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Real Estate
Reply to "Inheriting a mortgaged property"
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[quote=Anonymous]I think she can disclaim it if she doesn’t want it. No one can force you to inherit something. So for instance, if it’s unlikely getting a tenant would make it worthwhile to hold onto as an investment property and it’s such a new purchase that realtor fees may eat up any equity in the condo, then I would tell the estate no thank you. I personally don’t want to be a landlord and would not want to inherit a condo during a pandemic (it’s a renters’ market right now in most cities). The fact it’s a new purchase with a sizeable mortgage makes me think the juice might not be worth the squeeze in inheriting then selling it. What is your friend can’t sell it right away and ends up with sizable carrying costs? I get the Aunt was trying to be nice, but what a mess. She should talk with an estate attorney.[/quote]
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