Inherited House, What Are My Resources?

Video Transcription

Jack: Hi there, this is Jack from Angel Home Solution.

Are you currently having a loved one pass away? and you happen to be the heir for the property, and inherit property? So, first of all, I am sorry for the loss of the loved one, but it’s time to get the emotional feeling away, and deal with the property that you inherited. We recently got a call from one of our clients about exactly just that. Her mother-in-law passed away, and the property has a will to her husband and brother, and they are thinking to sell the property in Maple Valley. I think, 98038. But, we buy property all around the area, Renton, Kent and whatnot. So, not about the property, but I want to talk about what we have and what you should look for.

In our website, Angel Home Solutions.com, and let me walk you through there. Here we go. So, we were actually told her several options that she could take also. It look like they are not in a real hurry, in terms of timeline, but just don’t want to deal with the property. Extra property and whatnot, and extra mortgage. So, we told her to consider maybe listing with an agent to get the most out of the property, if money is the number one thing, or she could rent out the property and keep the cash flow every month. That could be a really good option as well, and the third option is of course, working with one of us as direct buyer. A number of home every month that we buy are inherited property, with tenant, or without tenant, or vacant, a lot of homeowners decided to work with us, just because the convenient and whatnot that we offer. But anyway, if you are considering alternative option for whatever your need is, you can come to our website. We have a breakdown/compare here. Hopefully, you can see. So, the compare is in the menu right here. So, click on that.

We have a breakdown on what are the options selling to with an agent and to us. Some that we talk to see it happen to understand this a little bit also, understand that with an agent, there won’t be any set price and set timeline of closing date. So, it is a guesstimate, and see what the market take you to. We also have some posts on how to select a good agent in our blog post as well. To go to our blog post right here, down below, click there. And it will take you to several topic that we have been published throughout the year. One of them is option for your real estate issue, and here at home, and what’s next? What should you do, right? So, I will walk you through, in specific about this blog shortly after. And we have a lot more resources for you.

How to find a good real estate agent? If I click on that, first of all, be careful on the most advertised agent. Usually, they are working for the big firm, and big firm is spending dollar each month to ensure their visibility. Agent backed by the most promotional dollar aren’t always the best, right? So, be careful on that. And the best way to find good agent is really the real review. Not talking about online review, those can be manipulated, but real review, you can reach out to the agent, and ask for three reference and whatnot, current client that they work with and past client that they work with, and ask them good question. So, put in the Google, and just type the agent name, and review. And see what come up, and you could learn about the agent really shortly, and reach out the northwest MLS, and ask them about the agent, what their current transaction, what they’re working on, how many have they done.

And from there, you’ll probably get a lot of insight, and potential agent as well as how are they planning to sell your home, and somehow, they want just to say some music to your ear and get your business upfront, and back up is to reduce a price if it doesn’t sell. Talk about that upfront. Pose a question, if the house is not sold, and reduce the commission to 1% if the price has to be reduced, right? So, that really put the agent on the spot to really give you a realistic number, not just a number that just traps you in to list with them. And there’s a lot of flat fee agent, and low fee agent. Always keep in mind about what you pay, the cheapest not always the best in that scenario. So, pick the agent carefully, and if some reason, you don’t want to deal with agent, you can not have time, they’re here. We buy cash and quick. Usually, we can close within seven to 14 days, and with inherited properties, sometimes it has to go through probate and whatnot, get the court approval and whatnot.

We are flexible, and we are the expert. We have our title and escrow agent that specialize in that, and everything will be coordinated accordingly. We are super flexible. You want to close fast? We can close fast, and as soon as the paperwork is ready, we’ll pull the trigger and get you all the cash on your hand as soon as possible. So, that is the agent side, and obviously, if it is a current rental.

I’m now going to … I inherit that property blog post that we do, and we’re saying investment is only as good as the manager, right? So, if the property is currently rented, and you are planning to keep it as a rental, being the landlord, make sure you have a good plan on how to manage that property, pick up the rent, and whatnot, and paperwork, and deal with the hassle of rehab and stuff, right? You just want to make sure you have thing planned out. But, back up a little bit, make sure several thing. When you inherit the property, make sure you get the mortgage paid, and also property tax and whatnot paid off.

Otherwise, it could cost you credit and also losing the home. So, be careful on that, and property ownership could cost money, right? Inherit property, as we see about a year, they’re not the most pristine property. Most of them need some maintenance, some tenant, love, right? So, a little bit worth upgrading and whatnot. So, prepare for that, if considering hiring professional property inspector to give you a run down on what will happen, what you need to work on in the next five year and whatnot, right, and estimate the cost. So, probably it could be expensive at time. Selling a property for to sell with [inaudible 00:08:05] and whatnot could cost top dollar, right? First of all, we have an upgraded kitchen and repair, and all this stuff. Make sure it is appealing, everything looks good, attract the end buyer. So, those are the thing that we normally do. If you don’t want to deal with contractor, in fact, we make blog post.

In that blog post, you’ll see some key to run a successful rehab, right, if you want to tackle the project yourself, but if you don’t, we buy property houses in any condition. Any property, any stuff that’s left behind, we’ll take care of all of that. You don’t have to move anything that you don’t want to. Go back to the property, could be very emotional. So, we understand that. And make sure you take care of Uncle Sam. They want a piece of the pie, even though the owner passed away, and now the carer take care of the property, Uncle Sam wants some of that. So, make sure you discuss with your tax and legal professional. We have CPA. We have EA, Enroll Agent, that specialize in all of that topic. So, if you are looking for resource, just hit us up, and then we happy to connect you to, right?

Oh, on this line, also, with the agent, if you are struggling in finding a good one that you can trust, we work with agent, also after we already have the property. So, I would be happy to connect you with our agent as well. They’re not working for us. We just have a great business relationship, and I trust their service, and they’ve been proven. So, if you need that resource, just hit us up, and we’re happy to share that. Consider all your option, right? So, the lady that we talked to, we told them about all that three options. She decided to go with cash buyer like [inaudible 00:10:05], will pretty much guarantee the price, that we are the best. With all the network that we are building throughout the year, we were able to get stuff done and perform. Usually, be careful also with the buyer. They could come upfront to the price that will appealing to you, just like an agent would, but they could not perform at that price, and they are planning to renegotiate. With us, we don’t negotiate. We try to come up with the price upfront that work for you, and work for us, and if that feasible, it is a win-win situation. We’ll move forward with the contract, otherwise, we’ll be straightforward and upfront.

So, that is the topic about inherited property. I hope it is a good resource for you. Feel free to reach out. As I said, we have a lot of resource, and if you need a lawyer, we also have a great lawyer that deal with probate. Check us out on the website, and if there is any questions still, please give me a call, and we’re happy to take care of the situation for you, okay? Thank you, bye bye.

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