Inheriting a property often comes with a lot of obligations. The basic upkeep of a house may include property taxes, home owner association fee, insurances, repairs, maintenance, or even mortgage payment. While there is an emotional aspect of keeping the childhood home, the heirs might not be prepared for the obligations that comes with the inherited property. When multiple heirs (such as siblings) are involved, getting all of them to agree on a single course of action can be difficult. For example, if one sibling want to move into the childhood house, he/she will need to buy-out the share of the other siblings. Often time, agreeing on a price can be a sticking point. These issues can tie-up an estate for years while the bills of up-keeping the property add up.
Selling your inherited property
If you are a sole heir who lives out-of-town or when there are multiple heirs, selling the inherited property is one of the cleanest way to recoup and divide the assets. If you let the property get tied up for too long, you potentially lose money because of all the expenses that come with keeping the house. At Harris Oakley Solutions, we are experienced with helping the executor in dealing with the distribution of an inherited property. If you are an executor and is interested in selling an inherited house, please contact us or provide more information by filling in the online form.