Selling an inherited house
It doesn’t matter if you are a seasoned professional or not, when a loved one passes and you now have inherited a house to move into, sell or rent it is a stressful time. If the decisions about an inherited house impact only you that is great. But many times it impacts you and other family members. Now you have the stress of decisions about the house you inherited mixed in with the desires and needs of family. So how can you avoid this problem without spending the time and money it will take out of your life? We buy houses from Personal Representatives and Executors.
First of all, decisions need to be made about the property condition. Have the kitchen and baths been updated in the last ten years or are they still just like they were when your loved ones bought the house? How much will the needed repairs and updates cost? How much time will it take to complete these repairs? Who is going to manage the contractors or are you going to do the work yourself? If you make the repairs what kind of return on your investment can you expect? See the infographics to get information for these decisions.
Sell, move in or rent?
These are the three options you have with an inherited houses. If you sell you must put in a little time and money to get the house in a marketable condition. Or you can sell it quickly with a we buy houses type buyer. Is what you will make going to be worth the time and money you put in?
If you move in then you have a choice on which items you want to do now and which can be deferred to a later date. If there are other family members looking for their share of the inheritance how much, and how soon will they be paid if you move in? How will you pay off the existing mortgage?
What about renting the house out? If you decide to rent it the only repairs that must be made are those that would impact the tenants safety and health. How will you determine what you can get for rent? Who is going to manage the property? Is it going to be a family member or are you going to turn it over to a professional property manager? How will you hold title- in a partnership, an LLC or corporation?
When can I sell?
Actually you can sell once you have been appointed as the Personal Representative by the court. If you sell the house before the probate process is completed you must put all the funds in the court register. Check out my blog on this . If you wait until the court completes the probate process you can then sell as long as all the estate’s creditors have been paid. The questions laid out above still come into play. The decision you need to make is again how much time, effort and money you want to put into the sale of the property.
Call 352-480-0955 or Click Here today, and we’ll make you a quick offer for your property, so you can say goodbye to your inherited house. We buy houses one unit at a time or or all of them. We can buy them with a lease or without a lease.