First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.
You’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it? How should I sell it?
Tons of options open for you, but…
… we can help.
We’re seasoned investors in Orange County real estate, and we’re looking to buy several houses each month in the Orange County CA area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.
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 rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.
Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.
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 Orange County 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 Laguna Hills investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Laguna Hills – 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).
Just call us today at 949-625-4533 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!
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We are Hiring Real Estate Agents in Southern California. Get information here: Pellego Agent
Are you looking to sell your home or know someone who is?
I am a full time Agent as well and offer the below services. My commission structure will NOT be beat. I will feature your property on my website: Joe Homs Realtor. I will ALWAYS create; a single property website like this;105 Ovation, Irvine; Everyone likes it when someone brags about their home so I will; Blog about it on my; Real Estate Blog and; Promote it on my; Facebook Business Page. If that is not enough then I will also; Post it on Linkedin to my; Activity Feed and; Tweet about your property on my; Twitter Feed… And oh BTW… I’m going to create a Video; and post it on my; YouTube Channel, then share that with all my other Social Media Channels
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Find me on: BiggerPockets here: Joe on Bigger Pockets
My Schedule: https://calendly.com/… if you would like a “one on one” appointment with me.
https://www.joehoms.co… (my Website)
Investors looking to flip click here: Flipper’s Click Here
Sellers looking to sell click here: Selling Click Here
P.S. Do You Need To SELL YOUR HOME Quickly? We buy houses in ANY CONDITION! We pay CASH and you will not pay any commissions, agents, or fees. Save thousands in junk fees and work with a bona-fide buyer directly!
Get Cash Offer in 48 Hours! Click the link below ===>
https://www.fliphomeso…
If your home is listed on the MLS or you have a listing agreement with a Realtor this email is NOT intended on any solicitation of your listing.
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