ll want to understand how to handle selling a house in a trust in California.

If the house still has a mortgage, you’ll need to find out where the mortgage stands, first and foremost. You’ll also want to run a title search, which can provide insights into any lines of credit, unpaid taxes, or liens associated with the property. All of these problems become yours until you sell the home, so make sure you’re taking care of them!

Nominate a Representative

If the property is a joint inheritance, nominating a single representative is a good idea. This person can deal with the responsibility of selling the home, communicating with realtors and buyers, and similar concerns.

Consider Selling to Family

This is one of the fastest and easiest ways to sell an inherited property. If one of the house’s joint owners or another family member wants to buy it, you can sell the property to them.

This saves you the headache of going through the traditional home sale process, as you won’t have to list, stage, or show the property. You may still have to negotiate on the price tag and any repairs, so it may help to find a mediator or work with a real estate agent who can help you come to an agreement.

The Role of Cash Home Buyers in Expedited Home Sales

If your goal is to sell a home as fast as possible above all else, your best option is to work with a cash home buyer.

This strategy may not earn you the higher price tag you would have secured by repairing, staging, and marketing your home, but it can save you a great deal of time and effort.

Cash buyers can help you get a property off your hands with less stress. Because they buy property “as-is,” you don’t have to worry about repairs and other hassles. Even better, you can get an estimate within a few days and close on the property in a matter of weeks instead of months or years.

Case Study: A Quick Sale of an Inherited House in Southern California

As an example, say you’ve inherited a property in the state. You’re lucky enough to be named a beneficiary, so you avoid a lengthy probate process.

When you visit the property, you find it’s aging and in disrepair, meaning you’d have to do a lot of work before using it or renting it out. Considering that the property already looks like a money pit, the repair costs seem completely outrageous. You don’t want the property in your hands for long, so you decide to sell fast.

You could sell the house yourself or work with a real estate agent, which can take over two months from listing to closing in the best-case scenario. Instead, you choose a cash buyer for a faster sale.

The buyer inspects the property and makes an offer within 24 hours. Three weeks later, you’ve received cash for a home you never wanted while saving time, money, and effort.

Sell Your House With Us

At Premier Property Buyers, we know that inheriting property can sometimes get complicated and stressful. That’s why our goal is to make every transaction as stress-free as possible.

We’ll buy your inherited house as-is anywhere in Southern California. Contact us and get your quick estimate today!

Resolving Property Disputes: How to Sell a Jointly Inherited Property

PrimeClientMarketing on November 18, 2023

Inheritance. It is the legacy that people behind to their loved ones and other people they want to help after they are gone.

In the United States, the median inheritance is $69,000.

One form of inheritance that you can have is inheriting a house with a sibling. If you are in this situation, you may be wondering what you have to do from here.

Are you worried about property disputes with your siblings? Do you want to know what to do with the property?

Here are some tips on how to go about selling inherited property.

Planning a Productive Family Meeting in California About Inherited Property

The first thing you should do is have a family meeting about the property. This should involve every family member that has shares in said property.

Once you have everyone in the same place, you need to do two things. The first thing you should do is get an idea of what everyone wants to do with the property. Options here include keeping the property within the family, renting it out to travelers or tenants, plus selling the house outright.

The other thing you have to do is decide who is going to handle the arrangements. Is one person going to oversee a sale? Is one person going to cover the costs to keep the house running until it is sold?

These are things that you should decide as soon as possible. If there are family members that disagree about what to do with the house, that could lead to bigger problems.

As to how to manage the property, this establishes how communication is going to work if you do decide to sell the house.

Buying Out Siblings’ Shares in Inherited California Homes

As mentioned above, it is important to come to an agreement on what to do about the home that you inherited. You may run into an issue where one sibling wants to keep the home and the other sibling wants to sell it.

If you run into this situation and it gets to the point where you guys reach an impasse, you need an alternative solution. That solution could be one sibling buying out the other that wants to sell the property.

This allows the sibling that wants to sell to get out of the property and it allows the one that wants to keep the property to own it outright.

Someone could want to keep the property for several reasons. They may want to move into it themselves, they could want to rent it out to other people, or they may think it could be worth more money in the near future.

