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Inheriting a house is one of the few big surprises that life brings us sometimes. We want you to know that we understand the difficulties that you may be facing. Heck, that very same situation is what opened our eyes to the solution that we could provide people. My partner, Bill, and his family were facing this very situation. Years ago, they unexpectedly inherited a house and didn’t know what to do with it. They ended up selling it to a professional home buyer for cash. Basically, they pressed the easy button and avoided the hassle of listing their property and sold the house for cash. While examining this situation, we realized that we could be the person who buys the house and we’ve been doing it ever since.
But what happens when you inherit a house in New Jersey? That depends on a few factors so we recommend reaching out either to a professional or you could reach out to us and we could refer you to a professional in our network.
As much as you may want to keep an inherited house, sometimes you may be forced to consider putting it up for sale. It can be costly to maintain two houses let alone if there is a mortgage. If there is a mortgage then it may be a great idea to consider renting out the property. Have you considered potentially using the property as an AirBnb. It doesn’t take as much work as you think and we’d be happy to walk you thru the steps .
Well, selling an inherited house can be a demanding task, but definitely not impossible! There are a few options to consider – will you list the house with a realtor. This may give you the highest returns at a cost of time and some inconveniences. On the other hand, you could sell it to a professional like me and have a very simple process where you sell the house one of two ways – either cash or terms. We provide options to turn an old home into an investment that generates positive memories for years.
Exactly what happens when you inherit a house in New Jersey?
There are a number of factors that should be taken into consideration when planning to sell an inherited house in New Jersey. Some of these factors include…
• Dealing with the emotional aspect of selling a loved one’s home – sometimes it may be easiest to just sell a home to a professional home buyer to avoid dealing with the pain associated with the traditional, long-drawn out sales process.
• The financial cost of making the necessary updates intended to attract buyers – some of the most important factors to selling a home are a nice and updated kitchen and bathroom, without these items, it may be difficult to sell an older home
• Dealing with potential costly liens and other hidden challenges – unfortunately, we see it all the time, that family members just don’t always reveal everythign to their family. Sometimes, family members find out about unancticipated costs associated with the homes that they have inherited and when that happens it can be impossible to sell the property traditionally. It can cost up to 6-10% of the total sale in order to pay for realtor and closing costs during a traditional sale – you can avoid this cost by selling to a local homebuyer like me.
First thing, get ready for a rollercoaster of emotions
Selling a loved one’s house can be such an emotionally draining activity… This really cannot be stressed enough. The activity may involve removing his or her stuff, depersonalizing everything even more.
It can be a confusing and long drawn out process that will be full of a few ups and a lot of downs where it may seem like the process will never end. Belive us, these are the times when you need people with experience buying and selling probate homes in New Jersey to help walk you calmly through the whole process.
Negotiating and managing the selling process
And other times, one might have to deal with expensive liens or other problems that don’t become apparent right away. Regarding these things, disagreements among your siblings might arise about the selling price of the house. Sometimes these costs come up at the end of the sale process and therefore in order to complete the sale some money will have to be taken from the proceeds in order to pay off the liens.
Apart from that, you will have to meet the financial cost needed for making the required updates to make potential buyers aware of and (hopefully) interested in your inherited house. It can cost a lot of money to fix up some of these old houses. It really depends on your specific situation.
There are also legal and taxation aspects of the sale that you must understand to make the sale successful. We recommend just talking with a professional about that.
These are the major problems that potential inherited house sellers have to deal with. Unless you are a professional in this area, the process can be tiring and daunting.
Now you know what happens when you inherit a house in New Jersey. This explains why you need to seek the help of real estate professionals who have had experience helping people sell their inherited houses. If you are considering selling your New Jersey inherited house now or in the next few days or months, then you are better off speaking to us. We will guide you thru the process with a no sales pitch style. We just want to make sure that you know all of your options and make the best choice for your situation. Give Mike Buys Houses a call now at 267-984-4765.