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3 Major Pitfalls to Watch Out for When Inheriting a Home in Northeast Philadelphia

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3 Major Pitfalls to Watch Out for When Inheriting a Home in Northeast Philadelphia

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Connecting with a cash home buyer in Northeast Philadelphia is the easiest way to sell an inherited home you cannot afford to renovate and maintain. By selling to cash buyers, you can streamline the process and sell a house fast in Northeast Philadelphia without paying extra fees.

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Inheriting a home might feel like winning the lottery. At the very outset, it might seem like a generous gesture by a loving relative. However, sometimes it may become more trouble than it's worth. The home could be in bad shape or come with legal concerns. Deciding what to do with an inherited house is a major financial and emotional challenge. If you have recently inherited a home in Northeast Philadelphia, here are the top pitfalls to be aware of:

1. Debt and Unpaid Bills

Debts are one of the most significant troubles of inheriting an old home. If the mortgage has not yet been paid off, it becomes your responsibility to see that it's paid on time. Also, other unpaid debts like utility bills might fall into your hands. If the house is in poor condition, you'll have to spend a fortune renovating and repairing it.

Generally, there are three primary options when inheriting a home. You could:

If the inherited property is in sufficiently good condition, you can consider moving into it. If you're looking to raise some extra money from the inherited home, renting or selling it could be a viable solution.

2. Sibling Conflicts

Sibling conflicts are another major hurdle with an inherited home. If you and your siblings have inherited the property together, it could strain your relationship if you cannot mutually agree on what to do with it. If this is the case, it's always best to speak candidly with all inheritors to see if you can reach an agreement. If it's impossible to talk it out with your siblings, you might have to go to court to sort out the issue. Keep this option as a last resort, as it is time-consuming and expensive.

3. Be Cautious of Tax Breaks

First, an inherited home doesn't attract capital gains tax. This exception is because you inherit the property at a fair market value on the death of a loved one. So, the capital gains tax does not apply here, and you inherit it at the current market value. You must pay the capital gains tax only on the value appreciation from when you inherit it to when you sell it.

While you get a break from capital gains tax on inheritance, you are liable to pay the federal estate tax. The federal estate tax applies to all properties worth over $5 million, with the threshold being lower in a few states. If the inherited property is worth over $5 million, you still have to pay the much higher federal estate taxes.

4. A Free Home Is Never Free

If you decide to keep the home and rent it out, you will likely realize that maintaining it is a significant expense. Even if the house is mortgage-free, you still have to handle other costs out of pocket. Consider the cost of water and electricity bills, liability insurance, homeowners' insurance, and property taxes. The reality is that owning a second home is an ongoing expense. If you don't have the budget to maintain an inherited house, selling it is better.

Selling an Inherited Home Is an Immense Burden

Connecting with a cash home buyer in Northeast Philadelphia is the easiest way to sell an inherited home you cannot afford to renovate and maintain. By selling to cash buyers, you can streamline the process and sell a house fast in Northeast Philadelphia without paying extra fees.

If you've become the owner of an inherited home you do not wish to maintain, reach out to cash home buyers. They can simplify the home-selling process, and you can enjoy a stress-free sale!

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3 Major Challenges When Dealing with an Inherited Property

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Inheriting a home might feel like winning the lottery. At the very outset, it might seem like a generous gesture by a loving relative. However, sometimes it may become more trouble than it's worth. The home could be in bad shape or come with legal concerns.

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Dealing with a Hoarder’s House: A Complete Guide for Sellers

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Dealing with a Hoarder’s House: A Complete Guide for Sellers

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Are you trying to help a hoarder friend sell a house fast in Northeast Philadelphia? The best option is to sell the home for cash. Cash buyers purchase homes in any condition, and you don’t have to deal with repairs or clean the property. There are two main ways to deal with a hoarder’s house. Let’s explore both options.

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July 1, 2022

Hoarding is a psychological disorder that has unfortunate effects on the hoarder and everyone around them. If you are trying to sell a hoarder’s house, here are a few tips to help you navigate this issue delicately without offending your loved one.

A quick insider tip: Are you trying to help a hoarder friend sell a house fast in Northeast Philadelphia? The best option is to sell the home for cash. Cash buyers purchase homes in any condition, and you don’t have to deal with repairs or clean the property. There are two main ways to deal with a hoarder’s house. Let’s explore both options.

Option 1: Do an Intensive Clean Up and Prep the Home for a Traditional Sale

If the occupant has consented to sell their home or is deceased, you can clean and fix the house and then try to sell it through a real estate agent. While this may seem the most obvious solution, it’s expensive and time-consuming.

Cleaning a hoarder’s home is easier said than done. You will likely have to rent a dumpster and throw away everything broken or unusable. Trying to clean and sort a hoarder’s home all by yourself can take months, or even years, depending on how large the home is and how long the issue has been happening. You can hire professional house cleaners to help speed up the cleaning process.

Once you have thrown away the junk, the next step is to clean the home. It’s common for hoarder homes to have mold and pest problems. You might have to enlist the help of professional home repairers to inspect the house thoroughly and fix the substantial damages. Ensure that you treat pests and molds professionally to resolve the issue.

Once you have completed the barebone repairs, you need to focus on renovating and upgrading the home to make it appealing to potential buyers. It can cost tens of thousands of dollars to fix hoarder homes. If you don’t have the budget for a complete renovation, there is another option.

Option 2: Sell the House As-Is

Selling the home as-is is a better choice when you don’t have the time or means to clean, repair, and renovate a hoarder’s home. With a cash sale, interested buyers do a cursory home inspection and offer to buy the house at its current market value. The buyer is responsible for cleaning, repairing, and renovating the home. In dire situations, they might even demolish the existing property and rebuild a new one.

Since the buyer has plenty of expensive work to do on the home, they offer a lower price than what you would get if you sold the house after fixing it. But the relief of being free from handling the cleanup is worth the reduced offer price.

So if you’re hoping to make a quick sale of a hoarder home without spending a fortune and a lot of time, reach out to top-rated cash home buyers in Northeast Philadelphia. Request a free cash offer to get started.

We are a real estate solutions and investment firm that specializes in helping homeowners get rid of burdensome houses fast. We are investors and problem solvers who can buy your house fast with a fair all cash offer.

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Selling a Hoarder’s Home: All That You Need to Know

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Selling a hoarder’s home can be challenging. But in the right market, you can sell it quickly for cash without even hiring a realtor.