Is there a way to get out from under an inherited house that has no or little value?
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Is there a way to get out from under an inherited house that has no or little value?
A friend has inherited a home from a family member. The home has little
value in it’s current state and my friend does not have the capital to
bring it up to market value. My friend would like to get out from
underneath the financial burden of this property. There is also a lot
attached to the property that would require significant investment to
make it marketable. Thank you for any advice that may be useful in this
situation.
Asked on September 25, 2018 under Estate Planning, Indiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If he had not taken transfer of the property, he could have "disclaimed" or refused his inheritance and would never have become the owner. But you seem to indicate that it was transferred into his name; if so, there is no way to get from under the house other than to sell or gift it to someone (and a gift must be accepted; you can't force someone to take it). Someone has to voluntarily take the home off his hands; he is the owner and therefore liable for it until someone does. Even if it has little value, he may wish to sell it "as is" for whatever it will bring in, as being the easiest, quickest away to "get out from under" the home.
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