How to Sell Your Inherited Property in El Paso
Inheriting a home can fall on different points of the emotional spectrum. You can either be filled with joy that you now have a new piece of land or like most newly-acquired owners, you want it off your hands immediately.
Selling an inherited property is much like selling any other property or piece of land. To help you understand what the process entails, we’d like to break down reasons behind selling, reducing cost, and how we can make your situation a whole lot easier.
Costs that come with an inherited property:
Existing debts. If you’re inheriting a home from a deceased relative, there is a possibility that you will have to settle their debt. The majority of Americans die with existing debt. A 2016 study by Experian estimated that 73% of US residents will die with debt, making it likely that you could be faced with the task of dealing with existing debts whether you were a co-signer or not. In the state of Texas, you could be held responsible for the debt of the property in what is known as ‘community property.’ The way this works is – if your spouse passes away and you were not a co-signer, the property could be considered jointly owned through the marriage, in which you are responsible for the debt.
Taxes. Although you may not be responsible for paying the mortgage, you will have to pay property tax, liability insurance, electric and heating, water, and homeowners insurance. You might as well consider the property a second mortgage because you will have to pay all taxes associated with a live-in home. If you don’t plan on living at this property, you are better off selling it and putting that money towards the maintenance of your current home.
Deferred maintenance. When you acquire somebody else’s home, you never know what you’ll get. The home may require numerous updates and tedious remodeling projects. A lack of upkeep can quickly turn into a remodeling nightmare. Save yourself the time, money, and headache of dealing with home contractors.
Other baggage. The home will likely be filled with the previous owner’s stuff. You are now faced with the task of deciding what to do with the old furniture, appliances, clothing, and all the other stuff that fills the house. Of course, many of these items may come with sentimental value, so simply getting rid of it is not always possible. Salvaging the important items like photos and memorabilia will make the situation a lot less complicated.
El Paso Cash Home Buyers Can Reduce Costs
As we’ve mentioned, obtaining a new home comes with various costs and obligations. If you are not able or ready to deal with these responsibilities, we can help guide you in the right direction. We do not charge real estate commission fees or closing costs. This means we simply buy the home from you and take care of the rest.
We Take Care of Maintenance and Upkeep
There is absolutely no need to start making repairs. We can purchase your inherited property as-is and handle all maintenance and upkeep. Trust us when we say, we will buy the home in any condition – no matter how much maintenance you think the home needs.
Allow us to make your situation easier.
If you’re currently distressed and not sure what to do with the new piece of land you’ve unexpectedly obtained, let us make your troubles a lot easier. We smooth out all the bumps and ridges. Call us today (915) 229-8974. We are available 24 hours a day and seven days a week for any of your questions or concerns.