Should You Sell Your (Inherited) Estate House As-Is?

We Buy Houses Fast ChicopeeAn “estate house” or probate house is one listed for sale by the estate of a deceased person.

If you are not familiar with the estate process here is a very short overview. When someone passes away with or without a will, all the person’s assets and debts are put into the legal possession of the “estate”. The estate is a temporary legal trust that executes the terms of the will, disposes of assets and settles debts, before transferring the remaining assets to the heirs. Real estate property may be sold by the estate to meet the terms of the will, or to settle debts, or it may eventually be transferred to the heir(s).

The cash needed to prepare an estate house for sale is normally whatever assets are in the estate – that is, whatever the deceased person left behind. You may be the executor or personal representative handling the estate, or you may be working with an attorney or other executor.

 

  • Get a thorough inspection of the house to know the true condition and what is necessary to prepare it for a traditional home-buyer sale. Especially if it was the long-time residence of the deceased person, expect a lengthy list of issues, many of them costly.

 

  • How much cash does the estate have to prepare the house for sale? Are any of the heirs willing to chip in more?

 

  • Is it worth it to put the cash of the estate and/or the heir(s) into the house to sell, or is it smarter to sell as-is, quickly and for cash, to a fix-and-flip company such as Hampden Homebuyers?
    • Fixing the house may be a long process requiring knowledgeable management of sub-contractors and many choices of what and how much to fix.
    • Do you know what the building code requires, and what most benefits the house in this particular market? It is common for first-timers to put too much money into things that don’t improve marketability and overlook even small items that make an impression on home-shoppers.
    • Expect hidden defects to emerge during the fixing-process – even large show-stoppers. There is no control over what it may ultimately cost to get the house into the condition you are targeting.

 

Selling quickly for cash is frequently the best option, by far, to solve the financial and other problems of an estate house. Working with Hampden Homebuyers offers you an easy and fast cash transaction, without going through the hassles and headaches of fixing the house up and preparing for a traditional sale. Call us at 413-248-SELL or fill out our “Sell your house Fast” form to get the process started.

What Do I Do with this Inherited House?

What Do I Do with This Inherited House?

Here are some of your options for an estate property, probate house or an inherited home>>>>>>>>>>>>>>>>>>

 

An inherited house, whether it is in Springfield, Holyoke, Chicopee, Longmeadow, Agawam, South Hadley or Western MA, is an investment that provides an exciting opportunity to make or save money. People who have inherited a house usually have three options: live in it, rent it, or sell it. Since the first two options often aren’t realistic for most people, an inherited house is most often sold by its new owner.

Moving into Your Inherited House

If you’ve inherited a house in the town or city where you already reside and you don’t already own the home you currently live in, chances are you will choose to occupy the inherited house. However, sometimes inherited houses are not in tip top shape and necessitate a remodel.

In these cases, if you don’t have the money to renovate the inherited home and the house you currently live in is in better shape than the inherited house, you may choose to sell the inherited house as is, make some money off the sale, and continue to rent. You may even be able to use the money you make off the sale of your inherited house to make a down payment on a different house you wish to purchase.

If you live outside the area in which your inherited house is located, you will need to decide to either rent out or sell the house if you’re not willing to relocate in order to occupy the inherited house yourself. If the inherited house is in good condition, it may be a good investment to keep as a rental.

Out of area homeowners may be faced with extra challenges as a landlord, especially if the house is older and will needs a lot of maintenance and repairs. You will most likely need to hire a property management company to oversee the rental and deal with any maintenance, repairs, and tenant-related issues.

Selling Your Inherited House

If you are unable to occupy your inherited house yourself and don’t want to deal with the hassles of renting a home or paying someone else to oversee the property, selling the house is an excellent option. The majority of inherited houses are sold and never occupied by the people who inherited them.

However, if the inherited house is not in sellable condition and you are not able or willing to prepare the house to be placed on the real estate market, an excellent option is to sell the inherited house to a company that buys houses. A house buying company like Hampden Homebuyers can buy your inherited house for cash, purchase it as-is and close immediately.

If you would like to sell your greater Springfield area inherited house call Hampden Homebuyers now at 413-248-SELL or fill out our fast and convenient “Sell Your House Form” on our website to get the ball rolling. Click HERE to fill out the “Sell your House Fast” form.

Now that you understand your options, will you live in, rent out, or sell your inherited house?