How to Sell An Inherited House in Long Island
You have a few options when it comes time to sell an inherited house or some other form of real estate and it can become quite daunting to deal with the legal (probate) and financial obligations while you may still be dealing with the emotional impact of the loss of a loved one. We have worked with many estate executors and their families in Long Island to help them settle an estate in which they need to deal with an inherited house. Here are some of the most common options:
– Sell Inherited House
– Rent Inherited House
– Let house go to foreclosure
– Live in house
In most cases, the decision to sell an inherited house continues to be the most prudent and least stressful choice in settling many estates.
Many attorneys who handle estate and probate issues will usually recommend that an inherited house be sold as quickly as possible to a cash buyer. This is especially true when the house is in poor physical condition or has high carrying costs, as it will require money from the estate (if there is any) to repair or carry the property until it can be sold. In some cases it may make more sense to sell an inherited house through a realtor. Especially if the house is in great shape and can be cleaned up and ready to be sold at a low cost, in a timely manner and in an area that has a robust real estate market.
Why sell an inherited house for cash?
Older houses that need work are good candidates for as-is cash sales. In fact, the more repairs needed, the more enticing the property is to an investor (more so than a typical home buyer) because of the sheer expense the repairs would cost. If the owner of the estate didn’t keep the house up over the years, it’s a prime candidate for a quick cash sale.
Who would sell an inherited house for cash?
Many heirs, especially those who live out-of-state, simply want to “move on” and selling the inherited house quickly can provide closure. Other situations, such as multiple heirs or an estate with substantial debts, dictate that non-cash assets are liquidated and the sale proceeds redistributed. Imagine if all the family feuding and added responsibility and stress could be alleviated in just a matter of weeks and everyone walks away with cash.
Benefits when you sell an inherited house for cash
- You can sell the house As-Is without having to make repairs or pass a home inspection.
- You can be assured the sale will happen, as there is no bank or lender involved and the sale is NOT contingent on an appraisal or mortgage approval.
- You’ll get a quick and solid closing with a dependable, financially sound investor.
- You’ll avoid real estate agent commissions and other fees like an inspection fee.
- You don’t have to remove personal belongings or furniture in the house. You can take anything of value and leave the rest.
- You’ll have cash somewhat immediately available which, for some people is the quickest, most direct route to helping move on from the loss of the loved one.
For both emotional and financial reasons, expedited closings and utter decisiveness of hard cash make as-is cash sales an attractive option for liquidating inherited or probate real estate.
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