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In 2025, inherited homes accounted for around7% of all U.S.
In total, 340,000 properties transferred through inheritance, marking a new record high, according to Cotality.
Unfortunately, inheriting a home is not always a straightforward proposition.
In fact, in some cases, heirs maythinka home is theirs free and clear, but that may not necessarily be the case at all.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 —6 ways to build wealth like a landlord without actually being one Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake.Here's what it is and 3 simple steps to fix it ASAP Millionaires under 43 hold only 25% of their wealth in stocks.Here's where their money is actually going Let's pretend, for example, that Lauren and her two sisters "inherited" their grandmother's house because her grandmother specified in the will that they would become the new owners.
Unfortunately, as the family was coping with the aftermath of a death and going through the probate process, the bank seized the home and sold it at auction.
Now, Lauren is wondering how this could have happened.
Unfortunately, experts say this is more common than you might think, although there are ways to prevent it from happening.
For Lauren and her sisters, it probably seemed like their grandmother's will was enough to ensure the home would become theirs.
"It comes down to one basic point that surprises a lot of families,"Raul Gastesi, founding partner ofGastesi Lopez Mestre & Cobiella, told Moneywise.
"You inherit the house subject to whatever is owed against it." Gastesi explained that many people die with a mortgage, and when this happens, someone must continue making payments.
"A mortgage is a lien on the property itself, not a personal IOU from your grandmother," Gastesi said.
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