Advice on an Inherited Property

[Eric Belgau]

Hello BP brilliance factory!

A dear friend of mine lost her father recently, and he left his home and 100 acres of land, both in northern Maine, to my friend and her sister. Neither one of them lives in the area.

Before his death, her father was unable to work and strapped for cash. He put the home and the property on the market at fire sale prices. He passed before they sold.

Given that the values of the properties are considerably higher than the asking prices, my friend and her sister would like to try to sell them closer to market rates. This could take some time, since real estate in northern Maine isn't what you'd call high volume or fast-moving. Neither of them has the resources to pay the mortgage on the home and the taxes on the land while they wait.

Is there a vehicle out there - a financial product, an investment strategy, or whatever - that they could use to buy themselves some time? Any input would be greatly appreciated!