Sell Your Inherited House in 3 Simple Steps
“I inherited a house. Now what?”
8 Things to Look at When You Inherit a House
1) Make sure the mortgage is paid.
This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property).
Some banks will allow you to assume the loan, while others may force you to refinance your into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.
2) The investment rental is only as good as the manager.
If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you, or cash out now.
Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. For some, managing the property and the hassles that can go along with being a landlord are unwanted problems.
3) Property ownership costs money.
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.
Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises can be are expensive.
4) Selling a property for top dollar costs money.
If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry, Lemon Home Buyers buys houses as-is, in any condition.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should.
If you don’t need the money right away and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.
6) Uncle Sam wants a piece of the action.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your options.
In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds.
These kinds of deals can be complicated, but our Tacoma investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Tacoma – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).
Curious about what your house is worth?
Get a Fast Cash Offer by calling (253) 300-0041 today, or fill out our short Property Offer Form below.
Why Work With Us?
We pay cash for houses with no inspections, no repairs, no open houses, no cleaning, no showings by agents and no worries. Best of all, there are no real estate commissions to pay and we can close at a time that is convenient for you.
If you want to sell your home quickly and at a fair price, please fill out our free, no obligations form to get the ball rolling and a Lemon Home Buyers Team Member will be contacting you shortly.
We pay cash houses for in any situation. Some situations we often encounter include:
- Behind on Payments
- Facing Foreclosure
- Bad tenants
- Property inheritance
- Divorce
- Hoarder
- Vacant property
- Short Sale
- Downsizing
We pay cash for houses in “as-is” condition! You don’t have to make any repairs or warranties as to the condition! All you have to do is pick up your check at closing! Our goal is to make sure that if you want to sell your property, it is a quick and hassle free process.
What if my house needs work?
That’s not a problem! We pay cash for houses in as-is condition. Which means you don’t have to make any repairs.
How do decide how much you will offer for the property?
We look at the condition of the property, the area and what other houses in the area are selling for. We can offer you the best cash offer for the area because of our top-down offers. We want our offers to create a win/win sale for you.
What kind of houses do you buy?
We buy all kinds of properties including single family houses, condo’s, townhomes and multi-family properties. We would be happy to look at any property you may be thinking about selling.
Sell as-is. No repairs, updates or showings. Move on your timeline. Pay zero fees.
No commissions or fees. No closing costs. We will buy your house for cash and the sale price is 100% yours to keep. Submit our short Property Offer Form, we’ll give you a fair all-cash offer on your house within 24 hours. We close whenever YOU choose to close – it’s entirely up to you.
It doesn’t matter whether you live in it, you’re renting it out, it’s vacant, or not even habitable.
We Buy Houses in These Cities and More ››
North Slope
North Tacoma
Northeast Tacoma
Hill Top
Fern Hill
Prospect Hill
Yakima Hill
Old Tacoma
North Slope, North Tacoma, Hill Top, Fern Hill, Prospect Hill, Yakima Hill, Old Tacoma