Have you inherited a home and found that what was meant to be a benefit is a bit more complicated and challenging? In this episode of Highest Or Best, I’m going to walk you through the process of dealing with an inherited property and everything that comes with it. We’ll look at some hidden challenges to help you make the best decision for your situation.
As you make new discoveries about your inherited property, it can feel pretty overwhelming. Fortunately, I can help. I’m well acquainted with all of the challenges inherited homes present, and I’m here to help walk you through it.
Hidden Challenges Of An Inherited Home
Let’s talk about the hidden challenges of an inherited home. First, there’s maintenance and renovations. You may have inherited a well-loved home with deferred maintenance that requires repairs and cosmetic updates to prepare it for a traditional sale. Is there a missing will or a complicated trust or probate? These can be extra complexities.
If there’s no will, complicated probate, or a trust situation where there are several beneficiaries, things can get tricky. However, these are all common problems. Believe it or not, more than 60% of Americans do not have an estate plan. There may be outstanding bills or even items in collection.
Unfortunately, your inherited home does not come to you with no strings attached. There are home insurance, private mortgage insurance, possible owed taxes, and inherited debt that may all be factors in your situation. Then there are all the basic operating utilities you probably inherited, like electric, gas, and water bills.
It can be time-consuming to sift and sort through and will definitely cost more than you expect. Since we are in inflationary times and the utilities are gouging consumers, you’re going to need to dedicate some sorting time. Additionally, many personal belongings are often left behind. This can require time to sift, sort, and remove things from the home—especially if these items carry some sentimental value.
Additionally, you may have to deal with inherited tenants, which adds a whole other layer of complexity to consider.
Navigating Your Inheritance
Many individuals who inherit homes aren’t sure how to handle this very tricky situation. My passion is helping individuals and families bypass the confusion and uncertainty to make selling your inherited home as simple as possible.
Maybe you’ve tried to get an estimated sales price from another real estate agent and found that all they saw were dollar signs, wanting to list the property right away. Or perhaps you got a valuation using a website with an automated algorithm. You’ve likely come to understand that those can be unreliable, especially in Los Angeles, where every home is unique and different. There’s really no such thing as like for like properties for an algorithm to rely on.
To receive an accurate estimate, you need the trained eye of a real estate expert equipped with knowledge about the nuances of your home, your neighborhood, and the inheritance process. Almost two decades of experience have made me a market specialist capable of determining the value of your property and repair estimates quickly and sensitively. You deserve to feel comfortable every step of the way, so I’ll walk with you at your pace.
I’m Here To Help
I solve real estate problems, and I know that your situation is unique. I specialize in finding creative solutions to meet individual needs, making the process clear and easy. You’ll have personalized support from an industry expert who will simplify the process and give you multiple options—like no repairs, no showings, and no uncertainty if that’s what you want.
I am truthful and transparent. You’ll have peace of mind knowing I have all the resources you need to solve all of your challenges. I can get you multiple cash offers with the best terms to suit you, or I can front the costs of renovations to get you the very highest sale price.
So if you’ve inherited a house, and you think it might make more sense to sell it than to keep it, please reach out to me so we can chat about all your options. Don’t forget to also subscribe to my channel so you never miss an episode of Highest Or Best, my show all about maximizing your Los Angeles real estate assets. Stay tuned to see what I feature next!