Inherited a House in Stockton What To Do? – Should I rent or sell

December 22, 2015

We are sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.

You’re thinking, “I inherited a house in Stockton, what should I do with this house?” Should I rent it? Should I sell it? How should I sell it?

The first question that comes to mind is, “Do you live in the immediate area”? If not, the complications of ownership just become magnified.

There are a lot of options open for you and we can help. Stockton Inherited House

We’re seasoned investors in Stockton real estate, and we’re looking to buy several houses each month in the Stockton CA area. Every month we get calls from people who have inherited a house and are looking to sell the house… so the information below are some tips to help you navigate the process.

I Inherited A House in Stockton What Should I Do Next?

Here’s a few important considerations to help you make the right decision:

1) Make sure the mortgage is paid.

This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Most banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you. Either way we can help and often times for people that have inherited a house in Stockton that aren’t prepared to be landlords or property managers we can relieve the burden of owning an unwanted house.

2) Is the Property Vacant?

Vacant properties pose a unique challenge for absentee owners as you cannot simply drive by the property three times a week to make sure that everything is alright. Not only that the City and County require you to post vacant on properties your contact information in case there is a problem. Vacant houses draw enough attention let alone advertising that they are vacant. The longer the vacancy the more probable the issues that will arise including vandalism, break ins, squatting, and as a result the cost of ownership and maintenance. Did you know that vacant properties are not insurable with a standard homeowners policy and the cost of a specialized policy cost nearly twice as much?

3) The investment is only as good as the property Itself.

Properties that have lacked maintenance or have been neglected over time age faster, need more costly repairs and tend to affect other parts of the house that were at one time suffering from no issues. It is also a fact that houses that have had proper care throughout the years, garner a higher value over time. Masking or painting over problems with houses does not make them disappear, it only hides them until the next issue arises. If your house is in need of repairs it makes sense to tackle them before they become a bigger problem. Studies also show that the prettiest house on the block with get more in terms of monthly rent and will also fetch a higher sales price when it comes time to sell.

4) The investment is only as good as the manager.

If dealing with real estate brokers, property managers, maintenance issues, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you with them or it may be best to just cash out now. 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 to be prepared to manage the property and the hassles that can go along with the tenants and toilets.

5) Property ownership costs money.

It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major repairs or improvements.

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.

6) Selling a property for top dollar costs money.

If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Stockton houses for cash, as-is. Don’t let that scare you. We pay top dollar for houses and we buy Houses Stockton, CA has a vast experience in understanding property values from neighborhood to neighborhood. We buy houses Stockton will buy houses in any part of the Central Valley, in any condition and in any price range.

7) If the market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.

8) Uncle Sam wants a piece of the action.

Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There may be property and income tax consequences that will dramatically impact the cost of owning your investment.

9) Consider all 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 very simple when structured properly and our local Lodi investment experience can help you win.

10) Compare a few scenarios.

We’ll help you determine prices for any property near your neighborhood in Lodi – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs). Remember that all neighborhoods are created equal and even though the cost of the house does not determine the quality of the tenant, the damage one bad tenant can do can potentially wipe you out financially.

Just call us today at (209) 481-7780 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!

At “Westbrook REI” and “I Buy Houses Stockton“, we are the best at what we do because we work at it every day. We understand that a commitment to customer and a commitment to our business only happens with hard work. We have years of experience and a plan that we follow. We are a real company with real people that are committed to helping you achieve your goals.

We buy houses in Stockton, CA and its surrounding areas in Lodi, Woodbridge, Acampo, Lockeford, Linden, Ripon, Manteca, Modesto, Ceres, Tracy and Sacramento CA. If you need to sell your house fast in [market], call us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose, but we’d love to earn your business. 🙂

We Buy Houses Stockton, The Man Behind the Sign

I Buy Houses Stockton Introduction (209) 481-7780 We buy Houses Stockton

My name is Peter Westbrook and I am a local real estate investor and the owner of We Buy Houses Stockton and Westbrook Real Estate Investments in Stockton, California. I am NOT a Real Estate Agent or Broker and for good reason. I purchase real estate and I am NOT going to ask you to pay a commission or a fee.…I pay CASH and because I do, I can close on the day that I tell you.

For those of you that already know me or have already called me you can attest that I answer my own phone and I return all phone calls. When you call me at 209-481-7780 you are calling me on the same number that my mother and my closest friends call me at.

Get Your Fair Cash Offer: Start Below!

We WILL BUY YOUR HOUSE in ANY CONDITION! We pay CASH and you will NOT pay any commissions or fees. Fill in your information below and get an all CASH offer for your House Fast!

