It can be costly owning and managing multi-family units, or even a single-family home that’s a rental, especially if your property is located in a pricey California County, like Orange or Sacramento. And, it’s not just your funds that may flatline—precious time and energy can get depleted as well. But as a California landlord, selling rental property can be an equally challenging prospect if you’re trying to sell the property with tenants in residence, the road ahead of you may prove to be that much more difficult. Still, you have a couple of options for selling when you’re tired of being a landlord and it’s time to get a property off your books. Which one works best for you will depend on how easy you need the sale to be.
Going through probate is often lengthy and confusing, full of legal procedures and unclear rules. And, when it’s over, you end up with a property that you may not know what to do with or even want. Perhaps the inherited house is far away from your own home, needs costly repairs, or has to be divided between multiple family members. Whatever the case, it seems the best solution is to sell as quickly as possible. But can you?
The good news is that if you are inheriting a house that you would prefer to sell rather than own, you often can. But selling a house before probate is granted is different than a usual real estate sale, so you’ll need to be smart about how you go about it. You may be able to find a qualified real estate agent to help you get it sold or perhaps even do a ‘For Sale by Owner’ deal. Either way, you’ll have to navigate certain rules, which might be challenging. Let’s take a look at your options—including one that you might not have considered before.