What to do with an Inherited Home

We’re so sorry for your loss and we absolutely understand that the sale of your inherited home can be a confusing process. While situations may vary from person to person, we’re here to help as best we can. Below we’ll outline some possible next steps for you. Let’s get started.

Moving into the Home

It could be that it’s a home that holds a lot of fond memories and you can’t bear the thought of parting with it. It could be that you want time during to go through belongings in the house and decide what to keep (This will usually be a few months in the event there was no will and the property has to go through the probate process).  It could even be the perfect place to move into from your current home. If you decide you’d like to move in, consider the details involved. Evaluate the mortgage standing of the property. On older homes, it’s more likely that the mortgage has been paid off. If not, moving in after probate means you’ll take on that mortgage. Additionally, it’s a good idea to have the home inspected to determine the cost of any unknown repairs, particularly in older homes. Also be aware that property taxes may increase for you, so be sure to see if you can qualify for any tax breaks. Check into all these details and more to see if moving in is the right option for you.

Renting the Home

If you don’t want to move in but you do want to keep the property, renting could be a great option. Of course if you have never rented in the past, you will want to educate yourself on the ins and outs of being a landlord. You of course have the option of hiring a property management company which usually charges about 10% of gross rent, if you don’t have the experience, time or don’t live in the area. Either way, you’ll need to purchase insurance covering the property for potential losses or tenant lawsuits. Factor in the fiscal responsibility involved with ongoing repairs and improvements with this option as well. Renting can involve a lot of moving pieces, but the extra income could be worth it!

Selling the Home

You may be happy with your current home, live far away from the inherited property, or just don’t want to deal with repairs on the property. Whatever the reason, you might want to sell the home left to you as quickly and easily as possible. If that is the case, you have a couple of options, going with a traditional buyer or using a direct buyer. The traditional buyer would be ideal if you feel you may make a large profit on a home in near perfect condition. You’d involve realtors, closing costs, and of course holding costs during the transaction which is typically 2-4 months in duration today.  However, if you’d like a quick and easy transaction, then a direct buyer could be the perfect option for you.

If you’d like to explore the latter route, PropertyCartwheel.com may offer a solution that fits your needs.  First, you’d simply provide us some brief specifications on the home, then you’d receive an all cash offer in just about 24 hours. After you’re presented with a no-obligation offer, you can make your decision. Should you choose to accept, you can close with a trusted title company in as little as 3-5 days or whenever is convenient for you. You can eliminate the stressful element of dealing with an inherited home by working with us.   We’re at your service.

We hope that your process, whatever it may be, ends up being as stress-free as possible. Please contact us if you decide to sell to a direct buyer in Phoenix.  Click here to fill out the form and you’ll be contacted very shortly!

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