Inheriting a home is not always a positive experience. This is especially true in cases where the home is located in an inconvenient location, cases where it is badly damaged or in a state of disrepair due to years of neglect, or cases where there is some other problem associated with owning the home. For the beneficiary, inheriting a home with problems like these can end up being a real financial drain as they try to remedy the problems with the home and get it ready for renting, selling, or occupancy. If you have inherited a home with serious problems or one you simply do not want, here are some proactive solutions to your problem.
Demolish the home and sell the vacant lot
Demolishing an inherited home may sound severe but it can be a good option in cases where:
- the home has been the scene of a crime, illicit drug activity, or it has some other stigma that could seriously hinder its chances for resale or rental
- the home has an extremely poor design or serious construction flaws, but the land it sits on is in demand and would be easy to sell
- the structure of the home encroaches on another property or is considered an illegal structure because it was constructed without obtaining the proper permits
- the home has been heavily damaged by water infiltration or flooding and has a severe mold issue
Owner-finance the home to someone willing to renovate it
If the home is repairable but you do not have the time or funds to make the necessary improvements, you may want to consider making an owner-finance arrangement with a buyer who has the skills and financial means to repair the home. Before considering this type of arrangement, it is important that you thoroughly vet any potential buyer to limit your financial risk and seek legal representation to make sure that your terms are correctly spelled out in a valid, binding contract.
Find a cash buyer
The fastest and easiest way to deal with an inherited home that you do not want or need is to find a cash buyer for it. As investors, most cash buyers are prepared to accept homes in nearly any condition and close quickly. Sellers will not be asked to negotiate home inspection issues or be forced to wait while the buyer seeks loan approval because the cash buyer is willing to accept the home in its current condition and is prepared to write a check for the purchase at closing without a mortgage.
For more information about ways to sell an unwanted, inherited home quickly, talk to businesses like Danny the House Buyer.