While the news you’ve inherited a house may sound like a windfall, you may have an entirely different perspective if you should discover you’ve inherited a hoarder house. Inheriting a house from a hoarder brings a unique set of considerations. Hoarders place value on possessions that differs from the actual value. Even if the possessions no longer serve them they may fill their homes with these items. In addition, these homes may pose a fire hazard to the surrounding properties and any occupants, with exits being blocked. There may also be health risks because they attract rodents or insects, or the property may not be secure from unwanted guests.
While your loved one may have had the best intentions in leaving you their house, unfortunately, when you have a hoarder house on your hands, you may be overwhelmed by the amount of work ahead of you. So read on as we explore these five tips to help if you have inherited a hoarder house in Oklahoma City.
Take Up Residence
Our first tip if you have inherited a hoarder house in Oklahoma City is to consider moving in. However, this may be difficult with a home in this condition, or, it may be so bad that living there is not feasible; you’ll have to get the house ready for “normal” occupancy. This will include the clean-out of the hoarded possessions. Once the property is cleaned out, you will likely find that there are repairs that need to be done as well. It can be difficult to assess the condition of a property when piles are lining every available space from floor to ceiling. Moving in to the property may be off your list because of that. In that case, you can forget about cleaning the house out, making repairs or even passing an inspection. By selling directly to a local cash investor like those at 1-800-2SellHomes. A cash investor from 1-800-2SellHomes will buy your hoarder house as-is for cash. No need to even clean it up.
Rental Property
Another tip if you’ve inherited a hoarder house in Oklahoma City is to consider making it a rental property. You will still need to clean it up and make repairs to get it ready for a tenant. Being a landlord means you’re now in the real estate investing business and dealing with people, so it helps to be a people person. Owning an investment property requires following all local, state, and federal laws concerning tenants; missteps in this area can be extremely costly. Additionally, you should establish a stringent tenant screening process and ensure you keep your documents and records organized to realize the full potential of any tax benefits. You should also be prepared to respond promptly to emergencies, night or day, when your tenants call. Unless you have several rental properties this will usually fall on you. These are all reasons you shouldn’t attempt to make a hoarder house into a rental unless you have experience as a landlord. If you don’t have experience, cash investors like those from 1-800-2SellHomes work with top-notch property managers who can help you avoid the costs of undesirable tenant placements and can help you with your first experience as a landlord.
Selling
If you’ve inherited a hoarder house in Oklahoma City and you decide to sell the property, one of the cornerstones of conventional real estate sales is the showing process which requires sellers to prepare the property to sell for the highest possible profit. That means getting the house ready by cleaning it out and doing the necessary repairs. Or perhaps you’ve thought of prepping the house, listing it as an FSBO, and selling it yourself to save the real estate commissions. You will still need to do the work, and you will also have to open the house for showings. If you are not a full time real estate agent, that may not fit with your schedule. There are many other reasons FSBO sales rarely work out in favor of the seller, such as limited marketing and a failure to properly screen buyers among them. So our next tip is to sell by working with local cash investors like those at 1-800-2SellHomes, who will buy your hoarder house, paying you a fair market value without charging any real estate commissions.
Holding Costs
Suppose you inherited a hoarder house in Oklahoma City. Keep in mind that every day you own the house you are adding you your costs. Utilities, insurance, taxes, etc all continue to add up over time. Understanding the costs of holding the property that may add a financial strain to your life. Additionally, there is the emotional cost of losing precious time with family and friends as you take on the monumental task of digging into the piles and cleaning the house. It may be worthwhile to hire professionals to take on the job. However, if you’re under a time crunch or the financial burden is too much, and you want to sell, a cash investor like those from 1-800-2SellHomes will provide you with a guaranteed closing date, with no closing costs in just days.
1-800-2SellHomes
If you inherited a hoarder house in Oklahoma City, a direct sale to a cash investor at 1-800-2SellHomes is the best tip. No matter what your circumstance, a cash investor from 1-800-2SellHomes will walk you through the process. You may have questions or concerns and they will take the time to listen to you and answer any questions or concerns you may have without any obligation to sell. After to them, you may decide you want to keep the house. That is fine, but if you’d like to know what you could profit from listing vs. a direct sale, start with a cash investor from 1-800-2SellHomes. At 1-800-2SellHomes, our policy is full transparency because we want you to feel good about working with us long after the closing. We have 1000’s of happy sellers. The cash investors at 1-800-2SellHomes will lay all the numbers on the table, detailing the expenses and profit of each sales method so you can make an educated decision about what works best for you. If you have inherited a hoarder house in Oklahoma City, why not talk to one of the cash investors at 1-800-2SellHomes today? Call 1-800-2SellHomes at (800) 273-5546.