What to do with an inherited house in Raleigh

What to do with an inherited house in Raleigh

First, we’re so sorry for your loss. This is a very difficult time in your life and dealing with a house that was owned by a loved one is really tough.

Many questions might be running through your mind:  “I inherited a house, what to do with this house? Should I rent it? Should I sell it?  How should I sell it? How much will this cost?What should I save?”

Tons of options open for you, but…

… we can help.

 Here’s a few  considerations to help you make the right decision with your inherited house:

1) Make sure the mortgage and bills are paid. 

This may sound obvious, but sometimes the mortgage payments may be behind in payments, especially if your loved one was dealing with major health issues. The house may also have a reverse mortgage, which is common among seniors.  Some banks will allow you to take over the existing loan , while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.

2) Get good a reputable manager if you decide to rent it.

Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure especially if you don’t want to sell right away. Many people hire a manager since they have never owned a rental property. Make sure the manager has a good reputation. A bad manager will end up costing you more money. If you decide to rent it out yourself,  you just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.

3) Know the condition of the property.

It’s rare to see a home that’s been perfectly flawless. Most inherited houses need major improvements or repairs.

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.

4) Selling a property for market price costs money.

You have to add in the costs of commissions, closing costs, back taxes, mortgage payments during the time of the listing and repairs.

If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Raleigh houses for cash, as-is.

5) Holding onto the property may be the best choice in a seller’s market.

We can help you to determine the value of your property and if the market trend is increasing in sales. Sometimes it may be worth it to keep the property and sell it for more money later.

6) Uncle Sam wants a piece of the action.

Contact a local accountant that is knowledgeable in real estate tax. A surprise form the government is no fun.

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 Raleigh investment experience can help you win.

8) Compare a few scenarios.

We’ll help you determine prices for any property near Raleigh – 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).

Just call us today at 984.444.9399 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!

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