It may sound exciting to have inherited real estate. However, quite often, the reality of inheriting real estate from well-meaning loved ones or friends isn’t pleasant, rarely is the property pristine and free of debt. Therefore, it’s beneficial to consult an attorney and accountant experienced in real estate, whether you have inherited the property alone or as one of the multiple heirs, especially regarding the tax implications of the inheritance.
You’ll need to understand what to look for to help you decide what to do with the property, considering what is best for your personal and financial well-being. By understanding these aspects of the real estate you’ve inherited, you and any other heirs can make a realistic assessment of the property. Then, alone or as a group, you can come to a consensus on if you should sell the property with the cold hard financial facts staring you in the face, which often overrides emotional attachments and impediments to progress in these situations. So read on as we explore three things you should know about inheriting real estate in Akron and Canton and throughout Ohio.
One thing you should know about inheriting real estate in Akron/Canton 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. Moreover, properties that need obvious repairs don’t fare well on the market, tending to linger for much more extended listing periods. So if you’ve decided to sell an inherited property, you have made the first in a series of decisions, the next of which is the best sales method. Typically buyers scrolling through listings aren’t interested in distressed properties but will through an insultingly low number at the seller, hoping for the bargain of a lifetime. However, a direct sale is another option if you’re concerned about passing the traditional inspection and the disclosure process or dealing with an endless list of costly contingencies. Local professional home buyers, like those at Homesmith, 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.
Something else you should know about inheriting real estate in Northeast Ohio is that it may come with hidden debt. For example, there may be a balance owed on the original mortgage, and there may also be other debt, back taxes due or liens on the property, which become the heirs’ responsibility. Selling the house allows these debtors to be satisfied and any remaining profit split among the heirs. At Homesmith, our professional home buyers want you to have the facts in your hands to make an educated decision about what is best for your situation, aiming to help you make the most profit on the sale, no matter how you decide to sell. The professional home buyers at Homesmith and their full-service team of industry pros are your neighbors who live and work alongside you and are proud of our work, improving neighborhoods and the community while helping solve problems.
Another thing you should know about inheriting real estate in the Akron/Canton area is that along with it comes the monthly expenses of holding and maintaining the property as it is, which can also be burdensome, especially for heirs already struggling to cover their living expenses. However, there’s a way to sell without sitting and holding the property and watching your money pour out the window. During the listing period, you also carry the financial risk of additional system breakdowns and even more out-of-pocket costs for unexpected repairs that frequently occur in older properties and the rising cost of utilities. Local professional home buyers, like those at Homesmith, 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 Homesmith moves swiftly. Handling everything in-house saves even more time, meaning your guaranteed closing at Homesmith is fast, often in days.
Homesmith Can Help With Your Inherited Property
At Homesmith, our highly seasoned pros can help guide you through everything you should know about inheriting real estate in Akron, Canton or anywhere throughout the Buckeye State. Local professional home buyers, like those at Homesmith, 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 Homesmith, 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 Homesmith long after you leave the closing table. Talk to one of our professional home buyers at Homesmith today about how we can help you without obligation. Call Homesmith at (614) 401-3651 or (877) HOMESMITH.