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What To Do When You’ve Inherited Property

D Fritz Appraisals

Be sure to update the homeowner’s insurance policy. Contact the insurance company immediately, because it can potentially lapse if the house is unoccupied. You will be taxed on the “ Fair Market Value ”, at the time of inheritance to the time you decide to sell. Keep the electricity, heat and water running.

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Inheriting A House? Here Are Your Options

Quicken Loans

Not only do you have to worry about the mortgage, but you’ll also have to contend with taxes, upkeep, sharing ownership with other stakeholders and more. Before we worry about anything to do with inheritance, we need to determine if the mortgage had a cosigner. Let’s take a look at these one at a time. What Are Your Options?

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What to Do If You Inherit A Home

McKissock

Primarily, the issues revolve around the following aspects: Financial and legal responsibilities : This financial responsibility primarily includes things like any debt obligations like a mortgage, that may be attached to the inherited property. Or it may even involve a loan that was taken out and securitized by the property.

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Creativity, AI Help Boost Fraud Risk in Real Estate

Will Springer Realtor

The “owners” want to urgently sell the property – often below the true market value – simply to move the sale along quickly and reap the financial reward. Deepfake technology can even impersonate real estate agents, landlords, lenders or consumers. They are also creative at diverting mortgage payoffs.

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UNDERSTANDING THE TRUE COST OF HOMEOWNERSHIP

Will Springer Realtor

The soaring prices of insurance and energy have dealt a two-pronged blow to homeowners’ wallets, with no relief in sight. Nationwide, home insurance premiums have surged by an average of 21% year-on-year, as of May 2023, equating to an annual increase of $244 per household. Possibly the most notable bill to reach Gov.