We understand that inheriting a house can be an overwhelming experience. Our hearts go out to you during this difficult time. With so many options available, it’s natural for things to feel overwhelming and make the situation more complicated than necessary. That’s why our team is here – we have years of real estate investment knowledge in Pensacola, Florida and will give personalized guidance through the entire process of your journey towards making decisions about what do with your inherited property. To help get started on understanding all the possibilities open for you when selling or leasing an inherited home…reach out! Our experienced investors are happy to lend ears and support through whatever decision works best for you. We pay cash for houses in Pensacola and the surrounding areas.
We’re seasoned investors in Pensacola real estate, and we’re looking to buy several houses each month in the Pensacola FL area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.
I Inherited A House, What Should I Do Next?
Here are some important considerations to help you make the right decision:
1) Be sure the mortgage is paid.
Nobody ever likes the burden of taking on an unfamiliar debt, but that’s often what happens when someone passes away and leaves you a property with a mortgage. But don’t worry! Depending on your bank, there may be different options available to ease this transition. Some lenders will even allow you to forego getting a new loan while others might suggest refinancing into one tailored specifically for you- if it turns out renting isn’t possible due to qualification issues then look around at other alternatives so that buying doesn’t have become too overwhelming. A burdensome rental property can turn into a headache that many people need relief from.
2) The investment is only as good as the manager.
If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now. Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.
If you’ve been gifted a property as part of an inheritance, there may be some additional paperwork to consider. Mortgage payments must still be made on the inherited home if it’s taken off their name and placed in yours – meaning that refinancing or assuming a loan might become necessary for continued ownership. Without eligibility for new loans, renting could also prove difficult depending on your financial situation.
3) Property ownership costs money.
Old homes are unique, but they can also bring a few surprises! When you take ownership of an inherited house it pays to prepare for potential issues. By hiring a property inspector prior to purchase and renovation, you’ll be able to gain insights into necessary improvements and estimated costs within the next five years – saving yourself from unwelcome (and costly!) surprise expenses down the road.
Taking on a restored family property is an exciting, albeit daunting adventure. Don’t let potential costs put you in hot water- take the proactive route and hire a professional inspector to give you clear insight into what improvements need addressing within the next five years. That way the surprises can be kept at bay – no one likes unwelcome expenses!
4) Selling a property for top dollar costs money.
If you’re feeling overwhelmed with the idea of renovations and repairs, take heart: We provide a straightforward solution – we buy houses in Pensacola for cash in their existing condition. This can help make your life easier! You won’t have to worry about dealing with real estate agent commissions, closing costs or fixing up the property.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.
6) Uncle Sam wants a piece of the action.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your options.
In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Pensacola investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property near Pensacola – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs). We buy houses in pensacola and can help you better understand all of your options.
Selling to a cash buyer
Selling your property for fair all cash offer can be a great option if you’re looking to move fast and worry-free, without being forced into the lengthy process of securing mortgage finance. Selling your home isn’t always the easiest task, but cash purchasers can make it easier. You don’t have to wait around for any traditional bank financing, closing costs or a real estate agent – you simply sell the property and receive a fair cash offer!
Selling your property doesn’t have to be a long, difficult process. With Emerald Coast Property Group’s Cash For Houses program, you can get an all cash offer on the spot – simply contact us and set up an appointment for us to look at your home! We understand that life happens: if you’re facing foreclosure or any other concerns we’ll walk through them with you so everything is clear before making our fair estimate. Once accepted by both parties, we make sure things move quickly; no stress over contingencies or financing issues here – just fast payments without a prolonged wait period like traditional sales require.
Selling your house fast to Emerald Coast Property Group doesn’t mean waiting around for a potential buyer and investing extra time, money or paying additional fees. We offer a fair cash price, buy houses as is and can close within 30 days so you can rest assured that not only will the sale process be quick but with years of experience in buying and selling properties, our team guarantees professional handling from start to finish.
Emerald Coast Property Group buys houses with cash all over Pensacola, Florida, and surrounding areas
Do I need to sell my Pensacola property fast enough? Emerald Coast Property Group will offer you an all cash offer right now! We buy houses and help homeowners with a difficult situation and require immediate sale with a fair all cash offer We understand when you are experiencing unexpected situations such as foreclosure, unemployment, divorce etc. Stop feeling frustrated by an unwanted possession. We’re here to pay cash for your home in Florida, no matter the condition. Our goal is to take old, abandoned houses to create something amazing to be used by new owners and tenants! The project helps to create more opportunities and improve the neighborhoods of Florida for residents and communities alike.