I Inherited A House, Now What?
A few weeks ago we received a call from an interested seller. They had inherited their childhood home yet it looked vacant and in need of major repairs. We asked two very important questions to them:
Why was it sitting vacant?
What took you so long to take action?
Turns out, the house was sitting vacant because it had so many memories in it. Every time they attempted to clean out the home, it brought back memories. Some good, some bad. We also found out that the new owners didn’t know what legal actions to take regarding ownership. Everything was still under mom’s name and she had now passed, yet the mortgage, taxes, and maintenance were left for them to figure out.
So often we find ourselves stuck in time hoping for our problems or situations to fix themselves. The longer we procrastinate the worse things get until finally we are being rushed by the mortgage company, the tax collector, or the city building inspector to take action. This is a risky and costly mistake that can be avoided if you take the following steps:
Immediately research the proper steps necessary to take ownership. It can be as simple as signing an ownership affidavit and providing proof, like a death certificate. Or it can be as involved as going through probate (Typically associated with sibling rivalry). Whatever the case, get the information you need.
Clean the property out. A clean vacant property is better than a fully furnished one. It’s amazing how quickly word gets out that a property is vacant. Before you know it, the property is broken into, trashed, and damaged. Take the time to pick out one or two of the most sentimental items for you to keep. The rest, you can sell through an estate sale company or give to charity.
Purchase a burglar alarm. With the many wireless options for home security, there is no reason why you shouldn't have the home secured. A simple motion detector and alarm tower are sufficient for alerting you and the police.
Get the property insured. Insuring your property against fire or damage will not only protect you but allow you to sleep at night. I now sleep much better knowing my properties are insured the moment I buy them.
Take Action! If you know that holding on to the property will only sink you deeper into debt then sell it immediately. It will only cost you more if you take longer to act.
As always, consider an all-cash buyer, like Rapid Offer, when selling. We pay for all the costs associated with selling so you get a clean-clear check. We also buy as-is so you don’t have to make any repairs. Finally, we can close quickly avoiding further damage to the property and costs associated with owning it.
