You’ve just inherited a house, a generous gift from a loved one and you’re feeling overwhelmed. Perhaps you’ve been left a home that’s in need of major repair and you don’t have the time or money needed to fix it up in order to sell it. Maybe the loved one who passed and left you with the house still has payments that need to be made, and or other costly bills that need to be addressed.
What you decide to do with your inherited property has to do with the financial status and physical condition of the property, along with any time constraints.
Is there a mortgage on the property?
If there is a mortgage on the home you’ve inherited, the details of the mortgage might affect how quickly you decide to sell or rent the property.
- Due-on-sale clause: See if the mortgage has a due-on-sale clause, which states that the entire loan is due and payable if the borrower transfers the property to someone else, especially a non-family member. This clause may make it necessary for you to either pay off the mortgage in full or sell the property. When family members inherit a property, they can usually just assume the mortgage payments instead.
- Reverse mortgage: In a reverse mortgage, which is a financial product popular with older homeowners looking to access their home’s equity without moving, the original owner receives ongoing cash for the equity in the home, repaying the loan upon moving out. Upon the original owner’s death, the beneficiary often has a limited time to repay the amount due — usually six months. You’ll need to pay the balance with your own funds, sell the home to satisfy the loan or get a new loan in your name to cover the amount due.
- Underwater properties: If the property you’re inheriting is underwater (meaning more is owed on it than it’s worth), the issuing bank may agree to let you do a short sale on the home, accepting less for the property than the remaining loan amount.
- Mortgage paid off by the estate: While the person leaving the home to you may have had a mortgage on the property while they were living, it’s possible that the mortgage was paid off by their estate, and you own the home free and clear.
Does the property need repairs?
- Repairs to sell: Just like any home you’d purchase for yourself, it’s always a smart idea to get a home inspection upon inheriting a home. You’ll want to know about any big-ticket repairs that need to be done before selling the home — think furnace, foundation, roof and windows. Home inspections cost between $250-$700, depending on the size of the home.
- Repairs to rent: Renters care less about the long-term condition of a property and more about the creature comforts, like new carpet and fresh paint.
- An alternative: Buyers will want big repairs completed before purchase. If you’re interested in selling the home without doing major repairs, consider selling it to UrbanX Development as-is
How To Sell Your Inherited House or Probate
Going through the Real Estate market to sell your inherited house or probate is time-consuming and costly. It can take months to close if you’re even able to find a buyer. Whatever your situation, don’t panic. At UrbanX Development, we can help if you’re looking to sell your inherited house quickly and without any hassle. Regardless of the condition of your inherited home, even if it’s flood or storm damaged or generally dilapidated, we can make a cash offer.
Our goal is to help make your life easier and get you out from under the property that’s stressing you out… while still paying a fast, fair, and honest price for your house.
Or Give Us A Call Now At: (703) 468-8700