Sell An Inherited Home
I Inherited a House. Now What Do I Do?
If you’ve inherited a house from a deceased parent, you’re probably wondering what you should do. Unfortunately this is a tough decisions that comes under difficult circumstances. There’s so much that needs to be done when a loved one passes on, but an inherited house can be a huge asset or a huge liability, so it’s in your best interest to answer this question quickly.
When you inherit a house, you have three basic options:
- Live in the property
- Rent out the property
- Sell the property
Which option you choose could depend a lot on your circumstances, so let’s review these options in a bit more detail.
Even Free Homes aren’t Free
If your parents passed on a home that’s free-and-clear of a mortgage, you may think you’ve hit the jackpot. But remember, a mortgage is only a portion of the property’s overall expense. When you add up the costs of property taxes, homeowners insurance, liability insurance, heating, electricity, and ongoing maintenance, homeownership is an enormous ongoing expense even without that monthly mortgage payment. So before you pack your bags, carefully consider if you’re able and willing to take on that additional financial responsibility.
To further complicate things, even a home that’s bought and paid for could push an estate’s total value beyond the threshold of your local estate tax. Oregon – for instance – only offers an exemption on the first one million dollars of an estate’s total value. That additional tax could turn into a large bill at some point down the road.
Living in an Inherited Home
If your inherited home does come with a mortgage, current law allows you to simply move into the house and take over your parent’s payments. But liabilities like mortgage liens, unpaid property taxes, and other liens attach to properties and survive an owner’s death. So if they exist, you’ll now be responsible for them, in addition to the monthly mortgage payment, and all those ongoing homeownership expenses.
Renting Out an Inherited Home
If you choose to rent out your inherited home, you’ll still be faced with the prospect of covering a mortgage payment every month and be liable for any liens or unpaid property taxes. But now you’ll also have the additional responsibility of finding qualified renters, collecting rent, and maintaining the property on an ongoing basis. Working as a landlord is time consuming, stressful, and not ideal for everyone.
Selling an Inherited House
Selling an inherited house can be a difficult step to take if you are sentimentally attached to your parents house. But if you need money quick, or if your new property is too burdened down by liabilities, selling may be the only real course of action. But selling a home with a real estate agent can be expensive, typically costing up to 6% of the sale price. Luckily there’s another course of action you can take.
Selling Inherited Property in Vancouver or Portland for Cash
Vancouver Redevelopment is currently looking to buy homes – just like yours – in the Vancouver and Portland area. We’re not real estate agents who charge you a fee to list your home. Instead, we’re investors who buy directly from homeowners like you. That means we can operate with greater flexibility, free from the extra requirements that come with bank appraisals, loan approvals, and inspections. We simply look at a property, make an offer , and if the owner accepts, they can collect their money from escrow in as little as seven days.
If you’re considering selling inherited property and would like to get a quote for your home, give us a call at (360) 431-8644 or fill out our contact page. We’ll get right back to you with our fast cash offer, and if you don’t like it, you’re under no obligation to accept. Vancouver Redevelopment could be your quick answer to a big problem. Call us today to learn more about selling your inherited home for cash.
Jesse is extremely professional and has great communication skills, getting back to my wife & I whenever we had any potential questions in a timely manner. Would highly recommend & work with again in the future.
Friendly, Reliable, Honest, Customer service that is actually helpful. I would highly recommend them to family and friends.
Jesse & Anna at Vancouver Redevelopment are great people. Honest, knowledgeable, helpful and very easy to work with. I'd recommend them to anyone.
We Buy Houses in the Entire Portland Metro Area
We’re interested in buying properties in any condition located throughout Portland, Vancouver, and the surrounding area.
We have bought and sold homes in…
- Lake Oswego
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Not sure if we buy homes in your area? Reach out to us by calling 360-431-8644. We’ll work with you to get you a cash offer for your home or put you in touch with someone who can.
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