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 retirement goals or provide a college education. But, on the other hand, your relationship with your siblings could change into a thunderstorm as the probate process exposes the defects in the relationship, especially 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. For example, you might have to sell the place to share the assets if the deceased person (decedent) had most of the wealth in the house.
Most inherited houses are in 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, you will have to invest a lot of money to rehab it if you plan to live in it or turn it into a rental. If you inherited the house and did not have 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 deceased’s affairs is not local and often in another state. It’s relatively easy for the executor to divvy up a checking account. With inherited property, it’s going to be a challenge trying to sell and 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On a related note, besides being outdated, inherited houses are often full of junk.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. Not an easy task, as many of the items could be priceless heirlooms, while others were 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 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 any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Instead, 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 answer all of your questions. You can reach us at 402 999.0577.