Inheriting a Property You Can’t Keep

Inheriting a Property You Can’t Keep

Inheriting a property may seem like a blessing to some people, but they’re also usually the ones who don’t have to actually keep up with its maintenance needs. Whatever the reason may be, you may find yourself with an extra property that you don’t have the time or money for. Here are some things you can do with an inherited property that you can’t keep.

1. Going Through Probate

One of the first things you’ll encounter when you inherit a property is the probate process. Even if you don’t intend to keep the property, you’ll want to undergo this process. It establishes that you’re the new owner rather than the former estate.

One of the considerations is whether or not the property’s mortgage was paid off. If it was, then the process is a little simpler. If it does still have a mortgage attached to it, then the process may take a little longer.

After the probate is over, the house will officially be yours.

2. Consider Your Siblings or Other Heirs

Even though you were named the owner of the property through a deed or will, you may still want to consider your other family members. They may be willing to take the house off your hands. They may have the time or finances to improve the home or make it a secondary residence.

You’ll need to go through another process in order to switch the title over to them.

3. Sell the Home

Once you’ve made the decision to sell the home, there are a few things you should do. First, you should try and fix up the home as much as your budget can allow to get the best price for it.

Whether or not the home has a mortgage will determine the kind of profit you can expect. A home without a mortgage means you receive the full amount when the house sells. Those with mortgages will see some of their profits eaten up in order to pay that mortgage back.

You don’t have to update the home, however. There are eager flippers, like myself, who will buy the home with cash exactly how it stands. You get money immediately, and they get their next project.

Selling your home to a flipper can be a quick process. The faster the house is out of your hands, the sooner you can walk away with a lot more cash to your name than before.

Get Rid of Your Inherited Property

You don’t have to be stuck with an inherited home. It can be a great opportunity to earn some cash instead. Follow the tips above to earn your money and make your life a little easier.