Selling a house inherited through a beneficiary deed or affidavit of succession in Tucson
What is a beneficiary deed?
Arizona is one of the few states that allow a transfer of property by a beneficiary deed. It’s an excellent estate-planning tool because it allows the owner of real estate to designate the beneficiary or beneficiaries who will inherit the property, bypassing the often lengthy and expensive process of probate. While living, the owner keeps exclusive control over the property, retains any property tax advantages, and can change the beneficiary at any time.
Selling an inherited house in Tucson
It’s often advantageous for beneficiaries to sell a house inherited by a beneficiary deed or other means. Normally, those coming into possession of inherited houses do not want to live in or retain ownership of the property. If there are multiple owners, selling the house is the easiest way to fairly divide the value of the property. They can put the house on the market, which usually means spending money on fixing it up to prepare it for sale, waiting to find a buyer, and paying commissions and closing costs from the proceeds of the sale, reducing the amount the beneficiaries receive.
In Tucson, selling an inherited house “as is” to a cash buyer can be a good option, since it’s a quick transaction that requires no expense of time or money to market the house. Be aware that some cash home buyers charge commissions, fees, and closing costs; read further for how to avoid those expenses.
Transferring property with an affidavit of succession
A beneficiary deed is one method for an owner to direct the transfer of property and name who will receive the inherited house. But what can be done if no beneficiary is named at all?
Arizona allows for the use of an Affidavit of Succession to Real Property in certain, fairly limited cases. To summarize the conditions for the affidavit’s use, one can only be filed 6 months after the property owner’s death, and the property must be valued at less than $100,000 by the tax assessment entity in the year the owner died. Any unpaid liens, medical and funeral costs, taxes, and unsecured debts affect the property’s qualification for the $100,000 limit.
There are also restrictions on who can file an affidavit of succession. In short, you must be named in the will as an heir or be a spouse or relative of the owner.
Can an executor sell a house in Tucson?
Under certain conditions, an executor can sell an inherited house without the approval of the estate’s heirs. This is normally done when outstanding debts and expenses need to be paid in the settlement of the estate and before assets can be distributed to the beneficiaries. Through a court proceeding, beneficiaries can protest an executor’s sale of a house.
Want to sell a house acquired by a beneficiary deed or affidavit of succession in Tucson?
If you want to sell an inherited house in Tucson, you can hire a real estate agent and list the house. However, inherited homes frequently require updates and repairs to increase their marketability, and heirs typically don’t want to spend the time and money required. Selling to a cash home buyer who will buy the house “as is” is usually a faster transaction with a streamlined process. But cash home buyers can vary widely in terms of how they buy homes. Many charge commissions greater than those of real estate agents, or pass some or all of the closing costs to the seller. And those fees may not be disclosed until just before closing.
We Buy Ugly Houses®, America’s #1 home buyer, works differently. With our quick, simple, 3-step process, we buy houses “as is,” so no updating or even cleaning of the house is required. We charge no commissions or fees, and we pay typical closing costs. Plus, you don’t have to remove any contents from the house—take what you want and leave the rest to us.
We make selling an inherited house a simple, quick process. Let us know if we can help you. Get in touch with our Tucson house buyers to find how easy selling a house can be.