Whatever the motivation is for one sibling to keep the property, buying out the other sibling is the smoothest way to do this if there is a disagreement.

Challenges of Inherited Property Maintenance in California

Another thing you should keep in mind is that you are going to have to maintain the home until you sell it. This is especially the case if you have to clear out the home of personal items or you do not know what you want to do with the property yet.

Or, you could get a home inspection before finalizing a sale and the inspector could tell you that there are more issues with the home than you expected.

Regardless of the reason, you are going to want to set aside a budget for maintenance costs. This includes fixing up any minor repairs, keeping utilities running, and more.

On average, homeowners tend to need about 1% of the house’s worth per year on maintenance.

So, let’s say that you plan on selling the home in about six months. In this situation, the home could be worth about $500,000. Then, you would have to set aside about $2,500 for maintenance costs if you are going to go with .5% of the house’s worth.

How does this work with siblings? The answer is it depends on what you did above.

If you already bought out another sibling, you should be on your own with this. However, if all of you want to sell the property together, you should discuss how you want to go about handling maintenance costs.

Either one sibling can get estimates for this and keep up with monthly bills or you can take turns. No matter what you do, just make sure you have a system where everybody is on the same page.

How to Sell an Inherited House Fast in California

Unquestionably, inheriting property jointly with your siblings can present numerous challenges. In many cases, selling your jointly inherited property swiftly can be the most effective solution. Why? Let’s delve deeper into this approach.

First, the inherited house may require substantial repairs and maintenance. These can range from simple cosmetic upgrades to extensive renovations like fixing structural issues or updating outdated plumbing. These projects can be costly, time-consuming, and potentially more complex than you initially anticipated. Selling the house ‘as-is’ means you don’t have to worry about these complications or expenses, providing immediate relief from the burden of property upkeep.

Second, geographical constraints can significantly complicate the management of an inherited property. If you and your siblings are spread across different locations or states, coordinating property management, repairs, or selling processes can be a daunting task. Selling for cash can solve this problem, enabling you to complete the sales process swiftly without being physically present.

Managing someone else’s property can lead to significant stress. Dealing with legalities, potential disputes, and the emotional strain of sorting through a loved one’s belongings can be overwhelming. In this scenario, a quick sale can alleviate these pressures and provide you with the freedom to move forward without the extra responsibilities.

Last, with the potential for unforeseen obstacles and the market’s unpredictable nature, selling a house can become a lengthy and tedious process. However, by choosing to sell to a cash buyer, you can bypass many of these delays. This arrangement enables a quick sale, often within a week, and spares you the stress of a prolonged selling period.

For these reasons, selling your inherited property for an instant cash offer stands out as an advantageous option. It provides a hassle-free, rapid solution to the complexities of managing an inherited property, allowing you to focus on more pressing matters. Consider this option to navigate your situation with the utmost ease and efficiency.

Resolving Inherited Property Disputes in California

Inheriting property can be a very emotional experience. You are saying goodbye to a loved one while receiving something that may benefit your life. However, if siblings do not have the same vision, it can lead to property disputes.

You can either buy a sibling out, have a family meeting to discuss what to do with the house, or sell it as fast as you can.

Do you want to do the latter? Get a cash offer on your house today.

Inherited Home Sale With a Realtor vs. a Cash Home Buyer: Pros & Cons

PrimeClientMarketing on November 18, 2023

The Pros and Cons of Selling an Inherited Property Through a Realtor vs. a Cash Home Buyer

Inheriting a house has several benefits, one of which is that you can save between $3,000 to $4,000 a year on property tax. But, there are other benefits if decide you don’t want to keep the property.

Another option is to sell your inherited home by either using a real estate agent or selling the house to a cash home buyer. How do you know which option is best for you? There are pros and cons to both.

Read this guide to make the best decision according to your needs.

Selling an Inherited House Through a Realtor: The Pros and Cons

When selling an inherited house, you are often caught off guard because you gained possession of the house unexpectedly. You suddenly have two homes and are unsure if you can manage them both.

