When someone in your family passes away it can be one of the most trying moments of your life. With this loss can come with some heavy responsibilities in the form of an inherited house.
If you’ve inherited a house in the event of a death, there are lots of things to take into account. As the estate’s benefactor, you’re presented with two options regarding what you could do with the house— keep it or sell it.
Before you move right in, think about all the costs associated with an inherited property. How much equity is in the home? Was the mortgage paid off? What type of property taxes are in the area? What condition is it in? If you decide to move into the house, you must repair it before the home can be insured. Unfortunately, this bill will be left for you to take care of.
If the mortgage has not been paid off, it could result in forcing you to pay a higher payment than your budget allows. Before you decide, figure out what sort of payments you’ll have to pay on the home and whether or not you can afford it.
It is common for the property’s benefactors to decide on selling the home and splitting the profit amongst them. While it’s likely this is the easiest option, it doesn’t come without costs of its own.
Aside from any repairs, heating and electricity, insurance, and property taxes must be paid even if no one is living in the home. In order to ensure the house will sell, general upkeep including yard work must be sustained, and therefore cost you time and money.
Also remember, if you sell the house using a real estate agent, it is not free. In fact, it is typical for a realtor to charge 6 percent of the sale for a commission fee. It can end up being extremely expensive considering a realtor cannot guarantee the house will sell quickly.
There is a solution to all these inconvenient costs, and you could still quickly sell the house you inherited. HomeGo will work with you to give you the highest possible cash offer for your property. Better yet, HomeGo will buy your inherited house as-is— no repairs necessary. This alone will save valuable time and money. On the same note, HomeGo will keep your busy schedule in mind and work hard to close the sale of your home in just seven days. The sale is completed faster than a traditional real estate agent could deliver and HomeGo doesn’t even charge for any commissions.
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