Making the decision about what to do with an inherited house is a challenge on multiple levels. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know there are options you can consider. You can refuse the inheritance since sometimes the property has liens on it combined with outstanding mortgage and taxes means there isn’t enough money in the deceased’s life insurance policy or savings and investments to cover the difference. That means that you, as heir, are responsible for paying those debts, and to do so before the house is yours. You could wind up actually owing money on the property you inherit. If you find out that’s the case, you can bow out and let the executor handle the creditors. You can also fix up the property and sell it as is. The heirs can pull everything that’s usable out of the cupboards and closets, sell all the belongings for whatever price they can get, then clear it out and take bids, often from developers or flippers who specialize in turning these properties around for a profit. Check out below to see what sold in Stonewater in November 2016:
48030 Manorwood, Northville: 5 bedrooms, 4.3 bathrooms, 5,246 sq. feet, 3 car garage, Sold Price: $1,400,000
Stonewater Home Sold
November 2016
You can also keep the property and rent it out but its a good idea to read up on what it takes to rent out a home before you decide to become a landlord yourself. For more information on Stonewater, or similar Northville or Novi neighborhoods such as Woods of Edenderry Turnberry Estates and Tuscany Reserve, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.