How do you sell an inherited vehicle?
Hey, it’s Brad again with ProbateResource.com. So you’re dealing with an inherited vehicle, you’ve inherited this car, this truck, a boat, an RV, whatever. How do you deal with this thing? Do you want to sell it? Do you want to give it to somebody else? Well, before you do anything, you need to know where the title is. In order to sell a trailer, a car, a truck, a boat, an RV, all of these things, typically, in most cases, and in most states, they have a title to them. So you need to know where the title is. If there is a lien on the title, there’s money owed to a bank, usually the bank has the title. And they’re not going to release that title until it’s paid off. Now, if you sell the item, what they’ll actually do is wire the money, a portion of the money, depending on how much is owed. They’ll wire a portion of the money to the bank to pay off the note, and then the bank will release the lien and they’ll mail you the title in the mail.
Typically, that’s going to take anywhere from 7 to 14 days for you to receive that title in the mail once that lien has been paid off. You do want to make sure that you contact the bank before you send the money to pay it off, because usually there’s a specific mailing address, a specific wiring account that that needs to go to. So you need to make sure you’re letting them know if you are paying the bank off on any note that you have. Now, if it’s owned free and clear, you need to find a copy of the title. If you can’t find a copy of the title, in many cases, replacement titles can be obtained. Now, before you can go get a replacement title, you’re going to want to contact your local tag office and ask them about how to deal with an estate situation.
In many cases, if you’re the executor or the administrator of the estate, you can bring a copy of your driver’s license or whatever, and a copy of your estate documents, and they’ll let you sign on behalf of the estate. It’s just like selling a house, right? That you can sign on behalf of the estate because you’re the personal representative of the estate. Now, we have had instances where the person that has been passed away for an extended period of time, many, many years, the local, state or county or whomever did allow maybe a copy of the will to say that, “Hey, I’m in charge of the will, but the person wasn’t necessarily done with probate yet.” In most cases, they’re going to want to see those probate letters, the letters of administration, letters testamentary, that sort of thing, before they will allow you to do that. But once you have that information, you can definitely sign off, you can get replacement titles.
Most car dealerships can tell you where to do that because that’s where all the car dealers go to get titles to cars when they’re buying and selling cars, because they don’t want to wait 7 to 10 to 14 days to receive the titles in the mail. So they can go down to the office and process the titles and get replacement titles same day right there on the spot. So check your specific state, you can Google that and look for same day replacement titles. Once you have those titles, you’re just going to sign the back of the title. And in your case, if you’re the estate representative, you’re just going to sign there on behalf of the representative. But before you do any of that, it would be helpful to make a phone call to your local tag office and just confirm with them to make sure that you’re signing it right and how they want you to do it.
Because inevitably, you might do it a certain way and make an assumption, and then you get down there and they tell you you did it wrong. And now you got to go get another title because you’ve already signed the back and you screwed it up. So make sure you call them before you do that. So hope this video is helpful. We deal with cars and vehicles all the time on properties that we buy. Many times people will ask us for help in dealing with the car. We’ve helped them get offers from CarMax and Carvana and local car dealers and that sort of thing.
So if you’ve inherited a property, and you need a little bit of help with it, obviously, at Probate Resource, we buy properties for cash all over the US. We buy houses, we buy land, commercial properties, whatever, but we’d be happy to help you out with a motor vehicle if you need an assistance with that. So go visit ProbateResource.com, fill out the form there if you are interested in working with us. Also, if you do have a property you’ve inherited and you just want to sell it with a real estate agent the traditional way, we have a fantastic network of real estate agents we work with all over the country who are probate and inheritance specialists. So go visit ProbateResource.com and fill out the form there on our site, and we’ll be with you ASAP. Thanks again for checking out this video, hope it was helpful. Have a great day. Bye-bye.
How Do You Sell An Inherited Vehicle?
It’s Brad from ProbateResource.com.
If you’ve inherited a vehicle, such as a car, truck, boat, or RV, and you’re wondering what to do with it, the first thing you need to do is locate the title. In most cases and states, these types of vehicles come with a title, which is basically a document that proves ownership. If there’s a lien on the title, meaning that money is owed to a bank, then the bank is the one holding onto the title until the balance is paid off.
Locating The Title
If you decide to sell the inherited vehicle, the buyer will typically wire the money to the bank to pay off the remaining balance, and the bank will then release the lien and send you the title in the mail. So, make sure you locate the title before deciding what to do with the vehicle.
Typically, it takes anywhere from 7 to 14 days to receive the title in the mail after paying off a lien. Therefore, it is important to contact the bank before sending the payment to get the specific mailing address or wiring account. This is essential if you’re paying off any note that you have. In case you own the inherited vehicle entirely, you need to find a copy of the title. If you cannot locate it, you can obtain a replacement title in most cases. However, before doing so, it is best to contact the local tag office to learn about the process of dealing with an estate situation.
As the executor or administrator of an estate, you are often authorized to sign documents on behalf of the estate. To do this, you will need to provide a copy of your driver’s license and a copy of the estate documents. This is similar to signing for the sale of a house. If the deceased passed away a long time ago, some authorities may accept a copy of the will as proof that you are in charge, but most will require probate letters such as letters of administration or letters of testamentary. Once you have the necessary documentation, you can sign off and obtain replacement titles.
Most car dealers can inform you where to do that because that is where all the car buyers go to get titles when they are buying and selling cars. This is because they would not want to wait 7, 10, or even 14 days for it to be posted into their mailbox. They can just walk into the office there and then have them process the titles and get new ones within a day. So check your specific state, you can Google this search for same-day replacement titles.
Once you have those titles, you’re going to sign the back of it only. And in your case, if you are the estate representative, you just sign there on behalf of the representative.
But before signing anything, it would be good for you to make a phone call to your local tag office and confirm with them what is expected of you when signing. They might tell you it was wrong in such a way that is bound to make you feel bad, but it’s okay since everyone makes mistakes. Having already signed the back of the title, now you are compelled to go get another one because you messed up. Therefore, please contact them first.
I hope this video has been helpful to you. We usually engage with cars and other automobiles whenever we buy properties. Often, individuals request for our support when it comes to managing automobile-related issues. In fact, they have asked us to help them shop around for offers from CarMax, Carvana and local car dealers among others.
Let’s Connect
If you have recently inherited a property and need assistance with it, Probate Resource can help. We purchase properties for cash all over the US, including houses, land, and commercial properties.
If you need help with a motor vehicle, we can assist you with that as well. Visit ProbateResource.com and fill out the form to work with us. If you prefer to sell your inherited property through a real estate agent, we have an excellent network of probate and inheritance specialists all over the country. Simply fill out the form on our site, and we will get back to you as soon as possible.
Thank you for watching this video, we hope it was helpful.