What to do when you inherit a house you can’t afford

Solutions for an inherited home that you can’t afford to keep

When you inherit a house, it’s a big responsibility.  For some, the house is a helpful asset – either as a place to live or rent out…or to sell so that you can acquire cash assets to settle an estate.  But, sometimes, the house can be a big financial burden, especially if the house is located in a high cost of living area and a place with high property taxes such as Long Island, NY.

 

what should you do if you inherit a house you can't afford - Long Island

 

This can be extremely complicated (and stressful) if you don’t have a large income, have high debts or recently lost a job.  It can also be time-consuming to deal with the whole process of clearing out a house and selling it, especially if you are working just trying to make ends meet.  It becomes especially challenging if your loved one had limited liquid assets, owed a mortgage or had other debts (e.g. back taxes, property liens, credit card debt, etc.).

 

What to do if you inherit a house you can't affordThere may be many reasons that it doesn’t make financial sense to keep an inherited house, including if the house is in poor condition and needs a lot of repair.  You may not have funds to make these repairs.  Or if the house and/or property is large, there may be large maintenance costs.  Or perhaps you need to sell the house to pay off inheritance taxes or property taxes.

 

Please note that if you decide to sell the house, and there is still a mortgage on it,  you need to continue making payments to the bank until the house sells…and selling a house takes time.  To sell a house, you need to get it cleaned, repaired and market ready.  If your parent or relative has recently passed away, this is probably the last thing you want to deal with. Especially because it’s a constant reminder of your loss.  So, below I have a solution for you which can make things much faster and much easier.

 

Related articles for inherited homes:

 

An alternative solution when you can’t afford to keep an inherited house…and you need to sell fast

how to sell an inherited home on Long Island that you can't afford

If you find yourself in a situation where you can’t afford to keep the house, you’ll probably want to sell as soon as possible.  Houses cost money…even when they are just sitting there.  There are property taxes (which are expensive on Long Island), maintenance costs, utilities and insurance bills, and the longer you wait, the more money you’ll lose.

 

In fact, we found that on Long Island, the average cost for a house that’s just sitting (or a house on the market) is around $20,000 for every 6 months.  You can read about how we arrived at that figure in this article:  How much does it REALLY cost to have your house sit for 6 months.  So, the sooner you sell, the better off you’ll be financially.  Not only will you see the proceeds sooner, but you’ll also save money in the process.

 

Please note that sometimes hiring a real estate agent is a smart choice.  But, if time is of the essence and you really need to sell quickly, you may want to consider selling your house to a cash investor so you can sell it FAST.

 

selling a inherited house on Long Island that you can't affordTypically, on Long Island, it will take 6.5 months from the time you list with a real estate agent to the time you close and the money is released to you.  This is based on the current days on market in Nassau and Suffolk Counties.  Of course, you also need to factor in the time to prepare the house for the market, and that can often take 3 to 6 months.  (And, don’t forget that during this whole time you are paying for property taxes and maintenance costs, so it can be quite costly just waiting).

 

You can short circuit that timeline with a cash investor such as Long Island Cash House Buyer.  We are able to close within 2 to 4 weeks if that’s what’s needed.

 

You see, we are the buyer.  There is no need to go through the listing or marketing process.  In fact, you don’t even need to worry about cleaning up the house or doing repairs.  We buy houses on Long Island “as is.”  There is no need for an inspection or appraisal.  Nor do you have to wait to find a buyer, or wait for a buyer to have their mortgage approved…or wait for them to sell their house so they can qualify for a mortgage.

 

 

Should You Work With a Traditional Real Estate Agent for an Inherited Estate?

If you’ve inherited a property, should you hire a traditional real estate broker or work with a cash buyer?

Do you want to know how much cash your house is worth today?

Compare Listing vs. Selling To Us

Do you need a faster way to sell your inherited house on Long Island?

what to do if you inherit a house that you can't afford - Nassau and Suffolk CountiesIt’s definitely not easy when you’ve inherited a house on Long Island.  In fact, it’s one of the most difficult things we need to do in life.  If you feel overwhelmed by the process, or if you’re in a tight financial situation and just need to get the cash and put this behind you, we can help!  There’s definitely an easier way.

 

We buy houses on Long Island for cash!

We can help you speed up the whole process so that you can get your inheritance quickly.  And, we can help you bypass the dreaded process of emptying out your parent’s house.  We will take care of all of this, as we can buy the house “as is.”  We can even close in 2-4 weeks.

 

Call me (Rich Witt) at 516-330-6940 if you’d like to discuss further.

 

Related articles for inherited homes:

 

Do you need to sell your Long Island house quickly?

what to do when you inherit a house on Long island that you can't affordSince 1998, we have been a trusted source for the latest information in regards to selling your home fast for cash on Long Island. We will have an honest conversation with you about the benefits and disadvantages of a quick cash sale of your property. If it is not right for you then it will not be right for us. It must be a win-win situation.

  • We have purchased hundreds of homes with cash since 1998
  • We have over $5,000,000.00 in funding available to purchase Long Island homes.
  • You will always get cash at the closing.
  • We always keep our word and will always tell you the truth.
  • We will purchase your home as-is, in its present condition, no matter how much work is required.
  • You can avoid all the costs and frustrations of fixing your property for sale.

 

We are the buyers. We are interested in buying your home- not in listing it as a Real Estate Broker.

Richard Witt Long Island Cash Home BuyerLet us help you.

Contact us Today!
Richard Witt
(516) 330-6940

Map for Long Island Cash House Buyer

What to do when you inherit a house on Long Island that you can’t afford

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6 responses to “What to do when you inherit a house you can’t afford

  1. Although you’re writing about houses on Long Island, I’ve found that even in an area where houses are selling fast, people want what they want and they want it perfect, even if they’re thinking about changing things later on. The blessing we’re getting with my mother’s house is that it’s not only paid for but, because of my dad’s tax status, we only have to pay 15% of all taxes (actually, nothing for federal taxes).

    Still, the pressure is great to sell it, but I didn’t want to accept just anything. So it’ll sit on the market for at least 6 months before I’ll do anything with it. At least we have luck on our side; it’s an expensive area where my parents house is but it’s costing little to carry.

    1. Mitch – Yes, each situation differs. So glad to hear that this is working out for you from a tax perspective and carrying costs. Here on Long Island, the carrying costs can be high.

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