have you inherited a house that is paid
off and maybe you're just not sure
what to do with the property or the
house well that's what we're talking
about today and it starts
right after this
[Music]
my name is bill martinez and i'm a
realtor and probate specialist
brokered by exp realty here in san
antonio texas
i post new videos every week on tuesdays
about probate and real estate so have
you inherited a house that is paid off
and you'd like to know what your options
are well i've got
six options for you to consider
before making a decision you know
inheriting a house can be a stressful
thing for various
reasons but there are particular factors
that will narrow your options when
making a decision
now the first question to ask is do you
want to keep the property
or sell the property the answer alone
will
cut your options in half but let's
first go over every option before making
a decision
option one it's an obvious answer but i
may as well mention
it because it is an option
keeping the property either for yourself
to move in or maybe have family moving
i won't go into much detail on this one
it's pretty self-explanatory i think
it's
kind of universally understood option
number two is you can keep the property
again but
act as a landlord make it a rental
property
now this demands a managerial role
and it will require you to oversee the
property and will
obviously require a level of involvement
in
screening the tenants to make sure that
you get someone who will actually
respect the property
now although you're taking more of a a
rolling oversee in the property
this will provide a monthly income if
that's something you're looking for
option number three allows you to keep
the property once more
but this time act as a bank and what do
i mean by that
it's what's commonly referred to as rent
to own
in this scenario you give the renter the
option to purchase the property over
time
and of course that can be figured
contracted or negotiated
between yourself and you know the renter
or soon to be buyer now of course they
will continue to make those monthly
payments
but the plan is to eventually get them
on the process
of purchasing the home i want to
encourage you to call if you're
interested in the details because i
don't want to go too much
just trying to give you options call if
you're interested in getting the details
for that option
or look forward to more details
in a later episode now option number
four
you now transition to selling
the property following options four or
five and six
but there's different caveats to each
option option number four
allows you to sell the property as is
listing it with a realtor all the only
money that you would be investing in the
property is
making sure that the money you invest is
going to be beneficial
to passing inspections so that way
the property qualifies for loan
acceptance
from buyers and so as i mentioned this
allows you to make
minimal changes or updates to the
property
pass code and inspection and then you
would list the property as is
with a realtor through the mls but who
knows maybe the property
would already pass inspection so you may
not even need to
update the property but of course that
will have to be decided by a
professional
now please understand that with this
option you'll most
likely not get top dollar since certain
features
might be outdated like maybe the kitchen
or the restrooms those are just examples
but these are reasons why you would not
get top dollar because it's not
it doesn't have that modern appeal to it
as a new home would have
but at least with this option little to
no money would come out of your pocket
option number five again allows you to
sell the property
but this time for top dollar if you are
willing to pay for the requirements
to update the the necessary
items to pass codes and to pass
inspections and you are willing to
invest
in renovations for the kitchens or
whatever things might
the kitchen or whatever might be
outdated um
and bring it to a sense of some modern
or contemporary appeal
then this could position your home to
receive top dollar
again listing it with a realtor now i'll
give you this
warning you want to be careful with your
renovations or
the construction that you will be doing
to the property you want to make sure
that you don't
do too much or go too far to where you
price your house outside
of other properties that it could be
compared to
so if you were to make an elaborate
restroom let's say and other homes do
not have elaborate restrooms in the area
guess what it's going to be hard to get
a return on that investment
and so you want to be careful and not go
too far
beyond reach you still want to maybe
invest
in updates in the property
but you want to do it with some
reservation
and some wisdom so that way you can
still get a return
on your investment and finally there's
option number six
this is more appealing for those where
time is of the essence time is of the
utmost importance
you don't want to spend money for
repairs
but you'll have the cash without hassle
and 14 to 30 days
and depending on the circumstance or
situation sometimes even sooner
so as you could see there are a number
of factors that will play
into the decision that you make
is your goal to keep the property in the
family
is it to make money over time with the
property is it
to make top dollar for the property or
is time of the essence and you can wait
for repairs and contractors and wait for
open
houses and bids and banks and closings
but instead you need a fast solution
so what is the most important to you or
maybe better yet
which option makes more sense right now
now obviously there are pros and cons to
every single option
and we will cover that in another
episode but odds are you already know
which
direction you want to go which direction
you're
leaning towards and which direction
makes sense
right now now if you're wondering how
else we can help check out this
video right here for a brief summary of
who we are
and what we're about don't forget to
like
subscribe and share this with someone
who
may be going through probate or is about
to go through probate
thanks for watching see you in the next
episode take care