While many types of inheritances are primarily beneficial – cash accounts; jewelry; other fully-paid-for assets – a house may come with extra challenges to disposition, from tax liens to mortgages to general disrepair. Sell Your Inherited House now.
Want to sell? Be aware of these 5 challenges of selling an inherited house.
- General disrepair is a common hazard of inherited houses. Before you can sell or rent your home, deficiencies must be addressed – or be prepared to adjust the sale price to sell it as-is. Even if you decide to move in yourself you’ll want to fix these issues, as may be required to bring it up to code.
- Structural issues; leaks; fragile railings; sagging decks and porches; electrical hazards; peeling drywall are just the beginning of endless potential problems that are costly to address. That’s before we look at the condition of the yard and the property generally – and has anyone taken a peak in the attic?
- Appliances, the electrical system, heating & air – all may be older and in various states of repair. A home-buyer can be counted on to have them at the top of his/her list of demands for price concessions or replacement before agreeing to a contract.
- Most inherited houses need significant updating for marketability.
- Flooring, cabinets, paint, and wallpaper are likely to be out-of-date and/or worn and therefore make your inherited house less desirable to home shoppers. The same goes for kitchen counters, decks and porches, landscaping, and more.
- The exterior may need sprucing up as well, from paint and repair to fresh landscaping.
- Property taxes could cause a problem for a sale if they have fallen behind – or if you can’t afford to keep them current.
- Mortgage payments can be a similar issue in a sale if the late owner had financial problems toward the end. Regardless of the payment status when the owner passed away, if someone doesn’t continue making the payments, the lender will foreclose on the house as it would on any other property.
- A shortage of sufficient cash to keep up with maintenance, taxes, mortgage and the other natural expenses of any house may lead you to decide you must sell as soon as possible – and unfortunately may also be the biggest problem to closing a traditional home-buyer sale. You may need significant cash to prepare the property and possibly to release claims from past-due taxes or mortgage payments.
At first glance, it may seem that a quick sale of your home is the way out of problems that came with an inherited house. But these 5 challenges (among others) can mean you need to explore your options thoroughly. Keep an open mind as to what creative solutions are in your long-term best interests.