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What Customers Say

The City of Stockton was getting ready to tear down my old house. I was no longer able to maintain the Stockton House and after years of trying to keep up with code violations, needed repairs and vandalism, I finally called Peter

Westbrook. He came right out and told me what he could do. He contacted the city and county and even cleaned up the property before he bought it. He paid the back taxes for me and gave me an advance on the purchase of the house. Without his help I would have lost everything. I called real estate agents and other investors but no one wanted to help and no one offered to pay as much as Peter Westbrook. He completely remodeled the house and I smile every time I go by. Thank you Peter.

Leonard S

We inherited our parents house with one of our brothers living there . The property taxes had not been paid and it was in Tax default. We called Peter Westbrook and he found that the title was still in our parents name, so the Stockton House never went through probate. Peter also found that there was an old auto loan that had a lien on the

title and an old bankruptcy ruling to take care of that lien had never been filed with the courts. Peter handled everything including paying the back taxes, paying for the hiring a Probate Attorney and filing the probate and paying for and hiring a Bankruptcy Attorney to finalize the removal of the lien. He was patient, understanding and he took care of everything including evicting the tenants that were living in the house. We talked to real estate agents and other I buy house people. None of them had the answers for our situation. Without peter we would have lost everything. We got paid cash.

Steve H

We inherited my parents Stockton house with a mortgage. We decided to rent it out. The tenants destroyed the house. I didn’t know what to do, I didn’t have the money to fix it and the city had already issued code violations.. I called an “I Buy Houses Stockton Sign” on a telephone pole and Peter Westbrook answered. In 4 days he paid the bank and bought my house. We would have lost everything if it weren’t for Peter Westbrook.

Mike B

I inherited my mothers house with a mortgage. When my husband and I lost our jobs, we got behind in payments. Then the Bank posted a default with a auction date we didn’t know what to do.

We didn’t have the $15,000.00 and we only had two weeks to do something. We called Peter Westbrook and form the beginning he was confident he could stop the bank. Within 4 days he bought the house with cash, paid off the bank and stopped the Foreclosure. Without Peter we would have lost everything.

Brenda T

I saw a sign on a telephone pole and against my better judgement I called. The last thing I expected was a person answering the phone. I was surprised, Peter Westbrook answered the phone. I had a lot of questions and Peter had the right answers. My mother needed to get as much as possible out of the house and we had talked to several real estate agents and they all wanted to sell it cheap and wanted a 6% commission. They all told us unless we put thousands of dollars into it could not be sold for what we wanted. Not Peter. He made a fair cash offer and since then we have sold him another house. Peter and the title company handled everything. I couldn’t be happier and I would recommend Peter Westbrook to anyone.

Cathy W

I needed to sell my Stockton House. I called a phone number I saw on a sign and talked to Peter Westbrook. The City of Stockton said that they were going to take away my vacant Stockton house, knock it down and send me the

bill to do it. I did everything that I could to try to make them happy. A neighbor offered to buy the house and then Peter offered me twice as much. He did everything he said he would do and I just had to go to the Title Company and sign the papers. He did all of the work and now the City of Stockton is his problem. Thank you Peter.

Ann C

I inherited my Fathers Stockton house. The front porch was falling in, the walls had holes from being vacant and vandalized. The City of Stockton fined us, red tagged the property and forced us to put on a new roof so we had to get loans and we still couldn’t rent it out.

I called one of those “I Buy Houses” signs and Peter Westbrook came out and made a cash offer. The House closed escrow and we got our money for a house we though was worthless. Thanks Peter!”

Broderick R.

“Our Grandfather passed away and my brother, sister and I inherited his Stockton house. He was a junkman and hoarder. He was also 90 years old and had not made a repair to the house in years. He had garage sales almost every day. The house and the yard were full of junk. We tried to get everything out so we could just see the house. We had family and friends come over on the weekends but the cost and effort was consuming all of our time.The house was a mess.

I called Peter Westbrook and he made us a cash offer for the house and he said he would take care of all of the clean up. Thank God I called. The City had issued code violations and fines on the property and even before we closed escrow Peter and his crew had the house and yard cleaned (4 large Dumpsters later) . I recommend Peter Westbrook to anyone that has a problem house. They were fast and professional”

Connie J.

“I had tried to sell my Mothers Stockton house for two years. Realtor’s told me to tear it down. I didn’t have the money for that and my Brother and his family were living there. Peter Westbrook made me a cash offer and closed escrow with my brother still in the house. Peter Westbrook is my savior. I don’t have to worry about the house any more. If you have a Stockton house that has become a burden and you don’t have the money to fix it to sell it, call Peter Westbrook.”

Rosemary R.