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Transcript:
Hi Everyone: Today I will discuss What To Do With Your Unwanted Inherited Property In San Diego
My name is Brian of Trusted House Buyers and thanks for tuning in.
A very popular item that is inherited and frequently unwanted is…real estate property. When family members or close friends pass on, they will their property holdings to their next of kin or people who meant a lot to them. This leaves you, the recipient, responsible for property upkeep, possible landlord duties, property taxes and possible homeowner’s or property owner’s association fees. Soooo…. What now?
You Might Need To Do A Probate
First of all, the property will most likely have to go through a probate process depending on how it is currently deeded. Make sure you check local laws regarding probate. If you have already completed probate, you may have to do an additional probate in the county or state the property is located, especially if it differs from where you live in order to have full legal rights to the property. For more information on an inherited home, we can certainly help you at Trusted House Buyers. We’re at 619-786-0973, or if you have an referral lined up already, start there.
An option you have once you get possession is that You Could Rent It For A Profit
If you inherit a single-family or multi-family residential home, and you don’t want to live there, consider renting out the property. This could be a nice addition to your bottom line. You might have to make a few repairs or upgrades to make it marketable, but over a short amount of time, it will be a really good investment since you didn’t have to make the large purchase to have this extra income stream of income. You might have inherited this home or multi-family property with renters in place; even better! This will save you the trouble of fixing it up and finding tenants.
If you inherit commercial property and you don’t own a business or don’t plan on starting a business, you could also rent this property out! There are plenty of business owners in san Diego looking for a new place to run their business, especially if the property is in a prime location with plenty of traffic. These properties tend to have a pretty nice return. Speaking of returns, not all properties will pencil, so make sure you are underwriting, or accurately accessing the property to see if you can make any money. There are often a lot of hidden costs in renting out a property, such be extra careful.
Of course, being a landlord isn’t everyone’s cup of tea. There is a lot of responsibility that falls on the landlord’s shoulders; broken major appliances, roof repairs, cracking driveways, potential structural issues, annual taxes, homeowner or property owner’s association fees, finding new tenants… the list could go on for ever.
Suppose you’re hearing that list and thinking it’s not for you, You Could Sell The Property
If you do not want to live in or occupy the property in any way, then selling would be another option of what to do with your unwanted inherited property. We’re happy to discuss the market value of the property and the possible options of selling your unwanted inherited property.
Do a little research to see what similar properties to yours are selling for before calling any real estate buyer or real estate agent. Get a good idea of what fair market value is, that way you’re not shocked when you hear the price. Unfortunately Zillow and Redfin aren’t always accurate. And Keep in mind, cash buyers with quick closings will probably offer you a bit less than average market value because they save you a lot of real estate fees and commissions in the long run, and will often pay for the closing costs. So make sure you’re looking at apples to apples and understand your options fully.
You Could Give The Property Away
Since you didn’t buy it and you don’t want it, you could give the property to a charity or the municipality in which it lies. Contact the future recipient for their donation process. You could also give the property to one of your family members or friends, or children. You may still have to go through probate locally in order to take full ownership to donate or give the property as a gift.
As our the biggest subsection of population continues to get older and move one, inherited properties are becoming very common. We get calls of this nature all the time. If the property has deferred maintenance and/or the new recipient is ready to move on with very little headaches, that’s our wheelhouse and we can really come to the table with something fair and get you money in they bank quickly.
If that’s something you want to explore for a San Diego area property, call trusted house buyers at
619-786-0973.
Thanks for watching!
