The Probate process in El Dorado County, Ca. can be long and stressful.
We are so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times, much less when you are trying to grieve and carry on your regular responsibilities
If you’re thinking, “I inherited a house, what should I do with this house?” Should I rent it? Should I sell it? How should I sell it?
There are many options open for you! That’s we step in…..
… we can help.
We’re seasoned investors in El Dorado County real estate, and we have a team of professionals standing by to help you with the probate process in Sacramento, Ca. We also buy several houses each month in the El Dorado County California area. We can explain our simple process and also help guide you in the right direction if selling is not an option you are entertaining.
Every month we get calls from those who have inherited a house and are looking to sell the house or just don’t know what they want to do right now… so the info below are some tips to help you navigate the process.
I Inherited A House, What Should I Do Next?
Here’s a few important considerations to help you make the right decision:
1) Make sure the payments are up to date.
This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.
2) The investment is only as good as the manager.
If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now. You have many obligations as a Personal Representative (Executor). We understand! We have a team of professionals ready to step in to help you – from trash hauling, estate sales, senior advocates, in-home care – and the list goes on and on. We can help in the probate process in the Sacramento County area.
Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.
3) Property ownership costs money.
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.
Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.
4) Selling a property for top dollar costs money.
If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy El Dorado County houses for cash, as-is. And we can close quickly!
We are experts in the probate process in El Dorado, Ca.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.
Get your FREE copy of our Home Seller’s Guide – Just send us an email and we’ll sent it to you right away!
6) Uncle Sam wants a piece of the action.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your options.
In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our El Dorado Hills investment experience can help you win.
8) Compare a few scenarios.
We’ll help you determine prices for any property anywhere in El Dorado County- if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).