You may recently have inherited a house in Utah from a late family member and be wondering what your best course of action should be. When a loved one Wills a piece of real estate to a family member it is their intention that the sale or ownership of the property will be beneficial to their heirs in some way.
In reality inheriting a property can be a tough situation filled with emotion and some very stressful decisions both legal and personal. It’s important to weigh your options, you may be unclear on whether you want to live in the home, sell the property, or attempt to rent the house for cash flow.
Whatever you decide you are faced with some serious decisions and if there are other siblings involved it only adds to the frustration of the inheritance process. The honorable and correct choice is not always obvious, especially with the suddenness of the situation and the sentimental value in which the Inheritance holds to you and your family.
Sibling rivalry and fears that mom liked one child best are often played out after a parent dies and it’s time to divide up the assets in a parent’s estate.
Disputes over a treasured but valueless picture can cause bad feelings within the family, and those bad feelings can persist for a long time. Sibling disputes can result in lengthy and expensive legal actions.
These disputes can be avoided by a little forethought from the parent, or they can be addressed by siblings using savvy strategies after the parent dies.
Inherited Property Options And Process For A Quick Sale
Selling your inherited property to an investor can save a lot of time and frustration if selling your property becomes agreeably the best solution for you and possibly your siblings as well. Although this option in most cases is the fastest solution and can net a competitive sales price compared to listing the property minus commissions, repairs, and holding costs. It may not be in your best interest, such as the property is in “mint” condition or you are willing to pay for the necessary repairs or make them yourself.
If you can afford the taxes and fees associated with holding costs and the sales process and are willing to pay them. Maybe you are in no rush to sell the inheritance property and do not mind waiting months or possibly years for a buyer.
If any of these scenarios describes your situation then selling to an Investor is not your solution, but if not then selling to a home buying company is probably the best fit with many advantages. Your house could be “under water” and the mortgage on the property is more then what the home is worth.
This along with other situations could warrant a short sale of your inherited property. In many cases siblings inherit a house together and want to sell as fast as possible and split the earnings because of an heir’s urgent financial need. Another common issue is the reluctance to pay realtor commissions, closing costs and other fees associated with listing the property.
Rather than waiting months or years for a possible sale of your property, you can receive a cash offer in 48 hours and avoid the headaches and stress normally associated with selling an inheritance.