When a loved one dies, it tends to create a lot of turbulence in the lives of the surviving family members. First, you must reconcile the loss of that person. This typically means making your way through the grieving process.
During this time, you might also be responsible for managing the funeral, burial, and any other logistics. However, one thing you might not have been prepared for is the execution of your loved one’s will.
What do you do if you inherit property you don’t want? It might not even be a matter of wanting it or not. Having the property in your name could put you under financial stress.
So what do you do?
If you have a property in Arkansas you need to get rid of, you have options. Keep reading for a quick guide on what to do if you inherited an unwanted property.
Talk to Other Members of Your Family
If you inherit property that is full of memories, you might not want to sell it before talking to other members of your family. If you can’t deal with the property but don’t necessarily want to see it out of the family, there might be someone willing to take over ownership.
Furthermore, if you were to sell the property without talking to the other members of your family, it could lead to altercations and family disputes.
Wait an Appropriate Amount of Time Before Making Any Big Decisions
Even if no one else in your family wants to take the property, you still might not be able to sell it immediately. Some states demand a period (usually 90 days) before you can sell a property you’ve inherited. To avoid legal issues, you must observe this waiting period.
However, this can be viewed as a blessing in disguise. Waiting the 90 days will help you formulate a plan on how to handle the inherited property.
Know the Value of the Property
If you ultimately plan to sell the inherited house, you need to know what the property is worth. There are three steps you can take to get the most accurate valuation of the home.
First, hire a house inspector to evaluate the condition of the home. They can help point out major and minor issues that will affect its value. This includes everything from peeling paint to major structural issues.
Next, do a comparative market analysis of the home. Compare the inherited home with those in the area that have sold in the last few months. This will give you a good idea of the current housing market, as well as the value of the house.
Look objectively at the ways in which the house compares to the others. For example:
- Age
- Condition
- Square footage
- Property size
- Features
- Updates
- Amenities
- Etc.
Finally, get an official home appraisal by the bank. The appraiser will come out and inspect the property and complete a valuation, much like the house inspector. However, their results will give you a dollar amount of the home’s value, rather than just a list of what needs work.
Consider Using the House as a Rental
Some people consider the possibility of using their inherited property as a rental. Given the right circumstances, it wouldn’t be a bad way to earn a passive income.
However, if you’ve never owned a rental property before, you might be surprised at how much work it takes. There are pros and cons to being a landlord.
Pros
If you inherit property and keep it as a rental, it means the house is staying in the family. As noted above, owning a rental also means having a side stream of revenue coming in each month.
Finally, you can always decide to sell the property later. Renting the property for a few months or years does not preclude you from selling it in the future.
Cons
On the flip side, being a landlord is a big responsibility. In most cases, you’re responsible for maintenance and repairs. If the pipes burst in the house a few years down the road, you’ll be responsible for footing the bill.
Additionally, if the house isn’t completely paid off, it means you’ll be responsible for paying the mortgage. This isn’t a big deal when you have renters, but what if you can’t find tenants? What if you have tenants but they aren’t paying their rent?
Is this a responsibility you want to take on?
Sell the House
Finally, let’s talk about the option of selling the property. If you inherit property you don’t want, you shouldn’t feel obligated to hold onto it. This is especially true if keeping the house will cost you time, money, and distress.
If you need to sell a home you inherited, there are several options.
Making Repairs Vs Selling the House As-Is
First, let’s look at how to sell the property by making repairs and updates. Did you know the average homeowner spends over $21,000 preparing their house for the market? Sure, this option will allow you to ask for more money, but you probably won’t recoup the money spent.
Alternatively, you can sell the house as-is. While this means selling your house for less money, it also allows you to avoid expensive and time-consuming renovations.
Know Your Options
Unfortunately, it can be challenging to find buyers in the as-is market, especially if the house is in poor condition. You will have to find a buyer who’s willing to put in a ton of work or sell to a house flipper.
However, these aren’t you’re only options. Consider selling to a cash buyer.
Central Arkansas house buyers, like David Buys Houses, offer fast and convenient solutions. They will give you a fair cash offer in 24-72 hours. If you accept their offer, you can expect to close (with a reputable title company) in as little as one or two weeks.
If you inherit property you don’t want and can’t afford to renovate, this might be the best solution.
Did You Recently Inherit Property?
There’s no greater pain than losing a loved one. It can be difficult to process their loss while trying to move forward with your life. If you inherit property you don’t want during this process, you might struggle to find the right solution.
Don’t feel guilty about selling a property you can’t afford or don’t have time for. Your loved one wouldn’t have wanted that.
If you’re thinking, “I need to sell my house fast,” we can provide a solution to your dilemma. Contact us today to get your free cash offer with no strings attached.
