WHAT CAN GO WRONG WHEN INHERITING A HOUSE?

It sounded like an exciting windfall!  Auntie Sue or Uncle Bob left you a house.  Or that second-cousin, twice-removed made you the executor and beneficiary of his entire estate.  Or sometimes there was an illness or a tragedy, and the proverbial someone is left holding the bag of properties and paperwork.

Even when it all starts out positive, selling an inherited home can quickly turn into a daunting task.

Let’s take a moment to understand what can go wrong when inheriting a house.  We’re going to assume the will was clear, and you’ve already begun or completed the probate process.

1. Legal Limbo. We’ve seen all kinds of documents “hiding” on a property title.  Back taxes, for years, are just one example.  CRA taxes are a scarier example; no regular buyer wants to put an offer on a house where CRA will process their paperwork –eventually.  Sometimes there are liens from tradespeople, or multiple “second” mortgage documents.  These days, we also see people finance their furnace and hot water tank—which appears on title and often needs to be cleared up before any property sale can be closed.  All of these issues scare away potential serious buyers.
2. Money Pit. Bless their heart, those relatives tried their best.  At least that’s what we hope.  But many inherited properties come with a long list of repairs and deferred maintenance.  We are often amazed by the number of people who ignore clearly necessary repairs.  And that’s before we even discuss the “vintage” décor (tiki bars, shag carpet, wood paneling, etc…).  Then, just when an estate manager thinks they’ve got it all covered, an inspector finds Poly B plumbing, or old and unsafe electrical.  Good grief!  It can turn into a never-ending battle just to make the house livable, never-mind visually appealing to today’s discerning buyers.
3. Undesirable Neighbours/Neighbourhood. This problem often occurs when an executor lives in another city or province.  They arrive to the inherited property to find out that it’s beside the railway, or “that guy” with 15 cars on his lawn lives next door, or to realize they are in a neighbourhood full of run-down homes and no signs of gentrification for miles.  These days house buyers even research crime rates, and some communities change fast in these tough economic times.
4. Empty Pocketbook. Depending on the financial situation of the deceased, executors can sometimes be burdened with a lot of debts while waiting for probate to clear through the courts.  Then there are the legal expenses that need to be paid – just to get to the point where the estate manager has the right, and the ability to sell that property.  Needless to say, banks are super-fun to deal with when their mortgage payments aren’t being made.  They don’t care how hard executors are working.
5. Neglected Tenants. Maybe this house has been rented by your relative for years.  Maybe there is a lease, or maybe not.  And maybe the last property inspection was a really looong time ago?  Are you imagining the smells?  Or the mess?  Yikes! 
6. Unhealthy Real Estate Market. Interest rates, inflation, and the economic downturn in many parts of Canada are all causing problems for even qualified buyers, and even “perfect” houses.  Did you know that some insurance companies won’t insure a property after a 30-day vacancy?  Now how exactly does an executor get probate passed that fast?
7. Emotional Baggage. We’ve heard many stories of homes that hold sentimental value.  But we’ve also heard many stories of unresolved issues, unhappy memories, and even generational trauma.  Sometimes the emotional turmoil of just being in the house is too much!

Fortunately, most inherited homes only have a few issues.  Those people don’t need https://westerncanadianhomebuyers.ca/.  But for some estate managers, they need lawyers and professional homebuyers who can bring solutions to the table.  An inheritance shouldn’t just be a pile of bills.  And being an executor shouldn’t be an 80-hour work week!

We help estate managers who are looking to sell off an unwanted property as quickly as possible.  Yes, to the uninsurable.  Yes, to the full of “stuff” houses.  Yes, to the run-down or tear-down homes.  Did you know that professional homebuyers can even put an offer in while you’re waiting for probate to be granted?  You could be SOLD as quickly as possible!

Working with us doesn’t solve every aspect of the workload of an executor.  But we can take that daunting home=work and turn it into a sweet sale.  Less stress, less time, and less work for an unwanted property can be incredibly liberating!  After all, you didn’t create the mess or the problems, you’re just stuck with the clean up.  Dare to take a step towards a stress-free sale as soon as is legally possible; learn more at https://westerncanadianhomebuyers.ca/