If you feel overwhelmed, then one way to resolve the situation is by hiring a realtor to sell your home. But, before you make this major decision, there are some pros and cons to consider.

Pros

Using a real estate agent is common for many home sellers who have time to go through the home-buying process. It is a popular way to sell your home for several reasons, including:

Personal Relator – You get someone working directly for you to get you the best offer, help with negations, stage your home, show your home, and handle closing processes.
More Money – The relator ensures that you get close to the market value of your home by preparing your home for buyers and marketing the best selling points of your home.
Who Owns Your Home – You know who will be buying your home so you can be sure it will be taken care of after you sell it.
Good Selling Condition – You leave your home knowing that it will not be torn down or left in ruin because repairs and inspections are needed to sell through a realtor.

Cons To Selling With An Agent

While you may get personal expertise using a real estate agent, it isn’t always the best option. Although you can get more money for your house, does come with some cons, including:

More Time- The average time to sell a home in November 2021 was 71 days, which fluctuates according to the market.
Mortgages and Financing – If the house isn’t paid off, then you need to deal with banking finance to settle mortgages.
Commissions and Inspection Fees – Real estate agents charge a commission for selling your home. You also need to pay for the cost of a home inspection.
Repairs – Your contract will include the necessary repairs before you can sell your house, or this amount can be deducted from the price of the home.
Can Be More Complicated – When selling with an agent, if you are selling with multiple family members, the process can get bogged down once real estate agents get involved.

Selling an Inherited House to a Cash Home Buyer: The Pros and Cons

After people inherited a house in Southern California, they had to sell it quickly to avoid taking care of two properties. To do so, it is essential to use a home cash buyer to avoid delays, however, there are pros and cons to this process as well.

Pros Of Selling To A Cash Home Buyer

An inherited home sale should be simple so that you can move forward, especially if you have an emotional attachment to your home. Luckily, there are many pros to this process that include:

Sell in Any Condition – Your inherited property doesn’t have to be in livable condition for a home cash buyer to give you an offer.
No Repairs or Cleaning – You can leave the house as is when handing it over. The buyer takes care of the repairs and cleaning tasks as well as the costs.
Avoid Financing – Because you are selling for cash to a home buyer and not the owner, you can sell it without going through a bank or settling a mortgage.
No Inspections or Showings – You don’t have to show your home to anyone except the home buyer. This means no inspections or lengthy showings for potential owners, hoping they might make an offer.
No Realtor Commission Fees – A cash home buyer doesn’t charge any fees or commissions.
Fast Turnaround – You are selling directly to home buyers so this takes as little as a week to close and get paid.

Cons

Selling your home to a cash home buyer is much different than going through a listing process. While it might save you time, there are cons to consider, including:

Get Less Money – The value of your home when selling to a cash home buyer is calculated as is, so they factor in the cost of repairs and closing fees. Plus they have to make a profit, so offers are lower than putting your house on the market.
No Control Over Who Lives in Your Home – The buyer will flip your house to see it to another buyer, but you have no say in who will buy your house.
Need to Find a Reputable Buyer – You need to find a home buyer who is diligent and trustworthy so that you get paid quickly and for the amount discussed.

Factors to Consider When Choosing Between a Realtor and Cash Home Buyer

There are many ways to sell your house in Southern California. But, when deciding between a realtor vs cash home buyer, there are reasons to pick one over the other. It all depends on your circumstances. this may include:

How Fast You Need to Sell
The Condition of Your Home
If You Still Have a Mortgage
Care About Who Owns Your Home

In most cases, it is very clear what type of home-buying procedure is best based on the lists above.

Case Study: Selling an Inherited House in Southern California

Choosing to use a cash home buyer over a relator means finding someone with experience and a reputation for professionalism. At Premier Property Buyers, our customers are satisfied with the quick process, reliable communication, and easy payment.

Start the process of selling your inherited home today by contacting us with any questions.

Understanding Your Options: How to Sell an Inherited House Without a Will in Southern California

PrimeClientMarketing on November 18, 2023

Inheriting a house. It is the legacy that someone chooses to leave to behind to those they love and care for the most. Some people can leave trust funds, while others barely have pennies to give after they are gone.

