When you inherit a property, the first thing to decide is what you would like to do with it:
Decision #1 – Do I want to live in the property, rent it out, use it for some other purpose, or sell it?
If you inherited a house and want to live in it, then you can stop reading now and start moving!
If you want to rent out the property, then you should talk to a real estate agent about rent amounts in the area, and about whether to hire a property manager.
If you are planning to use the property for some other purpose, hopefully it isn’t to cook meth.
But if you inherited a property and are considering selling, then you have some more decisions to make:
Decision #2 – Does it make sense to sell the property based on my financial situation?
If you want to sell the property, the next step is to talk to a tax professional. Make sure that you understand how much you are going to have to pay Uncle Sam, and whether it would still make sense to sell after you understand the amount that you would end up with after taxes and costs.
If it still makes sense to sell after considering the tax implications, then the next step is:
Decision #3 – Do I want to sell the property through a real estate agent, or for sale by owner?
If the house is in great shape, then you should try to list the house for full market value. If the market is “hot” (a seller’s market), then it might be worth trying to sell it yourself as a “for sale by owner”. If the market is soft, then it is best to call a real estate agent and get the property listed on the MLS.
If the house needs work, then the next decision is:
Decision #4 – Do I want to fix up the house or sell it “as is”?
If the house is NOT in great shape, then you will need to fix it up to sell if you want to sell it for top dollar to a retail buyer. If you know how to fix up properties, then you can probably make some money by fixing the property up nice.
If you prefer to sell the house in “as is” condition, without having to do any repairs, and without having to worry about flaky buyers that back out, or flaky lenders that reject the loan at the last minute, then you can sell it to an investor. We are real estate investors, and we buy houses in any condition, with no repairs needed, no commissions to pay, and we even pay all the closing costs. We can close quickly in 5-7 days, or we can work with your schedule if you prefer a longer closing time.
If you inherited a house and would like to sell it quickly, in “as is” condition, then please contact us today for a free, no obligation offer!
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