- Real Estate
Did You Inherit a House in Hawaii? Choices...
Did you inherit a house in Hawaii or are you going through the Hawaii probate process? Let me first offer my condolences on the passing of your family member. It's always tough to lose a loved one. There's the mourning process, funeral arrangements and other items that need to be taken care of, not the least of which is the estate.
Many people in this situation find that dealing with the house is the biggest obstacle and most frustrating item in the inheritance and probate process. And amid all the personal feelings involved, it's completely understandable. Let me share with you some insights that may help your decision process and provide some clarity.
What To Do With The House
You have a few options with the real estate you're inheriting. Here are the most obvious and common choices:
- KEEP THE HOUSE AND MOVE IN. Of course, you can just keep the house and move right in if you're the beneficiary. You'll be inheriting all the responsibilities as well, such as taxes, maintenance and insurance. But you may also be taking a property with a nice financial upside that is an upgrade over your current residence.
- RENT IT OUT. Do you want to be a landlord? If the property is one that could cash flow, you may want to rent it out for some extra cash every month while hoping for some appreciation over time.
- SELL IT ON THE OPEN MARKET. You can also list it with a realtor. You'll likely pay 6% commission and aren't guaranteed of a buyer, especially in a sluggish housing market, but you might get a nice price for it.
- SELL IT DIRECT TO AN INVESTOR FOR FAST CASH. Often one of the most appealing choices, you can sell your house in probate directly to a local Hawaii real estate investor (click here now) who will pay cash without incurring any realtor fees. They'll also save you months of waiting on the market for it to sell -- in addition to all the holding costs such as any mortgage payments, taxes and insurance -- because they can often close in 30 days or sooner or as soon as the probate case is ready.