One fine day, as you’re sipping your coffee, you get a call. You take it, only to discover that there’s a claim on your abandoned property. You further discover that the property in question had been left to you by your great-grandmother; however, it had been unclaimed all these years.
You jump to action as you realize this is an opportunity to sell off a property that’s not in your use, to finance savings and pending expenses.
Keeping in mind the tricky nature of real estate dealings like this, it’s always a good idea to know exactly what to do in this situation. Here are 5 steps you can take in order to claim and sell an abandoned property:
1) Understand “What is an abandoned property?”
It is important to understand the correct definition of an abandoned real estate property that you want to reclaim. According to the Legal Information Institute of Cornell Law School, an abandoned property or real estate has been relinquished of all control by the legal owner(s). Finders may claim this property and operate within their legal rights to do so, providing substantial proof.
2) Proving your claim
You have received the claim but want to contest it. Along with the claim you will receive documentation that will ask you to prove your identity, your current living address or any other documentation that can support your rightful and legal ownership to the abandoned property.
3) Contact a lawyer
To ensure the smooth processing through legal procedures and to gain full knowledge of your rights, get in touch with a lawyer.
A lawyer that specializes in reclaiming property will be able to guide you the best. They may also help avoid frequent mistakes people might make during such processes.
4) Check for payable taxes
Sometimes, a treasure lost is better than a treasure found. Check for taxes or other payments that may be due on the abandoned property. While claiming the property, you want to ensure that it benefits you and doesn’t cost you more in the long run.
5) Look for realtors that are looking to buy
Real estate dealers are often looking to buy property to keep their businesses in running. If the maintenance costs for retaining it are high and the land is priced substantially, it might be a good idea to sell the inherited house instead.
Looking for real estate dealers that can help you sell inherited homes for cash? Get in touch with us. Our consultation is free of charge and upon completion of sale, we provide an all cash offer for your house, regardless of its condition!
Contact Jax Cash Buyers today, to make the right decision for a better tomorrow!