With the passing of a close friend or relative often comes dispersement of assets. If you are fortune enough and inherited a house, there’s a lots of issues to tackle, so it pays to consult experts.
Financial site, Bankrate.com suggests “Every property and every inheritance situation is different, so you’ll want to talk to a number of professionals, possibly including tax experts, Realtors and lawyers to figure out what makes the most sense for you.” Decisions can be tougher if you inherited a house with siblings too. You may also want to consult with a trusted home buyer to see if there are faster, cleaner routes to settling on a property.
Where to start
Whether or not you plan on repairing it, a basic cleanup is a good first step. Throw away any trash inside and out. If there are belongings still in the house donate or sell everything you don’t want to keep. Anne Weisman-Baron, owner of Settle In Solutions who helps in these situations recommends getting at least one professional consultation to decide if there’s enough clutter to merit getting help and whether things like furniture, dishware and valuables are worth staging for a sale.
“It can be overwhelming and there’s usually some emotional attachment, so it’s often best to get some guidance from someone who sees this every working day.” says Baron.
Repairs or a Quick Sale – Logistics and Emotions
There’s work ahead, no matter what you choose to do, but decisions should be weighed in terms of your time and cash flow. For example, depending upon how the house was kept up and occupied, you may have an easier time getting it ready for a realtor or renter. However, if your relative left the house for a care facility, a lot can be lurking under the roof like leaks and pest damage.
Also, as with any rehab project, if you’re fixing issues you may not be in a position to make a profit on a sale. Odds are good in today’s market you’re better off letting a buyer decide what and how to fix the house as opinions often differ. Also making repairs gives you an extra measure of liability if something goes wrong later. Selling as-is is usually an honest way to relieve the burden and absolve yourself or the estate from any liabilities.
What’s the quickest resolution?
After a quick cleanup, the fastest route to a sale is finding a real estate investor who will buy the house as-is. Depending upon any mortgage still owed or repairs needed your price will vary. Unfortunately, there are investors in hotter real estate markets who will eight promise larger sums and whittle numbers back with fees and/or muddy the transaction with gimmicks in closing.
David Metts of Welcome Home Holdings has over 40 years of real estate business under his belt, and insists on fair offers and transparency in his process.
“We buy houses as-is and give sellers fair, market-based offers,” says Metts. “We’re not interested in cheating people. We never have and we know that if you invite us into your living room you have a need and we can fill it. We provide a guaranteed $5,000 earnest money with a contract and close in ten days or less.”
On the real estate site Zillow, we noted one of the better check lists for considering all of your options. Do your homework and after you have a sense of what you hope to accomplish because you inherited a house, please consider giving Welcome Home a call. We pick up our phone and can be at your home in 45 minutes or less for an honest assessment and sale with no closing costs to you.
