The Truth About Inherited Property

Published: 05th June 2013
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When you inherit property, everyone makes the assumption that you are happy about it. In reality, you may not be too thrilled that you now have one more thing to deal with but you don't know how to deal with it. If you've never worked with real estate, it can be overwhelming. Here is a simple guide to getting you through the process.

Well now you have inherited some property. Great news, right? Maybe not. It all really depends on the property that you inherit. What type of condition is it in? Is it in a good or bad area? After you have gone through the entire probate process and the property is finally yours now you have to figure out what to do with it.

After visiting the property you decide that it is not something that you can deal with at the moment. It is not really something that you can rent plus you have no real desire to be a landlord and deal with all of those headaches. After much searching you find a Realtor that promises to sell the house if you give them the listing.

After a strong start the interest in the home dies down and you still haven't sold it but you still need to maintain it. You have to keep the house maintained while you are trying to sell plus the roof has a leak and it needs to be fixed if you want to sell the house for the most money. Even if you have money in escrow to take care of the property it is still a hassle to set up and keep track of everything.

You also realize the property taxes are due but they are not correct. Yet one more thing you have to do. You vow to get it sold as you drive to the county tax office to protest the taxes.

The real estate agent still has a sign in the yard but now they are not returning your calls. What to do next? Try to search the internet for options. There are a lot of companies online but they all seem a little bit shady so you are not sure if you want to deal with them. Even though you don't want to deal with the property anymore you also do not want to be cheated out of your inheritance. It was meant to help you and your family so you want to be able to sell it for a profit.

You decide it may be a wise idea to sell your property by owner to an investor but even that option may seem like a cop-out to some that you just sold it to an investor and didn't hold out for the highest possible price. Yet, you don't know how the market would have turned, for good or bad. At least with the one price, you got it quickly and are able to move on. The loved one that left you the property would not want you to have more hassles but the property was left to be a positive thing for you. It's not worth taking a gamble on the real estate market when you have the ability to create a win-win situation.

Even if you are able to find someone that is interested the traditional way you still can sometimes wait 3-6 months for everything to go through. You want the gift to be what it was intended which was a blessing and not a burden. There are many that will tell you that selling to an investor is a bad choice but you have to weigh all of your options and pick the one that is right for your situation and not base it on what someone tells you.


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Not sure how to sell a house for cash? Not many sellers do. Check out our blog for information on cash for property in today's real estate market.

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