Inheriting a home can be a wonderful if emotional gift, especially if it’s a family home – but it does often come with complications that can be challenging to deal with. Here are some of the most common issues that come with an inherited home and what to do about them, from our cash home buyers in Fort Worth.
#1 – There’s a Mortgage on the Property
If there’s a mortgage on the property, the heirs will still inherit the home during the probate process. Whoever inherits, whether it is just you or several parties, becomes responsible for the monthly payments to the lender.
When there is a mortgage on your inherited home, it’s best to set up a meeting with the lender to fully discuss the terms. If you are the sole heir, it is up to you to decide whether you want to continue paying for the home, sell it, or use other assets to settle the outstanding amount. In cases where there are several heirs, you will have to come to an agreement on how best to move forward.
#2 – The Home is Filled with Stuff
Having to clear out a home is a lot of work, physically and emotionally, so it’s a good idea to have a step-by-step cleanout process. Start by sorting documents and filing anything that looks important. This includes insurance policies, bank and financial statements, birth certificates, passports, etc. Then look for items of sentimental value and invite family members and loved ones to select items that mean a lot to them.
If they had a Last Will and Testament, any items mentioned in that document are stored safely or given directly to the heir. After this, select items that can be of use to you or loved ones, or items to be sold, and separate them from charity items and trash.
Another way to make this process easier is to get in a professional home clear-out service. This can be especially useful after you’ve removed keepsakes and items of value, if you cannot physically manage the clear-out process, or if you live further away. With a professional team working in your inherited home, this work can be completed quickly, respectfully, and in line with your requirements.
#3 – Keep, Rent, or Sell Your Inherited Home?
There’s no one right answer to whether you should keep, rent out, or sell an inherited home – it all depends on what makes the most sense to you and your financial situation. Sometimes, it’s a chance to own your own family home or create a second source of income with a rental stream, while other times it’s a chance to get enough capital to invest in a different property, a business, or market. The most important thing is to look at each option in detail and have a clear idea of the pros and cons, especially when it comes to selling vs. renting an inherited home.
It’s a good idea to talk to your financial advisor to get a clear idea of the type of income you could earn and the expected profits on the property. They can also advise you on the tax implications of selling, and what you could expect if you chose to invest the capital in another project. You can also talk to real estate agents about the sale value vs. rental value of the property. Lastly, it’s a good idea to get a property inspection to see what kind of repairs and upgrades you’d need to do to get the best price. Remember, if there is more than one heir, everyone has to come to agreement about what to do with the property and/or how to share the income or profits.
What Can Our Cash Home Buyers in Fort Worth Do for You?
If you want to sell property fast without having to look for a buyer, dealing with a real estate agent and paying their commission, or even emptying the house, then the best option is to sell directly to cash house buyers in Fort Worth.
We can sell your house in 24 hours, putting a lump sum into your account in just a few days. Here’s how our process works:
- You enter your information on our website. We’ll contact you directly to discuss an offer for your property (you can also get a free property evaluation from our website)
- You can accept or reject the FREE NO-OBLIGATION offer
- Cash will be deposited into your bank account – with no real estate agent fees
- We can handle all aspects of the process, including clearing out the house
- You can also call us directly on 469-858-008
That’s all there is to it!
You can also download our FREE eBook for more information on how to sell your house in 24 hours.
Our team is compassionate and highly motivated to offer you the best possible market-related price for your house, so you can sell your house in 24 hours. This cash goes straight into your bank account as soon as the sale goes through, and you pay zero real estate agent commission.
At Shiny Key Properties, our trained consultants have years of experience in assisting local and out-of-state homeowners to sell their inherited homes. To find out more about our cash for houses Fort Worth service, please contact us today and speak to one of our friendly team members.