What to do with your inherited home in Syracuse?
All of a sudden you have been given a deed for a home.
Hmmmm.. How do you feel?
Usually as the case with several inherted homes, you recieved the home because somebody close to you has past. As we all know when somebody close passes, it is always a difficult time. You probably are not even thinking about the home that you are now responsible for.
This is very understandable, Family is always first
I just wanted to touch on a couple things if you are in this situation or you feel like sometime in the future you will be in this position. As touched on before these situations are never fun and these are difficult times. It may take a while to get to grips but as time goes by, responsibilities creep up on us. Maybe its been a month or two and your beginning to come to the realization that you are now the owner of another home. There a couple situations that usually occur when this happens.
1) you can move into the house and begin taking over payments, paying taxes or simply just paying taxes if their is not mortgage.
2) You are not the sole owner of the property (whether brothers, sisters, cousins) and now their are mixed opinions on what to do with the home
3) You guys are going to try and sell traditionally below market value (if repairs needed)
4) If house is in bad shape, you will fix up and sell for market value.
5) You will look for an investor to sell your home for at a reasonable price.
These are all decisions that you and your family will have to make when the time is right.
When it is time to make these decisions, try and get everyone into a room that is involved in this property (or phone call) lay out the options that you guys have. Go around the table and see where everyone stands and discuss what the best options may be. I am sure you may have some disagreement on how to handle this situation, but take a week and try to come to an agreement on what you guys will do.
You guys should try to do these as soon as you feel the time is right for you to discuss the situation.
Once you make a decision, act fast. Begin the process, come up with a plan on how you guys want to move forward. If you decide you are going to sell the house traditionally, start looking into a realtor, hire a lawyer to discuss if probate is necessary, do some research on the home in question, run your own CMA.
If you decide to go the quick route of selling your home to a real estate investor to save your family time & hassles then begin doing research on who may be your best option. There are several real estate investors out there but no many that are interested in helping you and your family. Make sure you do some research on who you may feel comfortable with dealing with.
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