Dealing with an inherited property or a property in probate can be one of the most difficult and time-consuming processes you can go through. Because of the many laws and red tape associated, an inherited property can take months before the title changes hands. When it finally does, you can be left with a property that hasn’t been updated in years and is in dire need of maintenance. This puts you in the proverbial “catch 22” of not knowing exactly what to do with the property to maximize the bottom line.
Common Challenges of Selling a Home You Inherit
If you are faced with this type of situation, it is important to focus on the high-priority hurdles first. Here are the four biggest challenges to selling an inherited property with deferred maintenance:
Limited capital on your part
High carrying costs until you sell the property
Lack of local real estate market knowledge
Some questions that you have to ask your self are:
What is your timeframe for selling?
Are there any siblings that need to be consulted on the specifics of the sale
What are the tax implications of the sale
CT Homes, LLC, a San Diego real estate investment firm, has an excellent article that does a deep dive into each of these areas. Check it out!