We would like to express our deepest condolences for your loss. We understand that this can be an extremely difficult time for you, and dealing with property ownership can add to the stress and emotional burden.
If you have recently inherited a house, you may be wondering what your options are. Should you rent it out or sell it? And if you choose to sell it, how should you go about it?
The good news is that you have several options available to you. However, navigating the process can be overwhelming and confusing. That’s where we come in.
As experienced investors in Memphis real estate, we specialize in buying houses in the Memphis TN area. We receive calls every month from individuals who have inherited a house and are looking to sell. We have the expertise and resources to guide you through the process and make it as smooth and hassle-free as possible.
We understand that every situation is unique, and we will work with you to find the best solution for your specific needs. Whether you want to sell the house quickly or take your time to get the best price, we can help.
Selling a house can be a complex process, but we have the experience and knowledge to make it easier for you. We can help you determine the value of the property, handle all the paperwork, and close the sale as quickly as possible.
If you’re considering selling your inherited house in Memphis, we are here to help. Contact us today to learn more about how we can assist you in navigating the process and getting the best possible outcome.
I Inherited A House, What To Do Next?
Here’s a few important considerations to help you make the right decision:
1) Make sure the mortgage is paid.
This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.
2) The investment is only as good as the manager.
If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now. Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.
3) Property ownership costs money.
It’s not often that you come across a building that has been flawlessly maintained. In fact, most inherited houses require significant upgrades and repairs.
To ensure that you’re fully aware of the condition of the property, it’s a good idea to enlist the services of a professional property inspector. They can provide you with a comprehensive assessment of what needs to be done over the next five years, as well as an estimate of the associated costs.
Unexpected issues can be incredibly costly, so it’s essential to have a clear understanding of the property’s condition before making any major decisions. By having a professional inspector evaluate the property, you can identify any potential problems and plan accordingly.
Overall, taking the time to have the property inspected can save you a significant amount of money and headache in the long run. So if you’ve recently inherited a house, it’s a wise investment to hire a professional inspector to assess the property and provide you with a detailed rundown of its current condition and any necessary repairs or upgrades.
4) Selling a property for top dollar costs money.
If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Memphis houses for cash, as-is.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.
6) Uncle Sam wants a piece of the action.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your options.
In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Memphis investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Memphis – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).