Find Out the Value of the Property
Before deciding what to do with inherited property you don’t want, find out how much the property is worth. “Now that you hold the title to the real estate, you need to know the market value of the property,” said Matt Halper. An appraisal might have been conducted as part of the valuation of the estate left by the person who gave you the property. But that appraisal might not reflect the property’s market value, Halper said. Getting a real estate broker to value the property might help you decide if you want to sell it and how you want to sell it.
Sell with a Realtor
You can turn your unwanted inherited real estate into cash by selling it. To get top dollar, enlist the help of a professional. “Ideally, you want to go through a realtor because a realtor will get you a higher price,” said attorney Kevin Goff. Selling the property with a real estate agent also might make the process easier if you don’t live in the same city where the property is located.
Sell the Property to an Investor
Selling unwanted inherited property to a real estate investor is another quick way to make money without having to spend your time and money to prepare the property for sale. “An investor will buy your home ‘as-is,’ allowing you to walk away from the property without making any repairs,” said Shawn Breyer. “Some investors will even let you sell without cleaning out the inherited house. You can keep what you want and leave the rest.”
L + L Home does all of the above! We can help you sell the property or we might want to buy it as an investment property. So if you inherit a property that you don't want to live in, and would like to turn into cash, call us and we will help you proceed.
RealEstate@LandLhome.com | 630.280.9713 | 630.280.9378
Source: Excerpts from Go Banking Rates by Cameron Huddleston