How To Sell An Inherited House On Long Island
Selling a home you have inherited can be rife with emotional hazards, no matter where that house is; Stripping a home of its personal effects can feel akin to erasing the memory of the person or people who lived there. Maybe it was your childhood home, or your parents’ retirement retreat. Occasionally, emotions lead to anger. Siblings may argue about the best way to manage the sale of this house or maybe the house is not exactly a gem, and there is a feeling of resentment at being tasked with the burden of selling it. Regardless, most inheritors are left emotionally vulnerable when faced with this task.
In addition to the emotional aspect of selling an inherited home in Long Island, there is the business side of the process. Marketing, home repairs, negotiations, clearing up any liens, and navigating the probate process can make even the most levelheaded person’s blood pressure rise. Here at Sell Now Homebuyers, we have seen it all, and we have developed our own protocol for helping people through the procedure.
Our years of experience and the relationships we have developed in the New York real estate industry perfectly poise us to offer you tips on selling your inherited home in Long Island.
While a hefty amount of our clients are those faced with troubling financial times, this is not always the case. Inheriting a home you either do not live in or no longer wish to live in is another instance our clients avail themselves of our services.
Sometimes our clients initially think they want to keep that inherited property. But if that home brings an existing mortgage with it, there are stipulations attached. Although the Garn-St. Germain Depository Institutions Act of 1982 allows relatives to assume an existing mortgage of an inherited home, the relative must then live in that home as well as assume the required payments. Another unwelcome inheritance, along with a home, may be back property taxes or liens against the property. If the estate’s executor does not address these issues before the property passes on, it becomes the problems of whoever inherits it.
No one can be legally compelled to accept an inheritance. Unwilling Long Island inheritors may simply instruct the lender to foreclose upon it. But this is an unnecessarily missed opportunity to take what seems like an overwhelming nuisance and convert it to a cash profit. This is where we can help.
Sell Your Long Island Inherited Home Fast
We can offer NY and Long Island inheritors cash sale options in lieu of simply turning that inheritance back over to the lender. Instead of maintaining the cost of the home as it winds its way through a tedious probate process, we can help inheritors bypass those costs. Homeowner fees, insurance, and maintenance costs quickly add up, and probate can take more than six months.
And once the probate process has finally been achieved, the home must still either be lived in or sold, if a mortgage is being assumed.
If the house does not have a mortgage attached, it must still be maintained. Maybe it is being occupied by renters. Now the inheritor must decide if they want to become a landlord or go through the process of removing the renters. Deciding to list that home also means months of carrying the costs as the house is on the market. It’s no wonder some inheritors decide to just walk away from the house. In the midst of working through their grief at the loss of the loved one who willed that property to them, inheritors can be overwhelmed at the thought of navigating all the responsibilities attached. But we can alleviate all of these concerns. We can buy your inherited house in Long Island.
We will negotiate a deal with you that does not begin and end with a signed contract. We will help you through the entire process so it is as seamless as it can be.
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