Receiving real estate as an inheritance could sound thrilling. The reality of inheriting real estate from well-intentioned family members or friends, however, is frequently unpleasant; very rarely is the property immaculate and debt-free. Therefore, whether you have inherited the property alone or as one of the several heirs, it is essential to consult an attorney and accountant knowledgeable in real estate, especially with regard to the tax implications of the inheritance.
To select what to do with the property and take into account what is best for your financial and personal well-being, you must know what to look for. You and any further heirs can conduct an accurate evaluation of the inherited real estate by being aware of these features. Then, with the hard financial facts in front of you, you may decide whether to sell the property alone or with a group. In these circumstances, rational decision-making frequently triumphs over emotional attachments and roadblocks. Continue reading as we discuss three things you need to understand about inheriting property in Philadelphia.
Current Condition
One thing you should know about inheriting real estate in Philadelphia 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. Additionally, properties that clearly need repairs perform poorly on the market and frequently have considerably longer listing times. Therefore, if you’ve chosen to sell an inherited home, you’ve already made the first of several choices, the next of which is the most effective sales strategy. Buyers that skim through advertisements are typically not interested in foreclosed homes but will offer an insultingly low price to the seller in the hopes of finding a once-in-a-lifetime deal. A direct sale is an alternative, though, if you’re worried about going through the customary inspection and disclosure process or dealing with a never-ending list of pricey conditions.
Local professional home buyers, like those at Philly Home Investor, 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
You should also be aware that inheriting real estate in Philadelphia may come with unpaid debt. For instance, the original mortgage may still have an amount payable, and there may be other debt, unpaid taxes, or liens on the property that fall under the heirs’ control. The residence can be sold to pay off the debts and distribute any remaining profits to the heirs. With the goal of assisting you in making the maximum profit on the sale, regardless of how you choose to sell, [companyexpert ]’s house buyers want you to have the information in your hands to make an informed decision about what is best for your situation.
The professional home buyers at Philly Home Investor and their full-service team of industry pros are your neighbors who live and work alongside you here in Philadelphia and are proud of our work, improving neighborhoods and the community while helping solve problems.
Holding Costs
The monthly costs of holding and maintaining the property as-is, which can be burdensome, especially for heirs who are already suffering to pay their living expenses, are another item you should be aware of when inheriting real estate in Philadelphia. There is a way to sell, though, other than waiting on the land and watching your money evaporate. You also assume the financial risk of additional system failures, increased out-of-pocket expenses for unforeseen repairs, which are common in older homes, and escalating utility prices throughout the listing period.
Local professional home buyers, like those at Philly Home Investor, 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 Philly Home Investor moves swiftly. Handling everything in-house saves even more time, meaning your guaranteed closing at Philly Home Investor is fast, often in days.
At Philly Home Investor, our highly seasoned pros can help guide you through everything you should know about inheriting the real estate in Philadelphia. Local professional home buyers, like those at Philly Home Investor, 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 Philly Home Investor, 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 Philly Home Investor long after you leave the closing table. Talk to one of our professional home buyers at Philly Home Investor today about how we can help you without obligation. Call Philly Home Investor at (215) 422-3288.