At first glance, an inheritance may seem like a windfall, but not all inheritances are created equal. Sometimes when you inherit a home, you also inherit some of the problems and complications that come with it. Take Jim and Karen, for instance. When Karen’s father passed away, they inherited the home that he had been living in for the last few years of his life. It had been more than enough for his needs, but Karen and Jim are starting a family and already have a home of their own. Since Karen’s father’s home isn’t the house where she grew up, Karen doesn’t have any special attachment to it.
Worse yet, they may have inherited some financial liability along with the property. Karen and Jim have a lot of questions and may want to consider selling her father’s home to a professional house buyer in Kansas City. First, though, let’s tackle some of the questions that Jim and Karen need to consider before they decide on their next move.
What if there’s an existing mortgage on the house I’ve inherited? If the mortgage on Karen’s father’s home wasn’t paid off by his estate, then Jim and Karen could be stuck with a second mortgage. That’s a significant burden for most families, especially those who are just starting out. If Karen’s father was participating in a reverse mortgage or if the home was underwater—that is, more was owed on the home than it is appraised as being worth—a quick sale can be difficult without the help of a professional home buyer.
What if the home needs a lot of repairs? Most buyers want any big repairs completed before they take possession, which can put a strain on the budgets and time of a couple like Karen and Jim. If Karen’s father left them a house that needs more than a little work before it goes onto the market, they may want to sell the property they’ve inherited to a professional home buyer in Kansas City.
What if other family members have a stake in the inherited property? Karen inherited her father’s property completely, but if she had a few siblings, it’s possible that her stake in the property may have been split between them. In this case, many families choose to have an estate sale before selling the property. When no one is planning to occupy the home, a quick sale for cash is often best for everyone involved.
Once Karen and Jim have considered all these questions, they can make the decision that’s right for them about what to do with their inherited property. For anyone dealing with an inherited property, it’s important to know the answers to these questions before moving forward. Once you do, selling the home that you’ve inherited to a professional house buyer in Kansas City can help save you and your family members months of waiting for closure, not to mention potentially countless hours of laboring over the property itself.
At HouseMax, we not only buy unwanted houses quickly and for fair prices, we will work with you so that you can understand every step of our process and how we arrived at our generous offer. We know that those who need to sell a house quickly are often going through a potentially difficult personal time, such as the death of a loved one, and we work with individuals like Jim and Karen—or like you—to make sure that the process of selling your home is as pleasant and painless as possible.
If you have an inherited property—or any other house that you need to sell fast, even if it needs a little work—then you’ve come to the right place. Contact HouseMax today, and get your home sold in as few as seven days!