What to do when inherited a house in North Central Illinois?

First, condolence, we’re so sorry for your loss. This can be a very challenging time for many reasons because you'll be facing with questions you may not be prepared for. Should you sell the house, rent it, or live in it yourself?

Making the wrong move could cause serious financial distress later on, or even lead to family quarrels. We’re seasoned investors in North Central Illinois real estate, and we’re looking to buy several houses each month in the area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.

What to do Next?

1. Pay Mortgage. In most cases, an inherited property has still mortgage on it. The executor has the responsible to pay the mortgage and settling all financial affairs. Some banks will allow you to assume the loan, while others may force you to refinance into a new loan.

2. Registering the property in your name. Once the property passes to you, you can register your ownership in the Land Registry. This will give you evidence that you are now the owner of the property.

3. Property ownership. Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.

4. Use for investment. Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need an insurance coverage which covers medical, personal and structural property. Also you need to be prepared to manage the property and the hassles that can go along with tenants and toilets.

But take note, you'll pay taxes for any profit you make from the rental income.

5. Consider your options. In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our North Central Illinois investment experience can help you win.

We provide a win-win solutions to help homeowners get out of their sticky situation like foreclosure, owning a burdensome property, probate, or anything else. We want to help you take control of your situation, end the hassles, and get back to living the life you want to live.