For starters, our deepest condolences for your loss . This can be a very troubling time for many reasons, and dealing with property ownership is difficult at the best of times. Going through a process such as selling property is likely the last thing you want to deal with.
I want you to know that we’re here to make this as simple and quick as possible so you can get back to your family matters.
We’re experienced Direct Mobile Home Buyers. Every month we get calls from those who have inherited a mobile home and are trying to sell the property. Because we’re professional direct buyers we go out of way to ensure we handle most of the process on your behalf.
The information below are some tips to help guide you through this troubling time.
What You Need to Know When You Inherit A Mobile Home
1) Make sure the mortgage is paid.
This may sound obvious, but the individual who left you the property likely had a mortgage (unless it was paid off, which is great!), and you will be expected to pay it. Assuming you want to keep the property, or until you’re able to sell it.
Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be the choice for you.
2) The investment is only as good as the manager.
If dealing with agents, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to aid you, or cash out now.
Some people who inherit homes decide to keep the mobile home and rent it for extra income. That’s a great approach for sure. You just need to be prepared to manage the property and the troubles that can go along with tenants and maintenance.
3) Property ownership costs money.
It’s rare to see a building that’s been perfectly maintained.
Most inherited homes need major upgrades.
Consider hiring a professional property inspector to give you a detailed breakdown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very costly. Once you have that information you can plan accordingly
4) Selling a property for top dollar costs money.
If you decide to sell your property for top dollar then you will need to get it ready for the market. This can be time consuming, costly and a headache if you’re in the middle of handling family affairs.
If you don’t want to deal with making repairs, renovating kitchens, improving landscaping and overall cleanup, don’t worry we buy mobile homes for cash, as-is. Choosing to sell your property to a Direct Home Buyer will save you countless time and money.
5) If the market will continue to grow faster than your other options, hang on to the investment.
We can help you compute the value of your property today versus the long-term benefits of renting. If you can use the equity in your inherited property in another way that outpaces the performance of the real estate market, you should consider keeping the property.
If your financial situation allows it, and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market. When you give us a call we’ll be able to point you in the right direction.
6) Uncle Sam wants a piece of the action.
Don’t forget to discuss your inheritance with tax and legal professionals before you make a choice. There are major property and income tax consequences that will seriously impact the cost of owning your investment.
7) Consider all your alternatives.
In certain circumstances, we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be intricate, but with our Direct Buyer experience we can help you make the most of your inherited property.
8) Compare a few scenarios.
If you would prefer someone to walk you through your options, we’re happy to assist. We’ll help you figure out prices for any property in and around the Inland Empire –
We can tell you the benefits of selling it today without doing any work, the highest price the market will give you, and the estimated value of keeping it as a rental (along with the costs).