What to Do with an Unwanted Inherited Property
On paper, it seems great to inherit real estate from someone in your family. Property is always valuable and desirable, but in reality it’s not always so simple. There are times when the house may still have a mortgage attached. Then, there are property taxes you have to pay, along with insurance, utilities and other homeownership expenses. And, what if the house is in poor condition and needs major repairs before it can really be utilized by anyone?
Another common scenario finds the new owner living in a completely different area than the inherited property, which adds even more complications in terms of dealing with it.
Best-Case Inheritance Scenario
You may hit the jackpot inheriting a nice house that’s fully paid off and in great shape. You will have plenty of options at that point. You can hold onto it and rent it out for supplemental income. Or, you can hire a real estate agent and sell it on the open market to the highest bidder. Get as much as you can out of the house and put that money toward other good uses.
A More Common Scenario
Things naturally get more complex when the situation isn’t quite as perfect, which is what happens more often than not for real estate beneficiaries. The house needs some work—maybe a lot of work—before it is ready to sell. The cost of ownership and/or its location may also make it difficult for you to take care of it. There are usually some strings attached that can make it more of a burden than an opportunity for some.
Even if there are some issues that make the situation less than ideal, you still have to remember that it is a piece of property that is now yours and even the worst real estate still has some significant value. You just may want to find a faster and easier way to sell it off. Perhaps you don’t have the money to make repairs or renovations, or you just don’t want to spend all the extra time getting it ready to sell or rent out.
Your Inherited Property Selling Partner
It’s these types of inherited property situations when the homeowners will turn to PropertyLark. We can help you figure out the best solution for your unwanted real estate, and we’ll make sure it is an easy, fast and safe process for you and any other beneficiaries who may be involved.
The quickest and simplest solution is generally going to be a cash home sale. Real estate investors in our network have cash ready to buy houses like yours, regardless of condition or other complications attached to the inherited property. A cash home sale can be closed within a week or two if you want to move that fast. No repairs will be required. The investor is buying properties in as-is condition to then renovate. After that, they may hold onto it as a rental property or resell it for profit. Either way, you get out from under the financial and emotional burden of the house you don’t really want or need. You get money in your pocket that can be used for other important expenses or spread out among the other beneficiaries if needed. It’s a simple solution to a common problem.
PropertyLark can also help you explore other creative home selling or financing solutions based on your specific inherited property situation. We can get you a fair cash offer within 24 hours or you can let us know you are looking for other ways to resolve your real estate inheritance. We’ll work with you to find an outcome that works best for you and your family.
To get started, please fill out the contact form to the right. Tell us a little bit about you and your property. We’ll get back to you right away and make good things happen from there!