Should You Keep Or Sell That Inherited House?

By
Real Estate Agent with Karen Parsons-Fiddler, Broker 949-510-2395 BRE# 01494165

 

Should You Keep Or Sell That Inherited

House?

You've inherited a property. Now what? Should you keep it and rent it out? Sell it? If you've just suffered a loss, deciding what to do about the inherited property can seem overwhelming. 

There are a few steps to take to make the decision about what to do.

First and foremost, talk to professionals. Contact your tax consultant and your attorney. Find out your options. Once you know of any potential issues, you need to speak with a real estate agent. Get a comprehensive market analysis so you know what list price might make sense. 

If you are seriously considering renting the property, then you need to think about the costs of being a landlord. You need to be willing and able to handle tenants, repairs, maintenance and other issues associated with property management.

In either case, you should also consider a home inspection with a licensed home inspector. There could be deferred maintenance issues...especially if there had been a long illness leading to the passing. You also need to immediately talk with the mortgage company, if there is a mortgage. Make sure the loan is current and get the terms. 

By methodically gathering information, you will be able to make an intelligent decision that's best for you and your family. One step at a time, it will become less overwhelming and the right solution will present itself. 

Comments (2)

Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

These are good points. I inherited a home from my parents, and had it been in the same town as me, I may have considered renting it - after fixing the deferred maintenance items of course. The house did need some maintenance.

Mar 03, 2016 07:54 PM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Great review of the pertinent point necessary.  The only thing I might add, is if there is a reverse mortgage on the house, you need to contact that lender, and verify the terms - and what your timeline for meeting them is.

 

Mar 04, 2016 03:12 AM