Inherited House Options in New Jersey

inheritance nj 2Inheriting A House In New Jersey

You may recently have inherited a house in New Jersey from a late family member and be wondering what your best course of action should be. When a loved one Wills a piece of real estate to a family member it is their intention that the sale or ownership of the property will be beneficial to their heirs in some way. In reality inheriting a property can be a tough situation filled with emotion and some very stressful decisions both legal and personal. It’s important to weigh your options, you may be unclear on whether you want to live in the home, sell the property, or attempt to rent the house for cash flow. Whatever you decide you are faced with some serious decisions and if there are other siblings involved it only adds to the frustration of the inheritance process. The honorable and correct choice is not always obvious, especially with the suddenness of the situation and the sentimental value in which the Inheritance holds to you and your family.

Selling Inherited Property Or Taking Ownership Of  The Inheritance

There is a few different avenues you can take with an inherited property in New Jersey such as keep it as a rental or maybe a vacation home for you and your siblings , possibly move into the property, or sell the house for cash and split up the earnings. However you look at it basically boils down to; Do I want to sell or do I want to keep this inherited house? You must put aside your feelings and emotions for the property and really weigh the hard numbers associated with the inheritance. Property taxes, inheritance tax, insurance and mortgage are all relevant but do not over look home equity lines of credit or reverse mortgages. Also many of these inherited houses need extensive repairs and updating as a result it’s essential that you hire a home inspector and receive actual contractor bids and prices for the repairs needed to the property. Keep in mind if you consider listing the property on the New Jersey MLS these costs for repairs or updates will be added with realtor commissions and broker fees as well along with additional holding costs. It is not uncommon for this whole process between probate, repairs to the property, listing the house, and actual days on market to take well over 9 months to a year. Finally after all costs are accounted for, the broker takes their commission, and all taxes are paid, you will then split the remains with whomever is involved with inheriting the property. Either way you look at it there will be significant costs involved with owning or listing the property but there is another option less frustrating, time consuming, and costly .

Inherited Property Options And Process For A Quick Sale

Selling your inherited property to an investor can save a lot of time and frustration if selling your property becomes agreeably the best solution for you and possibly your siblings as well. Although this option in most cases is the fastest solution and can net a competitive sales price compared to listing the property minus commissions, repairs, and holding costs. It may not be in your best interest, such as the property is in “mint” condition or you are willing to pay for the necessary repairs or make them yourself. You can afford the taxes and fees associated with holding costs and the sales process and are willing to pay them. Maybe you are in no rush to sell the inheritance property and do not mind waiting months or possibly years for a buyer. If any of these scenarios describes your situation then selling to an Investor is not your solution, but if not then selling to a home buying company is probably the best fit with many advantages. Your house could be “under water” and the mortgage on the property is more then what the home is worth. This along with other situations could warrant a short sale of your inherited property. In many cases siblings inherit a house together and want to sell as fast as possible and split the earnings because of an heir’s urgent financial need. Another common issue is the reluctance to pay realtor commissions, closing costs and other fees associated with listing the property. Also you may have inherited a vacant property in another state and the inheritance is quickly piling up holding costs and neglect or possibly even vandalism is becoming an issue. These are some scenarios when selling to an investor could be extremely beneficial when selling an inherited home. Home buying company’s such as J&M Home Solutions pride ourselves on solving real estate problems for home owners in situations such as these. Rather than waiting months or years for a possible sale of your property, you can receive a cash offer in 48 hours and avoid the headaches and stress normally associated with selling an inheritance. Even if we are not a good fit we will help you in any way we can, We also have a licensed realtor on staff who can help you sell for top dollar as well.

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