Firstly, we are so sorry for your loss. Losing a family member can be a very challenging experience. If you and your family are in a painful period of mourning due to your loss, from the family here at FastPath Home Buyers, we offer you our deepest condolences. My your loved one rest in peace.
Selling a house can be a very difficult experience; however, doing so while facing the added strain from a recently lost loved one could dishearten even the strongest of people. If You’re thinking, “I inherited a house. What should I do with it?”, we might be able to help you with that question. There are tons of options we could help you decide over, but you might also be thinking…
Here at FastPath Home Buyers, we’re seasoned investors in Minneapolis real estate. We’re looking to buy several houses each month in the MN area, and help local home sellers navigate their way through a turbulent real estate market in the process. If you’ve recently inherited a house, we are prepared to close in as little as 7 days. However, most of all, If you would simply just like to move on with your life without thinking about an agent, agent fees, open house, home repairs… we are prepared to help you get that house out of your hands at a fair price.
I Inherited A House, What To Do Next?
Here are a few important considerations that will help you make the right decision:
1) Make sure the mortgage is paid.
This may sound obvious, but if the person who left you the property also had a mortgage (unless the house had no mortgage and was paid off, which is great!), you will have to pay it (assuming you want to keep the property). Some banks will allow you to assume the 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) The investment is only as good as the manager.
If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or Cash Out Now! Some people who inherit homes may decide to keep the house and rent it out for extra income. This is a great strategy. However, you need to be prepared to manage the property. This could mean endless hassles that can come along such as: regular repairs, remodels, problem tenants etc.
3) Property ownership costs money.
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.
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. Surprises repairs are very, very expensive.
4) Selling a property for top dollar costs money.
If you don’t want to deal with making repairs, updating kitchens, improving landscaping and the overall cleanup, don’t worry. We buy Minneapolis houses for cash, in Any Condition!
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment for those who know how to correctly read the market.
6) Uncle Sam wants a piece of the action.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
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 Burnsville investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Burnsville – if you sold it today, without you having to do any work. We could give you a 100% free answers to question like: the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).