Inheriting real estate may sound exciting. Most of the time, though, inheriting real estate from well-meaning loved ones or friends isn’t pleasant, as the property is rarely pristine and free from debt. As a result, it is beneficial to consult an attorney and accountant experienced in real estate, whether you inherited the property alone or as part of a group of heirs, especially regarding the tax implications.
If you wish to make the best decision regarding the property, you need to consider what is best for your financial and personal well-being. In order to make a realistic assessment of the inherited property, you and any other heirs must understand these aspects. When the cold, hard financial facts face you, you can come to a consensus on whether to sell the property, which usually overcomes emotional attachments and impediments to progress. In this article, we’ll explore three things you should know about inheriting real estate in Knoxville.
Current Condition
You should be aware that of when inheriting real estate in Knoxville is that inherited properties are frequently in a state of neglect, requiring rehabilitation that will take far more money, time and effort from the heirs than they have or want to give. Further, properties that require obvious repairs tend to linger on the market for a much longer period of time. In short, if you’ve decided to sell your inherited property, you’ve already taken the first step, but the next decision is how best to sell it. Most buyers scrolling through listings aren’t interested in distressed properties, but instead, throw insultingly low numbers at sellers hoping to score a great deal. Alternatively, you can sell directly if you don’t want to deal with a long list of costly contingencies or passing the traditional inspection and disclosure process. There are no hidden fees or costs out of pocket, and you won’t even have to pay closing costs when you sell to a professional home buyer, like those at East Tennessee Home Buyers LLC. These professionals buy your house as-is for cash and don’t charge any commissions.
Mortgage Liens
Another thing to keep in mind about inheriting real estate in Knoxville is that it may have hidden debts attached. Depending on the original mortgage balance and other debt, back taxes due or liens on the property, the heirs may be responsible for these debts. By selling the house, these debtors can be satisfied and any remaining profits can be shared among the heirs. East Tennessee Home Buyers LLC wants you to have all the facts so that you can make an educated decision about what is best for your situation. We promise to help you make the most profit on the sale, no matter how you choose to sell. Our professional home buyers at East Tennessee Home Buyers LLC and their team of industry professionals are your neighbors here in Knoxville and we’re proud of the work we do, improving neighborhoods and the community.
Holding Costs
You should also be aware that inheriting real estate in Knoxville comes with monthly expenses to keep it as it is, which can be burdensome for heirs who are already struggling to cover their living expenses. There’s a way to sell without sitting and holding the property while your money drains away. You may also face unexpected repair costs as a result of system breakdowns and rising utilities during the listing period. Local professional home buyers, like those at East Tennessee Home Buyers LLC, will give you the complete picture of your potential profits from selling on the traditional market vs. a direct sale, detailing the numbers used to calculate our offer, which you’ll agree is fair. Working together, our team at East Tennessee Home Buyers LLC moves swiftly. Handling everything in-house saves even more time, meaning your guaranteed closing at East Tennessee Home Buyers LLC is fast, often in days.
Our highly seasoned professionals at East Tennessee Home Buyers LLC can help guide you through the process of inheriting real estate in Knoxville. They listen to sellers and help them find the quickest, easiest, and most profitable way to sell their properties. Local professional home buyers, like the ones at East Tennessee Home Buyers LLC, are investors who work one-on-one with sellers. At East Tennessee Home Buyers LLC, our professional home buyers won’t pressure you into the sale because we want you to feel good about working with the professional home buyers at East Tennessee Home Buyers LLC long after you leave the closing table. Talk to one of our professional home buyers at East Tennessee Home Buyers LLC today about how we can help you without obligation. Call East Tennessee Home Buyers LLC at (865) 935-8680.