When someone in your family passes away it can be one of the most difficult times you'll ever face. Along with the emotional stress, the loss can come with some heavy responsibilities. One of those responsibilities can come in the form of an inherited house. If you've inherited a house from aloved one, there are a lot of things you must consider. Fundamentally, as the benefactor, you’re first presented with one major decision: will you keep the house or sell it?
The first thing to know about inheriting a house is it costs money. You'll need money repairs, maintenance, utilities, insurance, and property taxes. If you want to sell your house, that costs money too. You'll need to invest in preparing your home for a sale and hire and pay your real estate agent. Typically your real estate agent will charge you 6 percent of the sale for a commission fee. Before you decide to sell or keep your inherited house there a number of things you should consider.
Unless the house you inherit is paid for you're going to be paying the mortgage payment on your newly inherited house. If you get behind on mortgage payments, you can quickly be facing a foreclosure situation where you lose the house, damage your credit, and introduce a lot of stress into your life. If you can't cover the mortgage, don't want to try to rent it out, selling it is usually the best option.
Major repairs will factor into if and how you sell an inherited house. If you don’t make the repairs, you will not sell it for the best market value on the open market. Generally, you don’t have to go through the time-consuming task of getting estimates to know if you will have a significant repair bill on your hands.
Some of the costliest repairs that inspire people to sell include:
· Foundation repair
· New roof or significant roof repair
· New siding
· HVAC
· Water and Sewage problems
· New septic system
· Deck replacement
· Driveway replacement
· Smoke or water damage
· Fallen trees that damaged the home
The condition of your inherited home may also lead to certain legal responsibilities. If the current condition presents a risk to the community, you may have liabilities to consider, as with any property that is vacant for an extended time. If you don't plan to rent or live in the house selling it quickly or fixing the hazards is advisable to prevent someone fromgetting hurt. You can be held legally responsible even if they were trespassing.
Once you've considered all of your options and come to the conclusion that it's best to sell, you'll need to decide how you will sell your inherited house. You can list the house on the MSL with a realtor or sell the house as-is to a cash buyer.
The selling for cash option may be a new concept to you and other heirs, but thousands of homes are sold as is every year throughout the country. There's a massive market for it, and for good reason. You save a lot of time selling as is for cash. You can sell the home faster. You even may end up saving money since you're not investing in cleanup, repairs, mortgage payments, insurance, taxes, the risk of weather damage, and even vandalism.
Selling an inherited house for cash can also reduce strain on family relationships. Everyone gets paid fast. You also avoid capital gains because you're selling in the same condition you inherited the house.
Brisea Properties serves home sellers in Montgomery, TX and surrounding areas. Not everyone can wait weeks or months to sell their home through the traditional real estate market. And not everyone has the time or resources to ready a home that’s in disrepair and get it in selling condition. Whatever your circumstances Brisea Properties is here to help. We can buy your house fast and get you cash in a matter of days.
Learn more about how wecan help @ www.briseaproperties.com
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