“I INHERITED A HOUSE AND DON’T WANT IT, HELP!!!” A norm in most countries is that the heirs of deceased parents or relatives inherit their properties, including their home. While this can be a windfall, it also becomes a burden to deal with – especially when you don’t want it. What are your options if you don’t want to keep the home? Sell it to “Cash For Houses” Real Estate Investors, or Rent it? Well, you’ll discover soon enough, which is your best fit. READ ON!
Firstly, Remember Your State’s Waiting Period
Before you decide on your plans, your first and best move yet is to WAIT. It’s important to comply with your state’s waiting period – a period between the deceased and when you can plan about the property you’ve inherited.
Each state in the U.S. has a waiting period. In Texas, for example, most wills and testaments require that you must survive the deceased for 30 days before you can inherit a home.
Keep it in Shape
While you’re observing the waiting time, it’s important to keep everything in order. Ensure that all utilities and insurance policies are updated to prevent them from lapsing.
What then are Your Options if You Don’t Want to Keep the Home?
#1 Sell It “As Is” to an Investor
Selling your inherited house to a Real Estate Investor is a quick and easy way to make money from the property without having to spend your time & money on repairs. This is by far the best choice if you don’t want to keep the inherited house since you get offers for cash and can close quickly.
Even if there’s a mortgage loan or a tax lien on the property and you still need to sell FAST to stop a pending foreclosure, the Redemption Group would be more than happy to help. Reach out to an expert today at (323)379-4086 and discover how we can help you.
#2 Rent It to Others
If the inheritance home is well maintained and in good condition, you could earn extra income by turning it into a vacation property. But leveraging the ability of a professional management firm is key to your rental business success since you know nothing about the market.
A professional management company will save you a lot of hassles such as keeping up with the needs of your guests, screening & security, and more. Also, your property gets listed on top rental sites including Airbnb, VRBO, and Booking.com. Ultimately, this increases your chances of getting your space rented out quickly.
#3 Renounce or Disclaim the Property
Renunciation, also known as Disclaiming, is the formal rejection of inherited property. It’s the best choice available if you don’t want to deal with the hassle of selling to a Houston home buyer or renting it.
“No one is required to accept an inheritance,” said Philip J. Ruce, an attorney with Stone Arch Law in Minneapolis. “It can feel strange contemplating the rejection of an inheritance, but it is more common than you think.” (What To Do When You Inherit A Property You Don’t Want) This means when you disclaim a property, it passes on to the next person named in the will to receive it. By default, you’re treated as if you had died before receiving the inheritance.
Something captivating about renunciation is that it needs not to be for all the property inherited – if you inherited other properties with the home you don’t want. This means you can keep other properties while you file a renunciation for the home.
Renunciation is legal and must be made in written documents with the Clerk of Court in the area they locate the property.
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