I Inherited My Parents House, Now What?
I inherited my parents house, now what? Suddenly, you’re faced with questions you may not be prepared for. Should you sell the house, rent it, or live in it yourself? The wrong decision could cause serious financial hardships later, or even lead to family feuds.
Should you be the only person to inherit the house, decisions can be easier. But, what if you want to sell it and your brother wants to rent it out, or live in it himself? If so, let him pay the mortgage and other bills. You will still have a responsibility to the Estate. Be careful here.
To Rent or To Sell the Inherited House
Talk with your siblings and other family members included in the ‘Will‘. Get a census of what everybody wants. There’s a good chance the mortgage has been paid off. Or, did your parents taken out a reverse mortgage to cover expenses in their final years? This, you will need to consider Now! Do you pay off the reverse mortgage now, or rent the house to pay it off? -Reverse mortgages cannot be assumed by heirs.
So you want to rent out the house? You must first pay off the Reverse Mortgage. Is it worth going through the headache? Renting the house, while having no experience in the house rental business, can become a nightmare fast. Prospective tenants can destroy the house and drag you through the municipal courts for months without paying the rent. Guess who gets to pay the mortgage now?
What about the House Inspection?
So, you have looked at mortgage. What about the house itself. Look at updating the house. How or rent the house? Who pays for the inspection? Here is another area where you want to consider selling the house(s)
I inherited My Parents House, Now What?
Call me at (214) 723-1304, for a Free Inspection. I will also make you a ‘Top Cash Offer’ to buy your house(s). You get (2) services with (1) phone call. Now, how much money will you have to spend to make the house insurable? To Rent or To Sell the Inherited House? A lot to consider here after inheritance. Now, what about the bank and other financial accounts?
I can walk you through the issues and provide solutions to your problems. We have been buying houses in the Dallas/Fort Worth area since 2001. We have helped many home owners and people who have inherited their parents house. Sometimes it an inheritance can be a huge task. Sometimes the siblings do not want the same thing for they’re parents properties.
Article Topic: I inherited My Parents House, Now What?