Did You Inherit a House? Sell You Inherited Property in Kansas City

Should You Sell Your Inherited Property?

Inheriting a house can be a financial benefit, a complicated and emotional event, or anything in between. For many people, inheriting a house and dealing with the aftermath of a loss can be stressful. Crown City Home Buyers is here to help navigate the murky waters.

On one hand, keeping the house could provide more potential value in the long run. If the property is in decent shape, completing some minor repairs and renting out the property might be the way to go. Maybe moving into the property is beneficial to you and your family. On the other hand, if the property has extensive deferred maintenance, cashing out could be the best option for you.

Renting Out The Property

In the Kansas City area, with higher rent prices, this is usually most feasible if the inherited house has a large percentage of equity. Renting can provide consistent, moderately passive cash flow, while allowing you to retain ownership of an asset that should increase in value over time. Although the income and possibility for appreciation is appealing, many people are not interested in dealing with the hassles that come with managing rental property. When the plumbing leaks at 2am or the toilet is backed up, you’ll be the one the tenants call to address the issue. If a tenant doesn’t pay rent and must be evicted, that will be your responsibility as well. The key to being an effective landlord is educating yourself- especially on how to properly screen tenants- which is about 80% of success or failure in landlording.

There are many great guides when it comes to renting- check out this great beginners guide on rentals and land lording.

Living in The Property

If you’re reading this article, you’ve most likely decided that living in the inherited house is not for you. However, for some people, including those who may have inherited the house they grew up in, personally living in the house might be the best fit for them.

No matter your situation, we have the resources to buy your home and help you sell your house fast in Kansas City! We buy houses in any condition or price range for cash. We make it easy to sell your house fast, and you don’t have to worry about making repairs.

We buy houses in Kansas City that are in any condition.

Selling The Property

If you’ve decided not to live in the house, and not to hold onto it as a rental, your other option is to sell the property. While selling a property in a normal scenario is fairly straight forward, as it is typically owned by one or two people who are typically on the same page regarding sales terms, selling a property in an inherited situation can be quite complex. In many cases the house will be inherited by a number of people, such as siblings, cousins, aunts/uncles, etc. With a diverse group of interested parties who have vastly different needs, interests, and financial motivations, it’s common for disagreements to come up on how to handle the sale of the inherited house.

The property might also need to go through probate before you can sell if essential documentation was not completed prior to the owner’s passing. This process can take months and is often confusing so seeking the counsel of legal and financial professionals is advised. It is also wise to work with a home buyer who understands the probate process and can wait multiple months to acquire the property. Fortunately, Crown City Home Buyers has purchased many inherited properties and are well versed in the buying homes in this situation.