Boomers stand to inherit upwards of $27 trillion over the next four decades, according to The Center of Wealth and Philanthropy at Boston College, and a portion of that includes the house their parents lived in. What do you do when you inherit a house?
When that house becomes yours, figuring out what to do with it can present financial and emotional issues. If your siblings are involved, things can get even trickier.
Seek the advice of professionals. A real estate agent or real estate investor experienced in your neighborhood is a must. The other professional could be an attorney good in probate and real estate. You need to find out what is owed on the house, what is the cost basis, any liens outstanding. These professionals will answer any questions you have and will help you make selling decisions.
Clean the house. As you clean, you can divvy up the folks personal belongings and arrange to sell the rest in a garage sale or estate sale. If you plan to sell, the house will present a better face to the public if it is clean and empty or staged. Ask your siblings if there is anything they specifically want. When you are cleaning, don’t try to guess what an important keepsake is for a brother or sister.
Once you have gone through the house and separated keepsakes from trash, you may be left with items George Carlin referred to as “stuff,” and stuff requires more than a garage sale. It requires a professional. Enter the estate liquidator.
Estate sales are public sales conducted by estate liquidators, in the house of the seller. The seller is asked to remove everything they want to keep and all the rest is tagged with a price. The estate liquidator uses their vast knowledge to set a price on each item that maximizes the price with an eye on liquidating everything quickly. The estate liquidator may offer a price upfront for everything, or take a percentage of the sales. The estate sale is held over a weekend, and items are sold on a first come, first served basis. After the sale, unsold items are donated or junked.
The real estate investor can walk through the house, see if work needs to be done to sell it and will give you a feel for the neighborhood and the house’s worth.
A real estate investor will buy as-is. Worrying about some repairs that you’ll need to fix based on an appraisal? An investor will estimate the repairs needed to restore your property, arrive at an offer, and will purchase the property in whatever condition the property is currently in.
No Fees! A real estate investor doesn’t charge you a real estate commission, and may take care of any other nagging financial problems such as back taxes, code violations, or past due water and sewer bills.
You can sell your house fast normally in 30 days or less. That is much quicker than a traditional sale, which can take several months even if there are no major items that need to be repaired before closing. In most cases when an investor and a seller can agree on a price immediately, they can close as quickly as one to two weeks and you can proceed with splitting the estate with the heirs.
A real estate investor will give you the simple honest truth about your home and how we can help you sell it fast to resolve any situation. There’s no obligation.
At Roxbury Mill Properties, LLC We specialize in purchasing distressed homes, renovating and reselling. In this way we not only help homeowners out of difficult situations but also improve the community by providing affordable housing that attracts new homeowners to these neighborhoods.
Through our extensive knowledge of the business, our network of resources, and years of expertise, we are able to assist homeowners with a wide variety of real estate problems. We pride ourselves on working one-on-one with each customer to handle their individual situations.
With the ability to directly purchase homes and make cash offers, we can create an extremely fast, and hassle-free transaction.