Over the next four decades, boomers will inherit upwards of $27 trillion. That is a lot of money, and when you inherit a house, you may want to sell the house right away. If siblings are involved, some may want to live in the house, use it as a rental, or fix it up- bring it up to buyers’ standards. Realize there may be friction if we can’t agree. If you are unsure, you could talk with a real estate agent or real estate investor, and both experienced with the neighborhood. The other professional could be an attorney good in probate and real estate. These professionals will answer any questions you have and will help you make lightning-fast decisions.
As you clean, you can divvy up the folk’s personal belongings and arrange to sell the rest in a garage sale or estate sale. If you plan to sell the house, it will present a better face to the public if it is clean and empty or staged. Ask your siblings if there is anything they specifically want. When you are cleaning, don’t try to guess what a brother or sister might want for a keepsake.
Estate sales are public sales conducted by estate liquidators in the house of the seller. The liquidator will ask you to remove everything you want to keep and tag all the rest with a price. The estate liquidator uses their vast knowledge to price each item that maximizes the price with an eye on liquidating everything quickly. The estate liquidator may offer a price upfront for everything or take a percentage of the sales. They will hold the estate sale over a weekend, and items sold on a first-come, first-served basis. After the sale, unsold items are donated or junked.
Invite a real estate investor to walk through the house. He will tell you if repair work is needed. Also, he will give you a feel for the neighborhood and the house’s worth.
A real estate investor will buy as-is. Don’t worry about some repairs that you’ll need to fix based on an appraisal. An investor will estimate the repairs needed to restore your property, arrive at an offer, and purchase the property in its current condition.
A real estate investor doesn’t charge you a real estate commission and may take care of any other nagging financial problems such as back taxes, code violations, or past due water and sewer bills.
When you decide to sell rather than fix it up and rent it out, you can do so fast, normally in 30 days or less. That is much quicker than a traditional sale, which can take several months even if there are no significant items that need to repairing, before closing. In most cases, when an investor and a seller can agree on a price immediately, they can close as quickly as one to two weeks, and you can proceed with splitting the estate with the heirs.
We buy and sell properties throughout the greater Kansas City area. We specialize in buying distressed homes, then renovating and reselling them to home buyers and landlords. Terra Firma Property Solutions: excited to be part of the economic rejuvenation of Kansas City and its surrounding areas.
Call us today at (816) 866.0566