I’ve inherited a house. What to do now?
First off, we want to say we are sorry for your loss. This can be a tough time and to be dealing with an inherited house may be the last thing you want to concern yourself with. Most people that inherit a home are not prepared for the possible issues that may come up. First, there are many questions you’ll have to confront. Should I rent it? Should I sell it? If I want to sell it, what are my options?
Whether you keep it or sell it, you may want to hire a Home Inspector to give you a detailed report of the condition. A home inspection alone may help you decide the direction you will want to take.
You will also want to determine if there is a mortgage on the property and what the payoff is. Unfortunately, some homes might be “underwater,” meaning the mortgage is higher than what you can sell it for. In that case, renting, for the time being, may be the only option.
Are you ready to be a landlord? The idea of rental properties for many is enticing. A steady income is coming in while someone else pays your mortgage. If it was only that easy. Managing it yourself, you will have to deal directly with tenants, collecting rents, taking care of maintenance issues and worst case, the possibility of evictions. You could turn it over to a manager to take some of the headache away, but there are still many costs and less income for you.
Selling it is the other option. To get top dollar, you will need to hire a Realtor and take their advice on what needs to be done to the property to ready it for sale. Sometimes this could mean painting, cleaning or replacing flooring and repairing any items the typical purchaser expects. Then, when you get to closing, it will cost you the standard commissions along with closing costs. These sometimes can total 8% to 10% of your sales price. Along with the costs associated with selling, there is the time factor. It may sell quickly, or it may take months, you don’t know.
Or, you can sell to an investor like Innovative Renovations. There are many benefits to selling to Innovative Renovations.
- We can close fast. Usually, within 7 to 10 days from the time our offer is accepted, you can have your money. We are not waiting for a mortgage to be approved. We pay cash!
- You can choose when to close. Right away or if you need a little time, that is up to you.
- No repairs. Most of the homes we purchase need repairs. That’s what we specialize in. We love taking run-down houses and making them beautiful again.
- No fees. We never charge a commission!
- No contingencies. Once we make you an offer, there are no contingencies for inspections, mortgages or appraisals.
We at Innovative Renovations want to be the answer to your problem. Please, if you have any more questions that are not answered here or if you are ready for us to give you a fair cash offer within 48 hours, give us a call at 205-319-0888.