What are your fees?
Nothing up front. We pay everything. You then make small monthly payments, which you can pay off early if you wish to sell or refinance.
How much are the monthly payments?
It will vary based on how much it will cost to clear your back taxes, how much cash will be put into repairs and upgrades to the property, and how much cash you take out. As part of our deal, we will calculate the monthly payment for you before you sign with us.
How much cash can we get?
It will vary based on a lot of factors.
Is this a loan the heirs have to repay?
We get a loan on the property, in our name, usually with a balloon payment due in about 30 years. Before that, you can refinance in your own name or sell.
What is the loan used for?
Paying the back taxes, liens, our fees, any cash needed for repairs, any cash to you, and the closing costs of getting the loan. This will all be detailed once we evaluate your property.
What kind of terms does the loan have?
It can vary. Most likely, this will be a hard money loan, given to us. The payments will often be interest only, and a balloon do in a 30 years.
Once you have title in your name, you can refinance with a conventional loan.
Do the heirs need good credit to qualify?
No. We get the loans in our name, based on the real estate. When you refinance a few years from now, you will need good credit.
The tax auction isn’t scheduled yet. Can we just wait?
We would not recommend that. Give yourself enough time.
Do the heirs have to pay income taxes on the inheritance?
No, it is is tax free. We provide the documentation on this for the heirs’ tax preparers. Of course, we cannot give tax advice, but we have never seen a case where the money to an heir was taxable.
How do you know if somebody is an heir or not?
When there’s a will, it’s easy. The heirs are listed in the will.
When there is no will, there are formulas for who gets what. Sometimes it’s easy. Sometimes it’s quite complicated.
With most of the cases we deal with, there’s no will. After we interview the survivors, we can figure out who gets what.
Sometimes, people we think are heirs turn out not to be. Sometimes, people we think aren’t heirs turn out to be.
Do you need to find all the heirs?
For this program, yes, and they all need to agree to this. Usually, once we find one heir, we find the others.
Is this legit? Is it legal?
Heir hunting (or heir finding) is legal and has been going on for centuries. The BBC even made a TV series about a team of heir hunters.
Do the heirs have to go to court?
We have forms to help heirs stay out of court, and we’ve never had it happen.
Once, we had a judge who wanted to speak to an heir on the phone to clarify something. The call lasted about 5 minutes. That was it.
How long have you been in business?
You Have Inherited LLC is fairly new, established in early 2021, but the principals have been dealing with real estate for many years as buyers, sellers, landlords, property managers, real estate investment trust trustees, probate representatives, and petitioners before Florida courts on real estate title matters.
Are you attorneys?
No, but we work with attorneys. If you have one, we can work with yours.
Are you real estate agents or brokers?
No. If there’s real estate involved, we buy directly from the heirs.
Are you licensed?
No license is required for what we do.
Are you registered anywhere?
Yes. You Have Inherited LLC is registered with the Florida Secretary of State, Division of Corporations. We are also members of the Florida Land Title Association, the Institute for Professionals In Taxation, and the Unclaimed Property Professionals Association.
Is there a way we can verify if you’re real?
Much of our success is documented in probate court records. However, even though those records are officially classified as public records, Florida law does not allow most probate records to be available online.
Contact us and we’ll show you how to see the important parts of these records, without having to go to the courthouse.