What to do when you inherit a house in disrepair and discover a money pit!

So you inherited a home and discovered it is in poor condition and needs major repairs or has tenants who are not paying their rent, now what? Property Spot discusses solutions.

Some people dream of inheriting money, real estate, or other valuables. It sounds great on paper, but in reality it’s not always a beautiful home in a great neighborhood being inherited. Oftentimes there is still a mortgage attached. You will also have property taxes to pay, insurance, utilities, and in some cases, tenants to deal with. If the home is in disrepair, you may have just inherited a money pit. You may not even live in the same area or state as the home you inherited, which adds even more complications to the scenario. Property Spot discusses some considerations if you find yourself with an inherited property and you’re not sure what to do next.

Best-Case Inheritance Scenario

In a perfect world, you inherited a nice house that’s fully paid off and in great shape. In this scenario you will have plenty of options which include holding it as a rental, bringing in some passive income. Another option is to sell it with a realtor and go down the road of listing the home on the open market. Of course these options also come with their own possible issues. Being a landlord can seem easy at first, but there are many things to consider when taking on a rental property. Listing your home with a realtor may bring you a higher price, but there are also time and cost factors to consider here as well. You can read more about rental considerations or selling with a realtor here: Avoid These Common Mistakes when Selling your Home and Rental Property Pros and Cons.

A More Common Inheritance Scenario

The home you inherited has deferred maintenance and needs a lot of work, or tenants have neglected the home for years. Finding the time and money to deal with repairs, tenants, and ongoing maintenance can quickly become a burden. Especially if you are not in the area.

This situation can seem less than ideal, but you still have options to benefit from your recent inheritance. Real estate, no matter the condition, can still be of value. Even if you don’t have the time, funds, or energy to deal with repairs, tenants or listing the home.  You still have options to reap the rewards of your inherited property. Property Spot discusses some options that can give you quick cash, take away the stress and headache of dealing with this unwanted property, and allow you to walk away without the burden. 

Your Inherited Property Solution

It is in these situations that Property Spot can provide you with various solutions that may fit your needs. Selling a property is not a one size fits all process. Property Spot works with each individual seller to provide a customized solution that works best for you. 

Sometimes the simplest solution really is the best. Property Spot can give you cash for the home, close quickly or on a date that works best for you, and cover all the extra expenses that come along with a home sale. Be sure to avoid scams by doing some research into the company you choose to work with; not all cash home buying companies are the same. You can read more about avoiding scams here: How to Avoid ‘We Buy Houses’ Scams

When you sell your home to Property Spot, we make the process as simple and straightforward as possible. Many times inherited properties come with Title issues, liens, or judgements. We will work with the Title company and help you over any obstacles to close the home. Even if there are liens or judgements against the property, you can still make a profit when you sell the home for cash. We have a great team that wants to see you succeed in the process of selling your home.

We buy properties in as-is condition, you do not have to make any repairs or even remove anything you don’t want. Just leave it in the home and we will deal with it. We also will handle the tenants, even the ones who are not paying rent. Just leave the hard work to us, and you walk away with cash in your pocket! 

Contact Property Spot for a free, no obligation, cash offer on your property.

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we buy houses, we buy inherited homes, we buy run down homes