The Trusted Home Buyer Logo602-456-4440

What To Do With Your Unwanted Inherited Property In Phoenix

a person smiling for the camera

Martin Boonzaayer

February 28, 2020

A very popular item that is inherited and frequently unwanted is real estate property. When family members or close friends pass on, they will their property holdings to their next of kin or people who meant a lot to them. This leaves you, the recipient, responsible for property upkeep, possible landlord duties, property taxes and possible homeowner’s or property owner’s association fees. What now?

You Might Need To Do A Probate

First of all, the property will most likely have to go through a probate process depending on how it is currently deeded. Check into the local and state laws regarding the inherited property. If you have already completed probate, you may have to do an additional probate in the county or state the property is located, especially if it differs from where you live in order to have full legal rights to the property. For more information regarding these laws, contact The Trusted Home Buyer at 866-488-9923 to discuss potential probate for your unwanted inherited property in Phoenix, AZ. 

You Could Rent It For A Profit

If you inherit a single-family or multi-family residential home, and you don’t want to live there, consider renting out the property. This could be a nice addition to your bottom line. You might have to make a few repairs or upgrades to make it marketable, but over a short amount of time, it will be a really good investment since you didn’t have to make a large purchase to have this extra income stream. You might have inherited this home or multi-family property with renters in place; even better! This will save you the trouble of fixing it up and finding tenants. 

If you inherit commercial property and you don’t own a business or don’t plan on starting a business, you could also rent this property out! There are plenty of business owners in Phoenix looking for a new place to run their business, especially if the property is in a prime location with plenty of traffic. These properties tend to have a pretty nice return.

Of course, being a landlord isn’t everyone’s cup of tea. There is a lot of responsibility that falls on the landlord’s shoulders; broken major appliances, roof repairs, cracking driveways, potential structural issues, annual taxes, homeowner or property owner’s association fees, finding new tenants… the list goes on. 

You Could Sell The Property

If you do not want to live in or occupy the property in any way, then selling would be another option of what to do with your unwanted inherited property. Please call us at 866-488-9923 to discuss the market value of the property and the possible options of selling your unwanted inherited property. Do a little research to see what similar properties to yours are selling for before calling any real estate buyer or real estate agent. Get a good idea of what fair market value is, that way you’re not shocked when you hear the price. Keep in mind, cash buyers with quick closings will probably offer you a bit less than average market value because they save you a lot of real estate fees and commissions in the long run, and will often pay for the closing costs.

You Could Give The Property Away

Since you didn’t buy it and you don’t want it, you could give the property to a charity or the municipality in which it lies. Contact the future recipient for their donation process. You could also give the property to one of your family members or friends, or children. You may still have to go through probate locally in order to take full ownership to donate or give the property as a gift.

Explore more

September 12, 2022
US Mortgage Lenders are Going Bankrupt

Inventory of resale homes is low, and the rising interest rates are making it harder for buyers to leap into home ownership, potentially causing a surge of failures comparable to 2008. We are now seeing a rise in mortgage lenders' bankruptcies, which is troubling news for an already uncertain market.  NQM and Bankruptcies  Now there […]

Read More
September 7, 2022
Community Focus: Annual Hotshots Charity and Memorial Event

Last weekend our CEO participated in the annual "Hotshots 19" charity and memorial event to honor the 19 members of the Granite Mountain Hotshots firefighting team who lost their lives in the Yarnell Arizona fires.  As part of the local CrossFit community, Martin and his family supported this event through donations and participating in their […]

Read More
August 11, 2022
What Opendoor's $62 Million Dollar Mistake Could Mean for Homeowners

It has been a little over a week since the FTC (Federal Trade Commission) finished its investigation into the "iBuyer" company, Opendoor. The FTC alleges that Opendoor Labs, Inc. used misleading information when pitching its service to homeowners. That alleged deception has now cost the company a cool $62 million. In the aftermath of the […]

Read More
August 5, 2022
Hoarding vs Clutter

If you or a family member have a cluttered house, you might find yourself questioning whether or not it is hoarding vs. clutter. Is there a difference between the two? And how can you fix the situation? First things first, understanding if you are, in fact, dealing with hoarding will help you develop an action […]

Read More
The Trusted Home Buyer Logo
Copyright © The Trusted Home Buyer
WE BUY HOUSES IN:

4.7 63 reviews