What to do with Unwanted or Unmaintainable Inheritance Property?
Unwanted Inheritance Property?
Estate Property is a very popular item that is inherited and frequently unwanted. When family members or close friends pass on, they often deed or bequeath their property holdings to their next of kin or people who meant a lot to them. This leaves their loved one, The Recipient, with an inherited property, but also with the responsiblity for property upkeep, possible landlord duties, property taxes, mortgage payments and possible homeowner’s or property owner’s association fees.
So What Can You Do Next?
You Might Need To Do A Probate
In many cases, the property goes directly through a probate process simply because it is the traditional next step. However, depending on how the property is currently deeded and if you intend to sell the property, probate is not always a requirement. You can check with a local real estate attorney to confirm the requirements for your property. In some cases, you may have to do an additional probate in the county or state the property is located, if it differs from where you live, in order to have full legal rights to the property. For more information, you can contact us, National Housing And Property Solutions (NHAPS), LLC at 845-288-1465 to discuss potential probate for your unwanted inherited property in Carmel, NY, Mahopac, NY, Wappingers Falls, NY, Yonkers, NY or Bradenton, FL?
You Could Rent It For A Profit
If you inherit a single-family or multi-family residential home, and you don’t want to live there, you could consider renting out the property. This could be a nice steam of additional monthly income. You may need to make a few repairs or upgrades to the inherited property to make it marketable. However, over time, it could be a really good investment, especially since you didn’t have to make a large purchase to gain this extra income. If Good tenants are already in the inherited home or multi-family property, this option may be even better! That would save you the trouble of fixing up the property and finding good tenants.
If you inherit commercial property and you don’t own a business or don’t plan on starting a business, you could also rent it out! There are plenty of business owners in Carmel, Mahopac, Wappingers Falls, Yonkers, NY and Bradenton, FL looking for a new place to run their business. Particularly if the property is in a prime location with plenty of traffic, the property may provide a great return on investment.
Of course, being a landlord isn’t for everyone. There are a lot of responsibilities that come along with being a landlord... extra insurance, property management costs, broken major appliances, roof repairs, cracking driveways, potential structural issues, annual taxes, homeowner or property owner’s association fees, finding new tenants, screening said tenants, vacancies… the list goes on and on. Be sure to consider these responsibilities carefully before taking on the role of a landlord.
You Could Sell The Property
If you do not want to live in or manage the property, you could always opt for selling your unwanted property. This can be done in several ways:
1. List on your own (For Sale By Owner): You advertise the available property and sell it on the open market your self. This may require several showings, possible repairs, staging costs, and handling all inquiries directly. Keep in mind that you would still need to make all monthly mortgage, insurance, tax, and fee payments until the property is sold.
2. List on the MLS through a realtor. The realtor will market the property for you and handle most inquires. Some repairs and staging costs may be needed to bring the property to market standards. As the seller, you would also need to pay the traditional 3-6% of the sale price in commission fees to the realtor at the time of the closing.
3. Sell the property directly to us. If our offer is accepted, you would receive the agreed upon amount at closing, minus taxes of course. We pay all closing costs and pay you cash at closing for the property in its As-Is condition. This means no marketing or repair costs, no closing costs or realtor fees and no more monthly mortgage payments for you. Pending clean title, we can close in 14 days or less.
Before calling any real estate buyer or real estate agent, please call us at 845-363-0643 to discuss the market value and possible options of selling your unwanted property to us today. Do a little research to see what similar properties (like yours) are selling for. Having an idea of what the fair market value is for a traditional sale will make it easier for you to hear our fair all cash and quick close offer. Keep in mind that we will offer you a bit less than average market value because we will save you a lot of time, stress, mortgage payments, real estate fees and commissions in the long run.
You Could Give The Property Away
Since you didn’t buy it and you don’t want it, you could also give the property to charity or the municipality in which it lies. Contact the future recipient for their donation process. You could also give the it to one of your family members, friends, or children. You may still have to go through probate locally in order to take full ownership to donate or give the property, as a gift.
Give NHAPS - National Housing And Property Solutions, LLC a call at 845-288-1465 or send us a message to discuss what to do with your unwanted inherited property.
We pay cash, take over mortgages or purchase with terms. Call us about your properties in Carmel, NY, Mahopac, NY, Wappingers Falls, NY and Bradenton, FL no matter the condition.