In the United States, the median inheritance is $69,000. Sometimes, part of that inheritance comes in the form of property.

However, some people may die suddenly or younger than they expected. As a result, they may not have written a will before they died.

If you want to sell inherited property without a will, you may not know the best way to go about it.

No worries. This guide breaks down the process and your best options.

Understanding the Process: Inheriting a House Without a Will in California

If someone dies without a will in California, that means that their possessions will be distributed to that person’s closest surviving heirs. If you are reading this as someone who inherited property without a will, then congratulations, you are the next of kin.

Usually, this means that a spouse has the first claim to the property. If there is no surviving spouse, then any children of the deceased may get awarded the property.

If there are no children, it can go to the person’s parents, then their siblings, then their nieces or nephews, etc. The point is that the state of California will assume that the property is going to go to the closest living relative.

Probate Laws in Southern California When There’s No Will

Before you can sell an inherited property in Southern California, you are likely going to have to take it through the probate process. For those of you who are unfamiliar with this, it is a legal process that proves that someone has the legal right to assets in an estate.

This process is usually a lot simpler when there is a will to go off of. However, you can still go through this process without a will.

Part of this process is figuring out who the beneficiaries are. This would be the next of kin as described above.

Once there is proof that a certain heir is the rightful owner of the property, then the rest of the process can begin.

There are two major factors that come into play for this timeline. The first is how much the property is worth. If it is worth less than $166,250, then you can have a simplified procedure.

The other factor is if the property has any other surviving owners. This is more likely with commercial property.

If there are surviving owners, then they could get the right to buy out your loved one’s share first. If there are no other surviving owners, that can help speed up the probate process.

Something else you should know is that probate tends to be when creditors go after the deceased for any outstanding debts. That means that if they make a claim in a certain amount of time, they may try to use the value of the estate to get those debts paid.

How to Sell an Inherited California Property Without a Will

The process here is simpler than you might think. First off, you should wait until the property goes through the probate process described above. In certain situations, you may not even be able to sell the property until that process has concluded.

Then, you need to discuss what you want to do with the property with any other surviving heirs. An example can be if multiple siblings have a claim to the property and there is a dispute on what to do with it.

Also, you should make sure that the maintenance fees are being kept up with. This will make it easier to sell your home and it will keep your utilities working while you are trying to sell the home and empty out the home. Why Selling to a Local Cash Home Buyer Can Simplify the Process

So, you have finally reached the stage where it is time to sell the home. You may be considering the best way to go about selling your home.

Well, what if we were to tell you that you should find a cash buyer for your home?

One of the biggest benefits is that you can shorten the sales process significantly. You do not have to wait for any lenders and there is usually a shorter negotiation process with these buyers.

On top of this, you may have inherited a house with a lot of maintenance issues that you do not want to spend the time or the money to fix. In this situation, a cash buyer is perfect because they are the most likely buyers to buy a house as-is.

That means that you can wipe your hands clean of the property and walk out with a good payday without having to do any significant work on the home.

Sell Your Inherited Property Easy And Fast

Navigating the nuances of inheriting a house without a will can be daunting. The state of California will spare no effort in determining the rightful next of kin and ensuring there are no outstanding debts tied to the property.

While this process can be stressful and time-consuming, remember you’re not alone. There’s an effortless alternative that can alleviate your burden and bring a swift resolution – selling your inherited property to a reputable cash home buyer.

Here’s where Premier Property Buyers steps in. We specialize in providing quick, easy, and fair cash offers for inherited homes in Southern California, even if there’s no will. We aim to streamline your selling process, eliminating the complexities and uncertainties often associated with traditional real estate transactions.

We understand that selling an inherited home is not just a financial decision, but an emotional one too. Our team is committed to providing support, understanding, and guidance every step of the way. Whether you choose to sell or keep the property, we want to ensure you have all the information and resources you need to make an informed decision.

Don’t allow the inheritance process to become a prolonged ordeal. Connect with us today and explore how selling your inherited property for cash could be your ideal solution. Simply give us a call to receive a no-obligation cash offer on your home.