What to Do When You Don’t Want an Inherited Home
When someone dies in New Jersey, the deceased’s will must go through probate before the heirs can take possession of the property. Then you can decide what you will do with an inherited home.
Wait for the Probate Process to End
Inheriting a house means that you will have to wait for the property to go through the probate process before you can begin to sell it. The executor of the will has the responsibility to keep the property safe, pay any taxes that are owed and file tax returns for the deceased. Creditors can make claims on the estate at this time, and the executor will pay them. Once everything is complete, the deceased’s representative can close the estate and distribute the property to the heirs.
Take Your Time Hiring a Real Estate Agent to Sell the Home
If you rush into this decision, you will not be giving yourself enough time to learn several things about the property. The most important thing you will want to know about your new house is how much it is worth. An appraiser gives its professional and unbiased opinion on the value of houses. The person you choose will need to be licensed or certified in your area. You may also want to have the house inspected for any issues.
Once you have this information, it will be more difficult for an unscrupulous real estate agent to take advantage of you. It’s also a good idea to consult with an estate administration lawyer.
Use the Services of an Experienced Real Estate Agent
If you do not want to keep the home, you may sell it. A professional real estate agent will ensure that you obtain the most money possible for the property. This is something that you need to do whether you live in the same area as the home or not. Just remember that real estate agents must be paid. They will charge 6 percent of the purchase price in most cases.
Selling the House at Auction
If you are in a hurry to sell the house, one thing that you can do is put it up for sale at auction. The house will be listed “as is,” so you don’t have to worry about any issues that the house may have. This comes at a price because you will have to accept a lower amount for the home. If you sell it with a real estate agent, you will obtain a much higher price.
Selling the House to an Investor
This is another option for selling the property quickly. You may be able to sell the house to a real estate investor, and it doesn’t require that you work that hard to do it. When you choose this option, you don’t have to do anything to fix up the house. The investor will purchase it “as is.” You will have the opportunity to enter the home and take out any items that you wish to keep and then sell anything that you don’t want.
The person you choose must be someone with experience purchasing homes that have been inherited. As was mentioned above, the house must go through the probate process, and your investor must be familiar with this process so that he or she can guide you through it.
Keep the House As a Rental Property
You may want to keep the house and rent it out for extra income. If the house is in good condition, this is a possibility. However, you must be prepared to learn all that you need to know about being a landlord. Then you must become familiar with property management. If the house is far away from where you currently live, this may be a little difficult.
You could also hire a rental company that does all the management duties for you, but you will have to pay for this service. It will cost you about 10 percent of the rental income.
If you inherited a home, and you need the services of a lawyer, contact us at the Knee Law Firm. We are located in Hackensack, New Jersey, and you can reach us at (201) 996-1200.