Selling An Inherited House in New Orleans
Inheriting a house can be both a meaningful and complicated experience. While it’s often tied to the memory of a loved one, it can also bring unexpected responsibilities.
Many people who inherit property in New Orleans quickly realize that managing the home, maintaining it, or preparing it for sale can be overwhelming.
If you’ve recently inherited a property, you’re not alone. Many homeowners eventually decide that selling an inherited house in New Orleans is the best way to simplify things and move forward.
Understanding the Challenges of an Inherited Property
Inherited homes often come with unique challenges that make selling more complicated than a typical real estate transaction.
For example, the property may need significant repairs or updates. Many houses that are passed down through families haven’t been renovated in years and may require improvements before being listed on the traditional market. Most traditional buyers do not have the cash to buy houses. They need a bank. Traditional banks and mortgage companies are not going to lend on houses that need repairs. That doesn’t mean the house has to be updated, but if it requires repairs they are not going to lend on it.
Some inherited homes may also sit vacant for long periods, which can lead to issues like:
- maintenance problems
- termite damage
- plumbing or electrical concerns
- storm damage
- general wear and tear
And don’t forget you need to keep the grass cut, keep the power on, and maintain taxes and insurance. All this adds up quickly and if it’s not addressed you risk falling behind on property taxes, leaving the house exposed by not having insurance, or code enforcement harassing you with fines for high grass or other code violations.
For heirs who live out of town or already have their own homes and responsibilities, managing these repairs can quickly become difficult.
Get My Cash Offer Now!
Navigating Succession and Probate in Louisiana
In many cases, inherited properties must go through probate before they can be sold. Probate, also know as succession in Louisiana, is the legal process where the court confirms ownership and allows the property to be transferred to heirs.
Louisiana’s legal system is unique, and the probate process can sometimes involve additional steps compared to other states. Louisiana law is base on French law and Roman legal code, so while it adheres to the general standards of the United States, it has some unique nuances that require expertise to navigate.
This process usually requires:
- working with an attorney
- verifying heirs and ownership
- settling any outstanding debts tied to the estate
Once the legal process is complete, the heirs can decide whether they want to keep the property, rent it, or sell it.
Many times in Lousiana successions can be complicated for other reasons too. Perhaps heirs are not getting along, or maybe some of them cannot be found. Maybe there is a dispute over the will. It happens. More than you may think. At NOLA Buys Houses we have been buying houses for 25 years so yeah, we’ve pretty much seen it all. We have helped many families find solutions to these problems and bring closure to situations they thought was never going to happen.
When Selling an Inherited House Makes Sense
Some people choose to keep the homes they inherit. Perhaps they have experience in real estate and are comfortable fixing it up and/or renting it out. Or maybe it’s an opportunity to move their family into a better house or a better neighborhood. For many others though, selling is the best option.
Some common reasons people sell inherited houses include:
- the home needs significant repairs – repairs are expensive these days and a challenge to properly manage.
- the heirs live out of town – trying to manage a house from another city or state is not easy.
- multiple heirs want to divide the proceeds – we see this a lot.
- the property has been vacant – this leads to even bigger problems.
- maintaining the property becomes too expensive – taxes…insurance…utilities…yard maintenance…it adds up quick.
Selling the home allows families to simplify the situation and divide the estate more easily.
Get My Cash Offer Now!
Selling an Inherited House As-Is
One option many heirs explore is selling the property as-is.
This means the home is sold in its current condition without the need for repairs, cleaning, or renovations.
For older homes in New Orleans, this can be especially helpful since repairs can be costly and time-consuming.
Selling as-is allows heirs to avoid investing money into a property they may not plan to keep.
Working With a Local Home Buyer
When selling an inherited house, working with a local buyer who understands the New Orleans market can make the process much easier.
Local buyers are familiar with the unique homes found throughout the city, including historic properties, doubles, and older houses that may need renovation.
They can also help make the sale process straightforward and flexible depending on the family’s situation.
At NOLA Buys Houses, we’ve been helping homeowners throughout the New Orleans area since 2005, including families dealing with inherited properties. We understand that every situation is different and are always happy to talk through options. We promise a fair and honest assessment, even if that means working with us isn’t your best option.
If you’re considering selling your house and want to explore your options, we’re always happy to talk and answer any questions.