In the world of real estate, you never know what is on the horizon. There are plenty of times when a deal, or situation, is thrown on your lap completely out of the blue. Such is the case with inherited properties. Dealing with a property in probate is one of the most difficult, and time consuming, processes you will go through in real estate. Because of the many laws and red tape associated, an inherited property can take months before title changes hands. When it finally does you can be left with a property that hasn’t been updated in years and is in dire need of maintenance. This puts you in the proverbial “catch 22” of not knowing exactly what to do with the property to maximize the bottom line. Here are the five most common challenges to selling an inherited property with deferred maintenance.
Most buyers want their properties fresh, updated and turn key. If there is deferred maintenance, you need to strongly consider doing the work prior to putting the home on the market.