Selling an Inherited Property
According to The Center of Wealth and Philanthropy at Boston College, Boomers stand to inherit upwards of $27 trillion over the next four decades, and a portion of that includes selling an inherited property that was your parent’s house
But when that house becomes yours, figuring out what to do with it can present financial and emotional issues. If your siblings are involved, things can get even trickier.
“There are three basic paths you can take,” says Bruno Graziano, a senior estate planning analyst with Wolters Kluwer, CCH. “Sell the house, move into it, or rent it out.”
These Are Some Challenges of Selling an Inherited Property.
There are Multiple Heirs
When multiple heirs split an estate, there may be disagreement over what to do with the house. But there only three options: “Sell the house, move into it, or rent it out.”
You Don’t Want the Job of Landlord
Even if you keep the house and rent it out, you may not want the landlord’s job. Many 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.
You Can’t Afford to Fix it Up
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 some money to rehab the house. If you inherited the house and don’t have a lot of cash, it makes more sense to sell the house.
The Executor May Be Far Away
Often the executor whose duties are concerned 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. Still, it’s going to be a challenge trying sell or manage the estate from another state with inherited property.
The House Is Full of Junk
On a related note, besides being outdated, inherited houses are often full of junk.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.
Does This Describe You?
Styl Properties, Inc. has years of experience selling an inherited property. We help those who want to sell an inherited house do so in a quick, respectful, and painless manner.
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Styl Properties, Inc. is here to help homeowners out of any distressed situation.
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. 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 to answer all of your questions. You can reach us at 402 999.0577.
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