Marty Searing
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Inherited Property: Buying out the other heirs

In some cases, a home may be willed to be split among several heirs. It is possible for one of the heirs to buy out the other heirs interest in the property if they so desire.

If the property is not in probate, but in a living trust, other options may be available to you to buy out your heirs and consolidate your position and inheritance. Contact a specialist in these matters at msearing@mayfairmortgage.com or call 414-303-1215

If you wish to solely buy out the other heirs, your transaction may not be considered a cash-out refinance as you are just paying off other liens. Consult your mortgage professional and probate attorney.

This can be a lengthy process if probate has not been completed, since the mortgage itself will have to be reviewed by the probate attorney.

 
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