The Stress of Inheritance - Options to Consider When Selling an Inherited House - Real Estate - Selling

The Stress of Inheritance - Options to Consider When Selling an Inherited House   by Los Angeles House Buyers

in Real Estate / Selling    (submitted 2013-02-08)

Inheriting a house can be extremely overwhelming. You've likely just lost someone that you care about deeply and now you have to make a decision regarding that loved ones most valuable asset. This is an emotional time, but you need to make an educated, rational decision. The choice you make will likely impact your financial well being.

If you decide to keep the house:

You need to figure out how much money you'll be paying on a monthly basis. Between mortgages, property taxes, insurance, maintenance, and possibly association fees a second house can really add up. You need to be honest with yourself about if you can afford it. Some people decide to bring in a renter to help with all the costs, but are you really cut out to be a landlord? Are you prepared for what a problem tenant could do to your family house? Take a look at the numbers and be brutally honest with yourself. Emotion needs to be removed from this decision as much as possible.

Another thing to consider is how far away the house is from where you live. Is it worth doubling up your housing costs for a house that is in another state? Now you're paying thousands of dollars a month for a house you might only visit a handful times a year. You could become an absentee landlord (a landlord that lives in another state), but being a landlord is hard enough when you live close to the house.

If you decide to sell the house:

Selling your inherited house is probably the best decision, unless you are certain that you can afford the costs of two houses. A positive of selling an inherited house is that you'll only owe taxes on the increase in value since the purchaser died, or six months after that. A negative is that you might have inherited a house that has deferred maintenance. If the house needs many repairs it is going to be extremely difficult to sell. If you don't have the money for these repairs it could take months to find a buyer and that buyer will probably ask you to fix everything after they have their home inspection in escrow. All the while you're paying double the housing costs.

If you're looking to sell an inherited house fast for cash, without making any repairs or paying any fees, consider selling to an investor. This is an option that a lot of people don't know about, but it very well might be the best option for you. Often times you can sell the house and get your cash in less than 10 days. This is the quick, hassle free way to sell your house, but you have to be prepared to sell for a little less than market value.

This can be a very difficult time. You're grieving and you have a huge responsibility. Your life has become much more complicated at a very emotional time, but it's important to not let your decision become completely emotion based. Analyze all of your options and you will make the best decision for your family and for your financial well being.

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