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You said, “I inherited a house I don’t want”. Now when you get an inheritance that you don’t want or when a loved one leaves you a windfall when he or she dies, it doesn’t always feel like a windfall. When it’s real estate, for some people that’s a problem, and nobody wants a new problem. So, if you happen to live in a State where there is inheritance tax on property, there again is a problem people don’t want to deal with. Then there is the issue of “what do I do with this house?”
Any reason for not wanting the property doesn’t really matter. One important that you need to know is that you do have options. Though the options may be a little tricky to navigate, you only need to know what you want to do with your real estate inheritance.
State’s Have Waiting Periods to be Observed
When we lose a loved one, it can be a very emotional time for all Family member. So you certainly should not rush to any decisions about what to do with the inherited real estate. Matter of fact, in some State’s, you may be forced to wait up to 90 days to sell any unwanted inherited property. It is recommended that you first contact an attorney or real estate professional in order to evaluate your options prior to filing for probate or calling a realtor. With that said, you can sell your inherited house to an investor any time you want
When selling your inherited house, be careful to make good decisions. Include Family members to help with making your decisions to avoid making any mistakes. As a private real estate investment company, Robert Buys Houses DFW has been working with homeowners and sellers since 2001. We buy houses in DFW and probate property is at least 70% of our business. So we know that it is very important that you make the correct decision when selling your inherited property. Once you sell an inherited house and there are other heirs claiming they’re heirship to that house, it can come back to bite you, hard. So be sure you contact the right investment company to buy your inherited property. Remember, you said it “I inherited a house I don’t want”.
When we are contacted by heirs who want to sell they’re inherited property, we ask many questions regarding Probate, when the Family member died, and Power of Attorney documents or Affidavit of Heirship documents. There are many items that need to fall into place before we are ready to look at your inherited house, in order to buy it. You can sell your inherited house outside of the probate courts. But you must have documentation such as the above items in order to do so.
What is the Current Value of Your Property?
When considering selling your inherited home, you should first find out what the current value is. As well, you want to find out what the value of the property was at the time of death of your Family member. This is required by law so the deceased Estate can pay the taxes at the time of death. Be sure that you get Sold Comparables for the correct values. You can get the sold comparables from an investor or realtor. In some instances, the deceased may have already performed an appraisal in order to know what his or her current property value might be worth. So when you say “I inherited a house I don’t want” look into everything the deceased might have already done to help you.
Yes, you can sell your unwanted inheritance quickly or wait until you have all the information you need. Either way, remember, when selling with a realtor, you will have to pay fees, commissions, closing cost, holding cost, taxes, repair cost, appraisals, inspections, attorney fees, and Probate Court fees. Do you really want to pay all those cost and fees? NO! You don’t and you shouldn’t have to. That’s why, we buy houses. In order to help you get away from these ‘junk fees’ that we pay at closing. Put that in your pocket!
If you are the heir and live out of town or out of State, we can work with you as we have done with hundreds of other heirs to local real estate inheritance. So with that said, should you choose to work with a realtor, you will have to pay all those cost and fees mentioned above. A realtors fees alone is 6%. do you really want to pay that when selling an inherited property?
Bottom line here, be sure the investor you contact has the experience of the area or Sub-Division of the property. As well, ask for a Proof of Funds (POF)n letter or bank account statement, so that you know they have money to buy and close.
Thank for reading our article “I Inherited a House I Don’t Want”
All the Best,
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