How To Sell An Inherited House
Inheriting a house may sound great, but it can also be a huge burden. When a friend or family member passes, or moves into an assisted living facility, and a house is inherited, the person inheriting the house is stuck with the burden of caring for it. We buy inherited houses for fair cash offers to ease the burden of caring for them. We buy houses regardless of condition, and will even clean out stuff that’s left behind in the house, taking the responsibility off your shoulders and putting money in your pocket.
Listing an inherited property with a realtor is sometimes an option, but not always. For one, if the house is rundown, needs extensive repairs, or is unsafe to live in, realtors may refuse to list it. Even if the house is livable, it may take months to sell, and realtors may still refuse to list it if the commission doesn’t meet their minimums. When a house can’t be listed, options are much more limited, and selling for cash is usually the best bet.
Why Sell An Inherited House
There are a lot of reasons you might sell an inherited house: they’re a huge financial burden to fix or maintain, you need the money, or you just don’t need an additional property.
You Don’t Need It
A lot of people who inherit houses simply don’t need them. Taking care of your own house or apartment is enough work without worrying about taking care of another one. If the property is in good condition, renting it out might be an option, but then you need to find tenants and maintain the property for them. Hiring a management company might work, but is often unaffordable.
If you inherit a house and don’t need it, selling it makes a lot of sense. You’ll save money on the maintenance, and it’ll relieve you of the tax burden which can be unaffordable for many people.
Burden To Fix
Often, those who inherit houses find that they actually need extensive and costly repairs. These repairs make it impossible to rent the house, or sell it via traditional methods.
Common repairs include:
- Fixing or replacing appliances
- Leaky roofs
- Water damage
- Cleaning out garbage
- Peeling paint or cracked walls
These repairs can cost thousands of dollars and in a lot of cases, selling is much easier and less expensive.
Burden To Maintain
Even if an inherited property is in decent shape, it still needs routine maintenance. You’ll still need to pay property taxes, and even basic bills like heat, gas, water and electricity will start to add up. There may even be other expenses like trimming trees, bushes, plants, or grass. An inherited home can become a financial drain very quickly, and selling the house for cash might be the right choice.
Finances: You Need Cash
If you inherit a home and you’re in need of cash, selling it is the obvious choice. It will relieve the burden of inheritance taxes and property taxes which only create more financial hardship if you’re already in debt or need money.
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