Over the next four decades, boomers will inherit upwards of $27 trillion. Selling a house you inherited could increase your savings account, and get you closer to your long-term goals of retirement or providing a college education. Your relationship with your siblings could take a twist if they have different ideas of what you should do with the house. These are some challenges of selling an inherited property.
When multiple heirs split an estate, there may be disagreement over what to do with the house. You might have to sell the house in order to share the assets if the deceased person (decedent) had most of the wealth in the house.
Even if the house doesn’t have to be sold to split assets among the heirs, you may not want the job of landlord. Unless you’re planning to move into the inherited house, you will probably make it into a rental. A lot of people do this, but many can’t, or won’t, for a variety of reasons. In this case, it makes sense to sell the inherited house.
Most inherited houses are in a state of disrepair because the owners were usually elderly and may have lived in the house without any significant upgrades for decades. When you inherit this house, if you plan to live in or turn it into a rental, you will have to invest a lot of money to rehab the house. If you inherited the house, and not a lot of cash, you might not be able to afford this. It makes a lot more sense to sell the house in this case.
Often the person dealing with the affairs of the deceased is not local, and often in another state. It’s relatively easy for the executor to divvy up a checking account, but with inherited property, it’s going to be a challenge trying to sell and/or manage it from another state.
On a related note, besides being outdated, inherited houses are often full of junk. So, in addition to fixing the house to prepare for sale, you’ll have to empty it as well. Not an easy task, as many of the items could be priceless heirlooms, while others merely useless trinkets. Sorting through all this could take months and a lot of money. Meanwhile, you’re still paying taxes on the house, and possibly, a mortgage.
Styl Properties, Inc. has years of experience in dealing with this kind of situation. We help those who want to sell an inherited house do so in a quick, respectful, and painless manner.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and to answer all of your questions. You can reach us at 402 999.0577.