June 21, 2022
We bought this inherited house & helped with the succession
Selling an inherited house can be complicated, but it doesn’t have to be. We buy inherited houses all the time and have a good network of title attorneys that can assist you with the succession as part of the sales process. This means you don’t have to pay for a succession and wait for it to clear before you sell. Instead you can agree to sell the inherited property pending the succession and the title attorney can work on the succession and sale concurrently. This way as soon as the succession is cleared the closing can be done immediately. Since the attorney knows the money is coming from the sale of the house they won’t make you pay upfront and will just use the funds from the sale to pay the succession costs and you and any other owners will get the remaining funds. We buy houses like this all the time and since we buy in as condition you can leave any unwanted belongings in the property and won’t need to clean or make repairs.
In this video you can hear our founder Aussie Steve talk about an inherited house we bought. You can watch the video or read the transcript below.
Hey, guys Ozzy Steve here from Home Buyer Louisiana. We buy houses in any condition in Louisiana.
I’m here at a property that we closed on this week. We’re on the West Bank of Jefferson Parish in Harvey. The seller inherited the house, and reached out to us to sell the house. It’s her family home; she grew up here, so she has had a fair bit of history here, but she hasn’t lived here for a while. Her mum had passed a while ago. They had some tenants in the house, and the tenants didn’t really look after the property, so it’s really not in a good state at all, and they just want to move on rather than fixing it up and selling it to a homeowner. They didn’t have the time or money to really put into the house, so they just want to sell it as is for cash. So, we were able to do that. They also hadn’t done the succession yet, and that was fine. Our title attorneys helped them do the succession as part of the sale process.
It’s quite common that we buy a house that’s inherited before the succession is done. And what we do is we get a title attorney to assist, and we do the succession as part of the sales process. So, the attorney will do the succession, do the work to get the property into your name, and then the day it’s in your name, we’ll buy it. So basically, it’s in your name for a brief period and then it’s sold to us.
A lot of times people haven’t done a succession because it costs money, so the good thing about doing this is that the succession fees come out of the proceeds of the sale, so it doesn’t need to come out of your pocket as a seller. The title attorney is happy to use the proceeds of the sale that we provide them to pay the succession fees. We’ll pay all the closing costs. Put simply, you will pay the succession fee, but it will come from the sale of the property, so it’s not coming directly from your pocket.
I’ll show you around the house. You can see it’s not ready to be sold to a homeowner. The floor needs to be fixed. You can see a little bit of mold over there. All the doorframes aren’t in. I mean, it’s not too bad by my standards. But it’s not ready for a homeowner. We buy houses in any condition, so for us, this isn’t too bad a property. We buy gutted properties and all sorts of stuff as well, so nothing really scares us. And this one is definitely not scary, but it is far from finished, and it’s far from a homeowner walking in and seeing themselves here.
We buy houses like this all the time. So, if you want to sell an inherited a property or if you’ve got a property that needs a bunch of work that you don’t want to do, just give us a call or visit our website at homebuyerlouisana.com. We have a lot of information about selling your home, and everything you need to know. So, check it out or give us a call, we’re happy to chat. And if you’ve inherited a property and you need to do the succession, reach out to us. Our title attorney can help you with that, and we can give you a little bit of advice on how that works.
Thanks so much, guys. Have a great day. Bye.
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