Boomers stand to inherit upwards of $27 trillion over the next four decades, according to The Center of Wealth and Philanthropy at Boston College, and a portion of that includes the house where their parents lived. What do you do when you inherit a house Springfield?
When that house becomes yours, figuring out what to do with it can present financial and emotional issues. If your siblings are involved, things can get even trickier.
Seek the advice of professionals.
A real estate agent or real estate investor experienced in your neighborhood is a must. The other professional could be an attorney good in probate and real estate. You need to find out what debt on the house exists, and any liens outstanding. These professionals will answer any questions you have and will help you make selling decisions.
Clean the house.
As you clean, you can divvy up the folks’ personal belongings. Then arrange to sell the rest in a garage sale or estate sale. A clean and empty or staged house will present a better face to the public. Ask your siblings if there is anything they specifically want. When you are cleaning, don’t try to guess what an important keepsake is for a brother or sister.
Once you have gone through the house and separated keepsakes from trash, you are left with items George Carlin referred to as “stuff,” and stuff requires more than a garage sale. It requires a professional.
Enter the estate liquidator.
Estate sales are public sales conducted by estate liquidators, in the house of the seller. The seller is asked to remove everything they want to keep, and he tags all the rest with a price. The estate liquidator uses their vast knowledge to set a price on each item that maximizes the price with an eye on liquidating everything quickly. Estate liquidators may offer a price upfront for everything, or take a percentage of the sales. The estate sale takes place over a weekend, and items sold on a first-come first served basis. After the sale, unsold items are donated or junked.
When you inherit a house
When you inherit a house Springfield, invite a real estate investor to walk through the house, see if work needs to be done to sell it, He will give you a feel for the neighborhood and the house’s worth.
A real estate investor will buy as-is. Worrying about some repairs that you’ll need to fix based on an appraisal? An investor will estimate the repairs needed to restore your property, arrive at an offer, and will purchase the property in whatever condition the property is in currently.
No Fees! A real estate investor doesn’t charge you a real estate commission and may take care of any other nagging financial problems such as back taxes, code violations, or past due water and sewer bills.
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