First, we understand that losing someone you love is painful and, for that, we extend our sincerest condolences. On the other hand, figuring out what to do with the property they left behind is always hard.
A home is a big responsibility. If you already have one, you may not be looking for another one. You can always sell the home you inherited, and we may be able to help you.
SoCal Home Buyers is a reputable home investor with ten years of experience buying homes around the Los Angeles County area. We’ve helped hundreds of people just like you.
Here is what you need to consider before you decide what to do with your inherited property:
1. Make Sure the Mortgage is Paid Off:
It can be a really tricky situation when you inherit a house only to find out later that the mortgage is due. If you want to keep the property you inherited, you should see how much is owed.
If the mortgage wasn’t payed off, the company will either let you take it on, or refinance the property. Either way, it still needs to be payed. If you can’t secure or afford the mortgage, you might be able to rent the home out.
2. A Rental Property is Only Good When Managed Properly:
The entire hassle of dealing with brokers and tenants, as well as having to handle maintenance, is not an easy task. The best way to deal with this situation is to either hire a professional to handle it, or to simply sell off the property.
Your tenants can pay off the mortgage, which is probably what you want. Don’t assume it’s an easy ride – you’re still going to have to deal with the tenants, repair the home, and collect the rent. It becomes a job all by itself.
3. Inherited Properties Need Repairs & Upgrades:
People rarely inherit houses in perfect condition. In most cases, inherited houses require a lot of work. You might want to call in the pros to fix things up.
A property inspector can tell you what repairs you’ll need, and how much they’ll cost. If it’s going to be more expensive than you thought, you may be better off selling the property.
4. Sell the Property & Avoid Costly Repairs:
If you’d rather save your money (or you can’t afford a huge repair bill), you always have the option to sell the home. Most buyers won’t be interested, but we always are.
We buy Los Angeles county houses “as-is” so you don’t have to deal with any of the hassle. If you want to sell your inherited house for quick cash in Los Angeles County we can help you.
5. If You Expect a Steady Appreciation of the Property, Keep It!
If the real estate market is getting stronger in the area around the home, it might be worth much more later on. We can help you figure out the trends and projections, so you’ll know if waiting will do you any good. If you don’t need the money right away, holding onto the home could pay off in the long run.
6. Consult with Tax and Legal Professionals:
Taxes are always tricky. Before you make up your mind, check where you stand with the tax code. You might have to handle taxes before you’re allowed to sell or rent the property. If you aren’t sure what to do, a tax professional can help you.
7. Explore Your Options:
If you’re not sure you want to manage a rental property, we can always buy it from you. We have cash, and we can prepare you an offer in as little as 24 hours. There’s no need to panic – you can always contact us: 951-331-3844 and we can help you determine what the best option will be for you.
8. Compare Outcomes:
Should you sell now, or wait until later? If you understand the real estate market, you won’t need a crystal ball to find the answer. We know the market very well, and we can help you figure it out. We want you to make the choice that benefits you the most.
It’s time to get in touch with our team of experts. All you need to do is call us today at 951-331-3844 and we can go over the details of your home with you. We want you to walk away feeling like you’ve made the best decision.
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