It may sound exciting to have inherited real estate; however, there are times the reality of inheriting real estate from well-meaning loved ones or friends can be an unpleasant experience. Unfortunately, rarely is the property pristine and free of debt. Therefore, it’s beneficial to consult an attorney and accountant experienced in real estate; especially regarding the tax implications of the inheritance.
You’ll need to understand what to look for to help you decide what to do with the property, considering what is best for your personal and financial well-being. By understanding these aspects of the real estate you’ve inherited, you and any other heirs can make a realistic assessment of the property. Then, alone or as a group, you can come to a consensus on if you should sell the property with the financial facts in front of you, which often overrides emotional attachments and impediments to progress in these situations. So read on as we explore three things you should know about inheriting real estate in Kalamazoo and surrounding areas.
Current Condition
One thing you should know about inheriting real estate in Kalamazoo and surrounding areas is that inherited properties are frequently in a state of neglect. They require rehabilitation that will take far more money, time, and effort from the heirs than they have or want to give to the property. Moreover, properties that need obvious repairs don’t fare well on the market, tending to linger for much more extended listing periods. If you’ve decided to sell an inherited property, you have made the first in a series of decisions, the next of which is the best sales method. Typically, buyers scrolling through listings aren’t interested in distressed properties but will throw out an insultingly low number at the seller, hoping for the bargain of a lifetime. However, a direct sale is another option if you’re concerned about passing the traditional inspection and the disclosure process or dealing with an endless list of costly contingencies. Local professional home buyers, like those at Ryan Buys Houses, buy houses as-is for cash and don’t charge any commissions; there are no hidden fees or costs out of pocket before the sale, and you won’t even pay closing costs.
Mortgage Liens
Something else you should know about inheriting real estate in Kalamazoo and surrounding areas is that it may come with hidden debt. For example, there may be a balance owed on the original mortgage, and there may also be other debt, back taxes due or liens on the property, which become the heirs’ responsibility. Selling the house allows these debtors to be satisfied and any remaining profit split among the heirs. At Ryan Buys Houses, our professional home buyers want you to have the facts in your hands to make an educated decision about what is best for your situation, aiming to help you make the most profit on the sale, no matter how you decide to sell. The professional home buyers at Ryan Buys Houses are your neighbors who live and work alongside you here in Kalamazoo and surrounding areas and are proud of our work, improving neighborhoods and the community while helping solve problems.
Holding Costs
Another thing you should know about inheriting real estate in Kalamazoo and surrounding areas is that along with it comes the monthly expenses of holding and maintaining the property as it is, which can also be burdensome, especially for heirs already struggling to cover their living expenses. However, there is a way to sell without sitting and holding the property and watching your money pour out the window. During the listing period, you also carry the financial risk of additional system breakdowns and even more out-of-pocket costs for unexpected repairs that frequently occur in older properties and the rising cost of utilities.
Local professional home buyers, like those at Ryan Buys Houses, will give you the complete picture of your potential profits from selling on the traditional market vs. a direct sale. We will detail the numbers used to calculate our offer, which we want you to agree is fair. Working together, our team at Ryan Buys Houses moves swiftly and we handle everything in-house which saves even more time, meaning Ryan Buys Houses will work to close fast.
At Ryan Buys Houses, we will help guide you through everything you should know about inheriting real estate in Kalamazoo and surrounding areas. Local professional home buyers, like those at Ryan Buys Houses, are investors working one-on-one with sellers, taking the time to listen to your situation and help find the quickest, easiest, and most profitable solution. At Ryan Buys Houses, our professional home buyers won’t pressure you into the sale because we want you to feel good about working with the professional home buyers at Ryan Buys Houses long after you leave the closing table.
Talk to one of our professional home buyers at Ryan Buys Houses today about how we can help you without obligation. Please reach out to Ryan Buys Houses at (269) 775-4095.
