I recently inherited a property. What’s the next thing to do?
There are a few factors you want to consider when selling an inherited house. How fast do I need to sell, my timeline, and when I want to get paid.
If there is a mortgage on the home you’ve inherited, the specifics of the mortgage might affect how fast you decide to sell or rent the property.
Repairs to sell:
Repairs to sell: It is always a good idea to look at the repairs needed of the inheriting home. You’ll want to know about any big-ticket repairs that need to be done before selling the home — think furnace, roof and windows. Also check to see if the heating is gas or oil. In New Jersey underground oil tanks are a big problem. Home inspections are costly and take time.
Repairs to rent:
This option isn’t for everyone. Renters care less about the long-term condition of a property and more about the creature comforts, like new carpet and fresh paint. An alternative: Buyers will want big repairs completed before purchase. If you’re interested in selling the home without doing major repairs, consider selling it to Savannah Properties.
Savannah Properties will make selling your inherited home simple. When a loved one Wills a piece of real estate to a family member it is their intention that the sale or ownership of the property in will be beneficial to their heirs in some way. Inheriting a property can be a tough situation, a very stressful decisions both legal and personal. The correct choice is not always clear, especially with the suddenness of the situation. Savannah Properties is here to help you sell your inherited property hassle free.
Selling Inherited Property Or Taking Ownership Of The Inheritance
There is a few different avenues you can take with an inherited property in New Jersey such as keep it as a rental, possibly move into the property, or sell the house for cash as is quickly. Ask yourself, Do I want to sell or do I want to keep this inherited house? Property taxes, inheritance tax, insurance and mortgage are all relevant but do not over look home equity lines of credit or reverse mortgages. This is not only costly before you have received any money for the house but also time consuming.
Listing the property on the New Jersey MLS can be costly and time consuming. Paying for repairs will be added with realtor commissions and broker fees as well along with additional holding costs. This whole process between probate, repairs to the property, listing the house, and actual days on market to take well over a year from start to finish. After realtor commissions and other fees it will add up to about 10% off of the purchase price.There is another option less frustrating, time consuming, and costly.
Sell fast for cash as-is
Savannah Properties can save you time and the hassle if selling your inherited property is the best thing for your family. This option is the fastest way to solve your problem. You can net a competitive sales price compared to listing the property minus commissions, repairs, and holding costs. Maybe you are in no rush to sell the inheritance property and do not mind waiting months or possibly years for a buyer. In that case selling to an Investor is not your solution.
Under water Mortgage
Your house could be “under water” and the mortgage on the property is more then what the home is worth. This along with other situations could warrant a short sale of your inherited property.
Inheriting a property in another state
You inherited a vacant property in another state and the costs are piling up. Savannah Properties pride ourselves on fixing problems with properties fast. Rather than waiting months or sometimes even years for a possible sale of your property. You can receive a cash offer today and avoid the stress of selling an inheritance. We also have a licensed realtor on staff who can help you sell for top dollar as well.