My cousin and I inherited 5 homes and we don't know what to do with all of them. We got thrown into this thing

Asked by Andre Greene, 40204 Thu Oct 2, 2008

and just kind of know the real estate business. We maybe could keep 1 or 2 of them and sell the others cheap and fast. How can we sell them quickly? I know the market is not the best so we may even do a buy 2 get one free deal to expedite things... any advice?

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8
Keith Sorem, Agent, Glendale, CA
Thu Oct 2, 2008
Andre
I recommend obtaining some wise counsel from experts in your area. There will be questions that need answers, particularly tax implications, so discussing your options BEFORE you act with a CPA and a probate attorney would probably be a wise idea.

Good luck!
1 vote
Bill Dunn, Agent, Paducah, KY
Thu Oct 2, 2008
Personally, if I got 5 homes for free and they were in good condition, I'd consider renting them out at least until the market improves. With the market being the way it is there are tons of people looking for rental homes.
1 vote
Tre Pryor, Agent, Louisville, KY
Thu Dec 11, 2008
Wow! While a lot to consider, it's still a great position to be in.

First thing is to find some professional advice from someone you can trust. All the variables involved will dictate the best course of action in our current market.

I wish you all the best!
-Tre Pryor
Web Reference:  http://www.trepryor.com/
0 votes
Bonnie Best, , 40330
Sun Oct 5, 2008
Hi.. I am a 45 year old grandmother raising 4 young grandbabies and still have a preteen daughter at home. We rent a small home-overcrowded.. People lucky as you are should be grateful and maybe donate one to a truely needy family such as my own.. This would be a logical answer and one gracious thing to do with one of your "extra" homes.
0 votes
Patricia Win…, Agent, Lexington, KY
Thu Oct 2, 2008
Talk to an auctioneer. You may check with real estate companies. Paul Seminon in Lousiville does autions.
0 votes
Ty Brown, Agent, Lexington, KY
Thu Oct 2, 2008
Looking beyond that fact that apparently a loved one died to inherit the homes (sorry for your loss) it sounds like a good problem to have, to own 5 homes and need to do something with them. However selling them cheap just to be selling them is probably not the best option when all the ramifications are considered. Mainly TAXES. Personally I would probably keep them and rent them and get a steady monthly income, but first you need to determine the tax and legal implecations. Then determine the value of the properties,l use a good local Realtor to hep you do this, and they can always assist you with appraisals or price opinions and possibly help with property management services or reccommend someone that can. However be prepared that owning any home has costs involved, property taxes, insurance, maitenence issues, etc so selling one or tow may be something to consider if the taxes would not kill you that is. Again consult an attorney, CPA, and a Realtor, Probably in that order.
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Oct 2, 2008
Contact an attorney where the homes are transferred title in your names, or a corporate name. Sorry to hear about your family member, however comp the homes, determine if you can sale the properties. Are they paid for OR have outstanding mortgage? If so what is the equity. Are there liens on the homes? Few things to take inconsideration. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference:  http://www.lynn911.com
0 votes
Joe Hayden, Agent, Louisville, KY
Thu Oct 2, 2008
My advice is to call me directly so we can discuss your exact situation. You provided a good overview of what you are dealing with, but I have too many questions to write that would help me give you the best advice possible. This is a free consultation...502-641-3776.

Take care,

Joe
0 votes
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