what's going on everybody
Spencer McDuffie here hope everybody's
having a fantastic day the question of
the day is this how do I sell a home
when I've inherited the property and
there's multiple errors that have the
right to the home now I'm gonna share
with you exactly how you can get that
done and trust me guys it's not as hard
as you think it may be I've done it
multiple multiple times now so I know
when you get yourself into this
situation it can seem stressful so I'm
going to walk you through exactly step
by step on what you need to do to sell a
property that you've been heritage where
there's multiple errors that are
entitled to the property so the very
first thing guys and this is simple this
is simple but understanding that's
important it's important to adopt the
right mindset and understand that this
can be done it will be difficult
probably you will definitely learn some
things along the way that you didn't
know about real estate and real estate
law but it's important to understand
that it is not that difficult and it
absolutely can't be done the things that
you don't know you will lean on your
partner's your teammates the various
professionals that are involved in the
transaction you know the real estate
agent and the title company the lender
they're going to give you instructions
along the way so understand that people
know how to do this and it can
absolutely be done so if you have a you
know a property that you inherited and
you need to tap into that equity or
better yet you want to tap into that
equity or better better yet you want to
stop paying property taxes on the home
that you're not even utilizing right
then just understand that it can be done
and I'm going to show you step by step
how to get it done so the very first
thing that you're going to want to do
after understanding that obviously you
can get this done is to get you a
contract on the property you know
property sales follow the same
traditional path regardless of what
weird situations come up so in order to
get yourself a property you've got to
market the home who you market the home
tube differs depending on what your
situation is as the seller so if you're
a distressed property owner meaning the
property itself is dilapidated or you
yourself
in a very distressing situation and you
need out quickly you're probably going
to market your home to investors or cash
buyers you know if you inherited a
property that was you know fully paid
off absolutely no debt and the home is
in decent condition where the city is
not finding you for owning it and
letting it sit there looking like pick
stock you might be in a totally
different situation
you know you might actually call up a
real estate agent go retail on that sale
and go for the absolute most amount of
money possible but the correct course of
action ultimately depends on you as a
seller and what is most important to you
throughout the transaction if it's the
convenience of receiving an all-cash
offer
you know closing two weeks then
understand you're gonna give up money
taking that option and if you want
absolute most money possible for your
home
understand you know there's downsides to
that as well you're gonna be sitting on
the market people are gonna be coming
and looking at the home you've got
lengthy contracts you've got financing
contingencies the deals could fall apart
you know left and right they often do
happens all the time so you're going to
put up with a you know more hassle but
you could potentially earn more so what
is important to you is going to
determine exactly what you need to do in
order to market this home and get it and
get the home under contract now the
second thing or the third thing that
you're gonna do as soon as pen hits the
paper right you got your pen you got
your paper boom you sign the contract
you've got the buyer right Bert next
thing that you're gonna do is open title
and this is specifically we're dealing
with the heirs on the property is going
to come in so you're going to go to the
title company you're gonna hand them the
executed contract the one to four
contract right or whatever contract it
is that you're working on you open you
open that up at title company and
they're gonna start doing what title
does so if you don't understand what
title does is simply this
they essentially provide an insurance
property insurance policy on the
property they essentially provide an
insurance policy on the property they do
research on the property and they issue
a policy saying we have done this much
research we didn't find any things
attached to the property that could
cost you money down the line like an
unpaid lien or you know something like
that back taxes it's really common
they're going to do that research
and before the sale occurs they're
either going to make sure that there are
no issues outstanding or they are going
to resolve whatever the issues are that
they find and guess what issue they are
going to find the property owner has
deceased and now there are multiple
heirs who need to be dealt with in order
for this property to be sold everybody's
got to be involved which means fun so
this is what we're gonna take care of it
though the title company is gonna
request a very simple document from you
it's called an affidavit of heirship
it sounds scary but in reality it's a
very simple document it can be prepared
by any attorney and it's really really
simple and basically what the affidavit
of heirship says is this
we are affidavit you know we are
swearing as the affiant not to use too
many big words here basically we are
swearing that the people who are
inheriting this property are the owners
of this property and that everyone is
conveying in the cell together and
everyone agrees that this property can
be sold so all you have to do is track
down the other heirs right sometimes
that's difficult sometimes that's easy
but ultimately the lawyers prepare a
document called the affidavit of
heirship
and you track down the heirs and you
tell them to go sign it how do you get
them to go sign it I give you a real
real simple strategy tell them they're
gonna get paid because most likely they
are gonna get paid because they have a
ownership interest in the property and
if that property is not being used for
anything it's a pretty easy sell to get
your family members on board sign the
dotted line and everybody can you know
walk out with checks even if you don't
like each other I've seen people who
don't like each other at all who came
together to make a little bit of money
so the final thing is is go to the
closing table on closing day get your
paycheck and enjoy that that property is
no
years because what you've done just done
is sold your property that you inherited
when you had multiple hairs now it's
closing that you sign the paperwork you
collect your check and you disperse that
obviously between the different errors
or whatever the the breakdown split is
that you agreed on usually it's equal
you pay your heirs
you get paid and then you add the
chillies and you you know have some
margaritas so hope you have a fantastic
day I'll talk to you later