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What Should You Do If You Inherited Part of a House?

What Should You Do If You Inherited Part of a House?

Have you inherited a house? You may be feeling blessed and happy about it. Other people may assume you that you are happy about it. This may be true, but sometimes you may feel burdened too with the new responsibilities like paying taxes, maintaining your inherited house, repairs and various opinions with the other heirs. Does this sound familiar?

So, what exactly are you supposed to do if you inherited the same house with your siblings? Well, there are a number of options that you can opt for, but first you need to understand what these options are and then agree on plan of action. Does this seem easier said than done?

The key is to clearly understand your options so you can make a decision. Not making a decision will cost you more money, stress and time and can be avoided. You just went through a loss of a loved one; there is no need to continue the anguish and sorrow.

Here are some of the things which you can do to clear the air and make the necessary decisions.

  • Renovations -most inherited properties are in need of repairs and renovations. This is true whether you plan on keeping it, selling it or renting it. Before you decide on renovating the whole house, it is advisable that you assess the viability of the projects. Do you have the money, desire and time to complete each project? If not, although you may sell at a lower price, selling fast for Cash and for AS IS may be the better alternative for all parties.
  • Fix and Flip-without your money! Do you like the idea of Flipping Houses but don’t have the money to do so? Working with the right company can provide another alternative for out of the box thinking. An investor would pay for the Rehab and you would split the profits.
  • Keep the House! Sometimes, you may think it is a good idea to just keep the house. However, when you do this, you will need to take into considerations a lot of factors. To begin with, if the house belongs to several siblings, someone may need to buy the share of the others to keep it. So, if cash is not readily available, and you cannot get an instant loan, it will be prudent to reconsider your decision. If you decide to keep the property, you will have to make sure all siblings pay their fair share of the ongoing costs and upkeep.
  • Rent it out. If you and the other heirs decide to rent out the inherited house, then you will need to share the income and all the time involved in preparation, leasing, tenants and ongoing expenses. There will be repairs, vacancies and other landlord related issues. If one sibling does not have the ready cash, then you may want to reconsider this strategy.
  • Seller Financing: If you have experience in “Owner Financing” this may be a viable option. You will also need to work with a variety of experienced professionals such as Attorney’s, Realtors, and Contractors. Just remember that, if the Buyer doesn’t pay or you have other related issues, you may have to proceed with evictions and foreclosure proceedings. This costs a lot of time and money and possible destruction to your property. You need to be sure this is a possible strategy that all parties understand and agree to. Otherwise, one sibling may have to buy the shares of the other to do this strategy.
  • List the house: In many cases, the heirs just assume they can put the house on the market and sell it quickly. This may be true if the home is in the ideal location and has the necessary repairs done. However, a new buyer must be able to obtain insurance and a mortgage. Selling a property is a detailed process which involves time, advertising, marketing, commitment and money, inspections, and appraisals.
  • Sell for Cash-AS IS: To most people inheriting a house is a daunting and emotional roller coaster. There are a lot of people that want to liquidate the house, the contents and get the cash as quickly as possible. If you have inherited part of a house and would like to consider any of the above scenarios contact Geiger Gould Properties for a Free-No Obligation evaluation of your situation. We are licensed and experienced in these situations. We offer creative solutions for your inherited property. If you are still in Probate, we can work with your Attorney and make the arrangements so when you are ready to sell the decisions have already been made. Before you make a final decision contact us: 321-549-8707 or Nancig@GeigerGould.com

 

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