Property inheritances can be a lot more messy than most people realize.
Even though it’s a huge blessing to receive something essentially for free, it’s not always like that. For example, did you know that you could inherit the mortgage balance of a property? If you did, that’s mostly because you had a good relationship with the person who gave you the property and they gave you a heads up. But, if not, then you won’t know if the mortgage loan is already due up until it’s near-foreclosure, especially if you’re not really keeping yourself up-to date with the latest happenings on the property.
So, how do you prevent an inherited property from going from blessing to curse in a few months’ time?
Two things: check and decide if whether you want to live on it, rent it out, or sell it.
First of all, if you inherited a property, check if there’s still a mortgage balance. If there is, you may have to balance the balance in full before you’re legally entitled to the property. This could cost you thousands of dollars easily up front, depending on the location of the property, so you owe it to yourself to check.
Sometimes, the property may also still be under a mortgage contract, so while you won’t have to pay for the property up front to keep it, you do still have to assume the balance and pay for the loan before it’s transferred to your name.
In both cases, you have three options. First is to live in the inherited property to save money, which is ideal if you’re renting; it’s a win-win situation assuming that you’re able to pay off the mortgage balance eventually. Second is to rent it out, but that’s also a problem since it may not be ready for renting. The third is to sell it, but there’s a good chance that it’s not ready for selling conventionally either, or even if it is, its value may be less ideal.
That’s a lot of problem for something that was given to you, but such is usually the case when it comes to inherited properties.
Very rarely are inheritances a smooth transaction, and most of the time, they are a lot more trouble than they’re worth. Even if you do decide to live on the property, you may not be able to for a variety of reasons. Like, for example, you might have painful memories of the home, or the location is not suited to your work. You might not like the style as well, and we all know just how expensive renovation works can be.
Even selling the inherited home can be quite the pain.
From paying off the mortgage first so that the property is transferred to your name properly, as well as handling all of the related fees and taxes of the transfer, selling an inherited home is a lot more work than most people expect.
Mind you, that’s not even including all of the renovation work you’re going to have to do to make sure that the inherited home is ready for sale, or even for rent!
How to Get Rid of an Inherited Property Quickly
Traditionally, selling a home takes time. Selling an inherited property is even more complicated, especially if all of the property’s financial obligations have not been cleared yet.
To put simply, selling an inherited property can be complicated and can take a lot of time.
Thankfully, you’re not stuck with it just yet.
Just as would the answer be if you’re asking yourself “how do I sell my house?”, the solution to your inherited property problem lies in Cash Buyers.
At Cash Buyers New Jersey, we buy houses NJ with little to no questions asked.
All you have to do is to give us the details of your property and we’ll give you our offer. If you think that it’s fair, we’ll handle everything for you and you’ll have the money wired to you in a few short weeks.
It is that simple.
So, if you ever find yourself or someone you know having troubles with an inherited property, consider our tips, and more importantly, don’t forget to contact cash buyers – you’d be surprised as to how much more you’d get from selling the inherited property if it sells quickly as is.