How To Get Rid Of An Inherited Property In California

Wondering How To Get Rid Of An Inherited Property In California?

One of the most common items inherited and frequently unwanted is real estate. If family members or close friends pass away, they leave their property holdings to their closest family members or people who mean a lot to them. It is the recipient’s responsibility to care for the property, pay any landlord duties, pay property taxes, and possibly pay fees to the homeowner’s association. Now what?

You Might Need To Do A Probate

Based on how the property is currently deeded, the probate process is most likely to be required. Make sure you know how to deal with inherited property according to state and local laws. For full legal rights to the property, you may need to complete additional probate in the county or state the property is located, especially if it differs from where you live. MCB Homes Inc. can provide you with more information regarding these laws when it comes to potential probate for your unwanted inherited property in California. Contact them at (209) 743-0602 for more information. 

You Could Rent It For A Profit

Consider renting out your inherited multifamily or single-family house if you don’t want to live there. You could put some nice money in your pocket with this. Initially, you might need to make repairs or upgrade it, but you’ll see a financial return on this investment in a short amount of time since you didn’t have to spend a great deal to get this extra income stream. The multifamily property might have a tenant in place as well; even better! You’ll save yourself the trouble of repairing it and finding tenants. 

You can also rent out inherited commercial property if you don’t own a business or don’t plan on starting one. Business owners in California are always looking for a new place to run their business, especially if they need to expand property in a prime location with plenty of traffic. The return on these properties is usually pretty good.

Landlording is not for everyone. Landlords have a lot of responsibilities to deal with including broken major appliances, roof repairs, cracked 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

Selling the property would be another option if you don’t want to live in the house or occupy it in any way. Give us a call at (209) 743-0602 to discuss the market value of the property and your options for selling your unwanted inherited property. Before contacting any real estate buyer or agent, do a little research to discover what similar properties to yours are selling for. So you won’t be shocked when the price is revealed, get a good understanding of fair market value. It’s important to remember that cash buyers with quick closings will probably offer you a bit less than average market value because they save you a lot in real estate fees and commissions in the long run. They will also usually pay for closing costs.

You Could Give The Property Away

Because you didn’t buy it and you don’t want it, you could donate the property to a charity or the municipality where it is located. Contact the future recipient to learn about the donation process. You can also give the property to a family member, friend, or child. If you wish to donate or give the property as a gift, you may still have to go through probate in your local area.

This guide for getting rid of an inherited house applies to all cities in California State including, Lodi, Modesto, Stockton, Sacramento, Turlock, Valley Springs, Salida, and Oakdale.

Give MCB Homes Inc. a call at (209) 743-0602 or send us a message to discuss what to do with your unwanted inherited property.

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