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I Inherited A House And Want To Sell It, Now What is Next?

Posted on: August 18th, 2017 by , No Comments

i inherited a house and want to sell it

Are you saying, “I inherited a house and want to sell it, what are my options, what do I do, what now?” First of all, we’d like to sincerely say we are sorry for your loss. Inheritance comes at the price of losing a loved one and we should never take that lightly.

There’s a lot you can do, some may be more obvious than other given this time. Either way, we can help and would like to let you know how.

We’re real estate professionals here in Denver, Colorado and our main goal is to help sellers liquidate a house regardless of their situation. We are professional problem solvers who just happen to use real estate as the vehicle. When it comes to an inherited house, truth be told we frequently get beneficiaries who contact us weekly looking to sell a property.

“What do I do when I inherited a house and want to sell it?”

Let’s go over a few basic ideas and tips on what you can do. This is going to be different than just saying call up a Realtor and put it on the MLS. Most properties being sold from an inheritance don’t want to do that out of privacy and speed of convenience. So we know a Realtor is usually not the most viable option. Here’s what you can do:

What’s going on with the mortgage?

You already know this if you’re in student debt, it doesn’t matter what your financial situation is, you will always have to pay back that debt. Similarly, if you inherit a property with a mortgage, that monthly payment must be satisfied. Unless there is no mortgage because the property has been in the family for quite some time than there’s nothing to worry about. You may be able to refinance the loan and negotiate with the bank towards that solution or assume the loan.

You can decide to become a landlord.

This may be a great opportunity for you to get involved in the rental business. In other words, if you are thinking, “I inherited a house and want to sell it” but then change your mind because you hear rents are booming, then here’s your shot.  This is definitely a strategy that we recommend you try. Remember, when you heard that owning property involves those 3:00am phone calls having to fix toilets? Well that’s going to be the case unless you hire a property manager to help you out.

Oddly enough most properties that are inherited require repairs. The level of repairs vary but it’s rare the house will be a newly renovated house.

What to do if the house needs repairs.

This moves us to this point. If the house needs repairs you have two options: Do all necessary repairs yourself or hire a general contractor to take care of it for you. One is going to take up more time and money. One is going to take up more money and less time. Sounds like a play on words but it’s true. Hint hint, this is why we purchase properties in any condition.

“I inherited a house and want to sell it, but it needs repairs.. that’s not a problem?” Of course not! We’ll buy it as is because we’ll be doing any necessary repairs to get it ready for a new family to call home. As long as we agree to a win/win offer, that’s all it takes.

Speaking to a tax professional if selling.

Everyone’s situation is different, each house has a different value and not everyone will have the same amount of equity made from the sell of their inherited property. Seek professional legal and tax counsel before making any final decisions on selling.

Is it worth hanging onto for the long run?

Start out with some basics such as evaluating what rents are going for, how much your principle, interest, taxes and insurance will be and then get an appraisal done as soon as you can. This will let you know for sure if the house will be worth renting out for a long period of time. Denver is a very strong (yet very expensive) market right now and it’s hard to predict how long it’ll be this way. As long as there’s demand for housing, there’s going to be a tenant.

Anything else we need to discuss?

The final solution to your situation is you can sell to a professional real estate investor such as Adam Buys Houses Company. This is a great solution for anybody that does not want to pay an expensive commission with a Realtor, would like to sell privately, would like to sell their house without any repairs made and would love a fair offer. Many sellers in Denver have thought, “I inherited a house and want to sell it, I’m glad I called you!”.

To get a fair offer on your house and choose the closing date, give us a call at 303-558-5843 or send us a message through our form. We’ll contact you within 24 hours to schedule a free consultation!

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