It may sound exciting to have inherited real estate. However, quite often, the reality of inheriting real estate from well-meaning loved ones or friends isn’t pleasant, rarely is the property pristine and free of debt. Therefore, it’s beneficial to consult an attorney and accountant experienced in real estate, whether you have inherited the property alone or as one of the multiple heirs, especially regarding the tax implications of the inheritance.
You’ll need to understand what to look for to help you decide what to do with the property, considering what is best for your personal and financial well-being. By understanding these aspects of the real estate you’ve inherited, you and any other heirs can make a realistic assessment of the property. Then, alone or as a group, you can come to a consensus on if you should sell the property with the cold hard financial facts staring you in the face, which often overrides emotional attachments and impediments to progress in these situations. So read on as we explore three things you should know about inheriting real estate in Asheville.
Current Condition
One thing you should know about inheriting real estate in Asheville is that inherited properties are frequently in a state of neglect, requiring rehabilitation that will take far more money, time and effort from the heirs than they have or want to give. Moreover, properties that need obvious repairs don’t fare well on the market, tending to linger for much more extended listing periods. So if you’ve decided to sell an inherited property, you have made the first in a series of decisions, the next of which is the best sales method. Typically buyers scrolling through listings aren’t interested in distressed properties but will through an insultingly low number at the seller, hoping for the bargain of a lifetime. However, a direct sale is another option if you’re concerned about passing the traditional inspection and the disclosure process or dealing with an endless list of costly contingencies. Local professional home buyers, like those at Asheville Cash Buyers, buy houses as-is for cash and don’t charge any commissions; there are no hidden fees or costs out of pocket before the sale, and you won’t even pay closing costs.
Mortgage Liens
Inheriting a home in Asheville can be an exciting and rewarding experience, but it isn’t always easy. Here at Asheville Cash Buyers, we want you to have the information you need to make the best decisions for your situation. One thing you should know is that inheriting real estate may come with hidden debt. For example, there could be a balance owed on the original mortgage or other debts such as back taxes or liens on the property which become your responsibility. Selling allows these debtors to be satisfied and any remaining profit split among the heirs. If this is something you are considering and would like help from someone who understands what you are going through, we would love to offer our expertise!
Holding Costs
Another thing you should know about inheriting real estate in Asheville is that along with it comes the monthly expenses of holding and maintaining the property as it is, which can also be burdensome, especially for heirs already struggling to cover their living expenses. However, there’s a way to sell without sitting and holding the property and watching your money pour out the window. During the listing period, you also carry the financial risk of additional system breakdowns and even more out-of-pocket costs for unexpected repairs that frequently occur in older properties and the rising cost of utilities. Local professional home buyers, like those at Asheville Cash Buyers, will give you the complete picture of your potential profits from selling on the traditional market vs. a direct sale, detailing the numbers used to calculate our offer, which you’ll agree is fair. Working together, our team at Asheville Cash Buyers moves swiftly. Handling everything in-house saves even more time, meaning your guaranteed closing at Asheville Cash Buyers is fast, often in days.
At Asheville Cash Buyers, our highly seasoned pros can help guide you through everything you should know about inheriting real estate in Asheville. Local professional home buyers, like those at Asheville Cash Buyers, are investors working one-on-one with sellers, taking the time to listen to your situation and help find the quickest, easiest, and most profitable solution. At Asheville Cash Buyers, our professional home buyers won’t pressure you into the sale because we want you to feel good about working with the professional home buyers at Asheville Cash Buyers long after you leave the closing table. Talk to one of our professional home buyers at Asheville Cash Buyers today about how we can help you without obligation. Call Asheville Cash Buyers at 828-672-3250.