Inherited A House In Spartanburg?

Posted on: August 7th, 2020 by , No Comments

Selling a home is a tedious and challenging process. For with an inherited home, figuring out the best options for how to move forward with the property can be even more daunting. Paragon Investment Properties’ seasoned investors share some tips for navigating selling a house below:

  1. Pay the mortgage – Unless the deceased was able to pay their mortgage off before their passing, you will be expected to take on that debt. Depending on the bank you are working with you may be allowed to simply inherit the loan as it stands but, if not, you will need to apply to refinance into a new loan. If you need to refinance but are not able to, this may limit some of your options moving forward such as renting.
  2. Determine the best way to manage the property – There will be a lot of details to manage when dealing with your inherited home. Whether you decide to keep the home, rent it, or sell it you will undoubtedly need to address any maintenance issues, upkeep, and fees or bills associated with the property. Rather than handing brokers, maintenance, tenants, and more on your own, you may want to consider hiring a professional (especially if you are able and interested in renting) or even cash out. 
  3.  Hire a professional property inspector – The biggest gamble with inherited homes is the, often hidden, repair and maintenance problems you may have also inherited with the property. These surprises can be very costly and even more so the longer they go unaddressed. Consider hiring yourself a property inspector that can give you a detailed account of the state of the home and all needed repairs for the next five years. This will help you make a better information financial plan regardless of your decision to keep, rent, or sell the property. 
  4. Consider the market –Paragon Investment Properties can help you understand the market-value of your home as it stands as well as long-term. Sometimes, it is beneficial to use home equity as a real estate investment. Our skilled investors know how to read the market to provide you with the best insight and advice for your decision. If you are considering a rent and sell option, we have experience that can help you create a lease-option agreement for that purpose. 
  5. Save the heavy-lifting for us – If you are ready to sell and don’t want to deal with repairs, landscaping, clean-up, maintenance and more, we buy houses as-is for cash too! 

CallParagon Investment Properties today learn more about your services. Whether you are looking to cash out or explore your options, speak to our knowledgeable staff by calling us at (864) 814-3894.