When you hear that someone has inherited property from a recently deceased family member, most people tend to think that it is a quick and easy process that benefits the recipient and is something positive for that person following the negative – the loss of their loved one. That is what you see on television anyway: a loved one died and left someone a house and property and now they are rich. The reality though is that handling the estate of a deceased family member is a very complicated process that can take a lot of time and money to complete. In addition to the emotional toll of a loved one’s death, the practical problems can quickly become overwhelming.
In most cases, taking care of a loved one’s estate requires going through a legal process called “probate”. This process transfers ownership of real and personal property from the deceased person to their heirs. It also resolves any issues with the estate, including payment of any outstanding taxes or debts owed by the estate. Where property is involved, the probate process is also necessary for clearing the title of the property so ownership can be transferred to the heir. This process can become quite expensive as it usually requires multiple court dates, legal specialists and in some cases, the process can drag out for years.
The Story of Marcia and Greg
Marcia and Greg are a couple living in Charlottesville, NC who inherited property in Beltsville, MD when Marcia’s mother died. With their youngest child beginning his senior year in high school and their other three children all currently attending college, time and money were both huge factors that led them to us here at Akin Developers.
They had already listed and considered possible options for what to do with the property and discussed those with their children, especially since one of the options was to let one or more of the children live in the home. Since none of their college-aged children were attending school nearby they decided as a family to take that option off the list. They discussed renting the property but knew they could not drive back and forth all the time to handle rental issues, and could not currently afford a property manager to handle it for them, so they eliminated that option as well. Which left them with the decision to sell the home and property outright.
With it being an older home, they knew there was a lot of maintenance and repair that would need to be completed before anyone would consider buying it. Upon closer inspection, there was much more to be done than they had initially thought. The roof needed to be replaced. A couple of trees looked like they were about to fall over, so they would need to be removed. There was old, outdated carpet throughout most of the house that would need to be replaced. Marcia and Greg suspected the air conditioning unit would need to be replaced too. And the list just kept growing. They were overwhelmed by the vast amount of time and money they felt would be needed for the task, both of which were in short supply for them at this stage in their lives.
Marcia and Greg began looking for help and found us on Akin Developers’ Facebook page. After browsing our Facebook page and checking our description of services they followed the link to our website for even more information. They filled out the online form and contacted us for an appointment.
They were thrilled to hear that we buy homes in any condition, as-is, without requesting any repairs. We told them they could even take anything they wanted from the home and leave the rest behind. We could then handle the donation of any furniture and belongings that were left. They could choose the charity and we would handle the arrangements and give them the receipt for their tax records.
At Akin Developers our priority is helping our clients to find alternative ways to sell their homes for cash and to do so quickly. Because we use our own cash to purchase property, our process does not require getting a mortgage loan so there is no need to get pre-qualified by a bank. Time isn’t wasted either with having to list their property on any of the listing platforms like Zillow, MLS, or Realtor.com. The elimination of both of those steps significantly decreases the amount of time it takes to complete the sale and puts money in our clients’ pockets much more quickly, sometimes in as little as 14 days.
After our initial consultation with Marica and Greg, we scheduled a property viewing so we could evaluate the property and make a fair offer. Once we make an offer, the next step is in the client’s control. They can accept the offer and proceed with the sale or choose to take their chances with the more traditional approach of listing the house. At Akin Developers we want them to know and understand their options.
Our goal is to make a fair, no-obligation, all-cash offer in as little as 72 hours or less. Even after confirming Marcia and Gfeg’s lengthy list of necessary maintenance and repair issues for her inherited property, we were able to make an offer on it within 48 hours. They were pleased with the offer, stating that they had believed they would have to spend close to half that much just getting it ready to sell, all with no promise of what the final purchase price would be.
At Akin Developers, we work together with our clients to choose a closing date that is quick and convenient for them. In some cases, we can close escrow and transfer money to our client within 14 days of the acceptance of our offer. With Marcia and Greg, we scheduled around them taking one of their daughters back to college and were still able to close on the sale and transfer the money to them in 21 days. With no hidden fees and no agent commissions, they ended up with a lot more cash in their pocket than they had expected.
IIf your real estate situation, like Marcia and Greg’s, is complicated and overwhelming, and you are looking for alternative solutions schedule a consultation call and let us help you get cash for your property in your pocket too.