What To Do If You Inherit An Unwanted Property

Inherited a home

Inheriting a Property

So, you’ve inherited a home and perhaps some land. Hopefully, you were expecting this and have a plan – whether to repair and live in it, sell, rent it out, etc. Or, maybe it comes as a surprise and you have no idea what to do with an additional house and the bills that accompany it: probate, legal fees, inspection and maintenance fees, potential repair/renovation costs, insurance, taxes, and possible back taxes, and the scary possibility that after some time being vacant the home could come with squatters or damage to the house by vagrants.

In addition, you’ll most likely have to clean out the items left by the person(s) who passed away, which can be extensive. Inheriting a house can lead to a lot of work and frustration, and that’s before considering location; is it in the same town/state/country? Greater distances can cause additional strain.

Solutions

No matter if the inheritance was expected or a surprise, you’ll want to start with the legal stuff (hopefully there’s already an attorney involved). Handle all of the necessary legal paperwork.

If the property’s ownership is split between you and others, you and the other inheritors will need to plan for the inherited house to be cleaned, possibly repaired, and prepared for sale. There will be plenty of additional paperwork to handle. A good investor and title company can help you with a lot of this.

If you are the sole inheritor, there will be a little less paperwork but you alone will be in charge of making sure all t’s are crossed and i’s are dotted (with the help of an investor or attorney). Cleaning/repairing the house, handling tax matters, preparing and holding an estate sale or moving items to a storage unit/resale store, listing the house, and holding open house days will be entirely your responsibility.

Another Option

Inheriting a property came as a total surprise, or is located hours away, or you’re not interested in handling all of the mess that comes with inheriting a property.

If you find yourself in this position, consider reaching out to us. We can work with you and the attorneys and title office to sort out any needed legal matters in the purchase of the home. We handle the cleanup, repairs/renovations, estate sales, etc with no fees.

You can reach us by phone at (940)255-7227 or by email at michael@amlhomesllc.com.