What To Do With Unwanted Inherited Property in Colorado

Inheriting a property feels like a financial windfall at first, but for many, it quickly becomes a burden. Managing an inherited home can be overwhelming, especially if it requires costly maintenance, is tied up in probate, or comes with financial obligations like unpaid taxes or a mortgage. Many heirs find that selling is the best option. Selling for cash provides a hassle-free solution for those who want to avoid the complexities of the probate process and ongoing homeownership expenses. If you would like to speak with a respected and transparent cash home buyer in Westminster and the surrounding Denver area, contact OOAK Homes today.

Guide to the Probate Process in Colorado

What Is Probate and When Is It Required?

Probate is the legal process of transferring a deceased person’s assets to their heirs. In Colorado, probate is required if the estate is valued at more than $74,000 or includes real estate that is not jointly owned. If the deceased left a will, the court ensures that assets are distributed according to their wishes. If there is no will, Colorado’s intestate laws determine how property is divided among heirs.

How Long Does Probate Take in Colorado?

Probate timelines vary, but in Colorado, the process typically takes six months to a year. However, if the estate is contested or there are multiple heirs with conflicting interests, the process can drag on for much longer. During this time, the property must be maintained, and heirs remain responsible for taxes, utilities, and other expenses.

Do You Have to Keep an Inherited Home During Probate?

In many cases, heirs can sell an inherited property while it is still in probate, as long as they obtain court approval. If the home is jointly inherited by multiple parties, all heirs must agree on the sale. Selling during probate allows heirs to liquidate assets and avoid ongoing financial responsibilities. We can help you navigate this process if you would like to get out from under a complicated property – call us for a cash offer within 24 hours on your house.

Problems With Unwanted Inherited Property

Property Taxes and Maintenance Costs Add Up

Owning a second home means paying property taxes, utilities, and insurance. Even if the property is vacant, these costs continue to accumulate. If taxes are not paid, the county may place a tax lien on the property or even initiate foreclosure proceedings.

Disputes Between Heirs Can Delay a Sale

When multiple heirs inherit a property, disagreements about what to do with it can lead to legal battles and costly delays. Some may want to sell, while others may want to keep the home. These conflicts can stall the probate process and create unnecessary financial strain. In many cases, the option to have cash in hand within a week (and the property no longer your concern), diffuses all of the tension very quickly.

Repairs and Renovations May Be Necessary

Many inherited homes require repairs or updates before they can be sold on the traditional market. Outdated plumbing, roofing issues, or structural problems can cost tens of thousands of dollars to fix. If the home has been vacant for an extended period, it may have deteriorated significantly, making it difficult to attract buyers.

What If the Home Has a Mortgage or Debt?

Some inherited properties come with existing mortgage payments, unpaid property taxes, or liens. Heirs are responsible for these debts, which can make holding onto the property financially unfeasible. Selling the home may be the best way to resolve outstanding debts and avoid foreclosure.

What Are Your Options for an Unwanted Inherited Home?

Move In and Keep the Property

Some heirs choose to move into the inherited home. While this may be a good option for those looking for a new residence, it also means taking on the financial responsibilities of homeownership, including taxes, maintenance, and any remaining mortgage payments.

Rent It Out – A Good Investment or a Headache?

Turning an inherited home into a rental property can provide passive income, but it also comes with challenges. Managing tenants, making repairs, and keeping up with landlord obligations require time and money. If the property is in need of major updates, renting may not be a feasible option.

Sell the Home Through a Realtor

Listing the home with a real estate agent is an option, but it requires time, effort, and money. The home may need renovations to attract buyers, and the process of finding the right buyer can take months. Additionally, agent commissions and closing costs will reduce the final payout.

Sell for Cash and Skip the Hassle

Selling to a cash buyer like OOAK Homes is the fastest and simplest way to offload an unwanted inherited property. Cash buyers purchase homes as-is, meaning there is no need to make repairs or stage the property. The process is quick, often closing in as little as seven days, allowing heirs to resolve financial obligations without stress.

How OOAK Homes Helps With Inherited Properties

We Buy Homes in Any Condition – No Repairs Needed

Inherited homes often need updates, but OOAK Homes buys properties as-is. There is no need to worry about renovations, inspections, or staging. We handle everything, allowing sellers to move on quickly.

We Work With Probate Attorneys and Handle the Paperwork

Probate sales can be complex, but our cash home buyers have experience working with probate attorneys to streamline the process. We take care of the legal details, ensuring that heirs do not have to navigate complicated paperwork alone.

Get a Fair Cash Offer in 24 Hours

Instead of waiting months to sell, homeowners can receive a no-obligation cash offer within 24 hours. Our offers are competitive and based on local market data, ensuring a fair and transparent transaction.

Avoiding Common Pitfalls When Selling an Inherited Home

Don’t Let Property Taxes Go Unpaid

Unpaid property taxes can result in penalties, interest, and even foreclosure. Selling quickly allows homeowners to settle debts and avoid further financial complications.

Avoid Scams and Lowball Offers

Some “we buy houses” companies prey on heirs who are unfamiliar with the selling process by making unfairly low offers. OOAK Homes provides transparent pricing and fair market offers to make sure sellers get a reasonable deal. You don’t need to call the phone numbers you see on signs in the ground and stapled to telephone poles when you have OOAK Homes in the area to help.

Be Aware of Capital Gains Taxes

Inherited properties may be subject to capital gains taxes if they appreciate in value before being sold. However, selling quickly can minimize potential tax liabilities. It is advisable to consult a tax professional to understand any financial implications.

Sell Your Inherited Property in Colorado – Get Started Today

If you have inherited a home and do not want the financial burden of maintaining it, selling quickly for cash may be the best option. OOAK Homes helps homeowners throughout Colorado, including Denver, Thornton, Boulder, and Colorado Springs. We provide a fast, stress-free selling process with no commissions, no repairs, and no hidden fees. Contact us today for a no-obligation cash offer and take the next step toward resolving your inherited property concerns.