Inheriting a house from a deceased parent or loved one can be a wonderful consolation or an unwanted obligation, depending on how you look at it. Suddenly, you find yourself faced with a dilemma that you may not be prepared for. Should you move in, rent it out, or sell it?
Know Your Options:
Deciding on what to do with your newly inherited house will ultimately depend on the status of the property as well as your current financial capability. Inherited property often comes with a multitude of taxes and other liabilities that can end up burdening you financially. Owning a property comes with a lot of unanticipated headaches, so make sure that you know the consequences if you decide to keep it. However, if you have no intentions of keeping the property, selling it may be your best bet.
Selling an Inherited House:
Selling a house may seem straightforward, but selling an inherited house is a completely different story. If you are named as the executor of your parent’s estate, you must first file a petition for a probate. This legal process validates your parent’s will and formalizes the transfer of your inherited house under your name. You may want to seek the help of a lawyer to assist you in this process.
Once the legal technicalities have been sorted out, you must now take care of any outstanding mortgages and liabilities of the property. Unless the house is already fully paid off or it is indicated in the will that the estate will cover the remaining balance, you will now be the one in charge of paying the mortgage payments and necessary taxes.
Realtors vs. Investors:
If you plan to sell the house, you typically have two options – either you sell the house on your own or you hire a real estate agent. Real estate agents usually charge commission fees up to 6%, which can eat up a big chunk of your equity. Furthermore, you may also be required to repair and do minor renovations in the house before putting it on the market, which can of course add up to your personal expenses. Although realtors can help sell your house fast, it may not be best solution in some situations.
You also have the option of selling your house to real estate investors, like us. We, at Next Chapter Property Solutions can help you relieve your unexpected financial burden. For sure you have probably come across other quick sale companies that offer to buy your house in cash. We also buy houses in cash fast regardless of its condition, but unlike other companies, we tailor fit our solutions depending on your situation. We know that selling an inherited house during this tough time can be both emotionally and financially challenging, so we try to make the process much easier for you.
Sometimes, even as much as you want to keep the house and preserve your parent’s legacy, the amount of problems that comes with owning it is just not worth it. By knowing your options, you can make the best decision for the property and for your future.