4 Steps To Take If You Inherit Real Estate Property In Arlington

You are grieving for a loved one who just died, then you learn that you’ve inherited some property in Arlington–perhaps the house that the deceased lived in. What do you do?

2400 ROOSEVELT ST, Arlington VA, 22207
House with wide front yard

Here are four specific steps that you’ll need to take if you inherit real estate.

Step 1: Meet with a probate attorney

The first thing you should do when you learn that you’ve inherited property is to meet with a probate attorney who has assumed the various rights and responsibilities associated with the property. By doing that, you will be able to asses the full picture of what you’ve inherited.

“Find out if there’s back taxes, liens, HOA dues, or other liabilities you’ll be assuming,” says Nate Smoyer, director of marketing at Avail. “Find out if there are any specific covenants regarding the property and its future use.”

Step 2: Hire a property inspector
Experts recommend treating the inherited property as you would a real estate purchase. Before buying a house, you would have it inspected. You should also do the same with a home you inherit.

“This usually costs between $400 [and] $600, but it could save you a lot of headaches,” says Smoyer. “Oftentimes, a real estate agent can be a great source for finding a recommended inspector.”

Step 3: Find out if there are any obligations attached to the property
Ideally, the inherited property will be paid off, but this may not always be the case. Real estate attorney Adam Gutin says learning of any obligations on the property—including mortgage payments—is key.

“When a person inherits property, they are naturally going to want to know how much it is worth,” he says.

“However, the other question she should ask promptly is whether there are any ongoing or imminent obligations that need to be performed with respect to the property, such as payment of assessments or property taxes, or landlord-related obligations.”

While a family member or representative from the estate will usually have these answers, you may also need to hire professionals such as a real estate broker, property manager, or real estate attorney to help.

Step 4: Decide whether to sell or keep the property.
Now that you have all the information, you’ll need to decide what to do with the inherited property.

“Determine the property’s current market value for both renting it and selling it,” Smoyer says. “Inheriting a property can give you a significant boost in building long-term wealth. It may be tempting to sell off, but consider the long-term cash-flow potentials if you were to rent it out. Talk through your options with a trusted local real estate agent.”

Experts say that most people who inherit real estate ultimately opt to sell.

Terrence Freeman, an attorney with the South Florida firm Nason Yeager, says that’s because many beneficiaries don’t want to take the time and money to maintain the property.

In cases where several people jointly inherit property, there’re three basic options to follow. First, you can opt to keep the property and own it together. Second, one person can buy the other(s) out and take full ownership. And finally, you can sell it and share the profits.

Experts agree that the third option usually prevails.

Properties in Arlington County

3707 Kemper Rd

Well cared for, Close to Shirlington, 3br 2ba, new backsplash, private backyard with shed, generac system conveys. nice house show and sell. [Fort Barnard Heights - $499,000]

5413 5th St S

Gorgeous remodeled home on a quiet street in the popular Glencarlyn community! Updates throughout on three finished levels. Spectacular master suite with vaulted ceiling and loft storage, private renovated bath and walk in closet. Two other generous sized bedrooms and renovated hall bath. Main level features an open floor plan with a wall of windows in the living and dining room. Eat in kitchen with custom cabinetry and updated appliances. Private family room off kitchen with vaulted ceilings and skylights with deck and spiral staircase to lower level. Fully finished lower level with 4th bedroom (currently set up as an office), full remodeled bath, finished laundry room, wine closet, and rec room with level walk out entry. Private patio. Adjacent lot next door can~t be built on to so there is extra privacy. Steps away from Glencarlyn park, with bike trails, nature center, picnic areas and playgrounds. Easy access to Rt. 50 and close to Ballston. This is a turnkey home with special features! [Carlin Springs - $950,000]

913 N Longfellow St

Totally Turnkey Home on Premium Lot! Updated and renovated 3 bedroom, 2 full bath Colonial in North Arlington's convenient and popular Dominion Hills neighborhood. Enjoy 1,800 square feet of interior living space, gleaming hardwoods, sweeping living room with fireplace, separate dining room, replacement windows throughout, an on-trend stainless, granite kitchen with crisp white cabinetry, and a gorgeous "Case Contracting" high-end basement remodel complete with rec room, full bath, laundry, utility room and cheerful daylight exposure. Sited on an exceptionally large 8,271 square foot cul-de-sac lot with extensive backyard patio, this yard offers plenty of room for pets and play or possible future expansion of the home. Option to buy owner's Dominion Hills pool membership will be available to new owner-attractive because per the owner, there is currently a 5 year waiting list for new memberships. All conveniently located close to the bike trail, less than a mile to wonderful Westover Village, and just 1.3 miles to EFC Metro. [Dominion Hills - $825,000]

5037 N Carlin Springs Rd

DON'T MISS 3D VIRTUAL TOUR: https://my.matterport.com/show/?m=RDVY5VkzfcK&brand=0 and [VIDEO TOUR AVAILABLE]. Turn-Key SFH <1 mile to Ballston Quarter + METRO. Amazing N ARL location in Bonair neighborhood. All brick w/ 5 beds and 2 full baths. Greeted by a classic front door and perfect cubby/closet space for shoes and jackets. Living/Dining combination filled w/ natural sunlight from 3 walls of windows and hosts a wood burning fireplace. Great kitchen on the back side of the property w/ sink overlooking the yard. Enjoy the kitchen as it is or open and expand - inquire for plans! HW floors, new light fixtures and fresh paint throughout the main level, which also hosts 3 bedrooms and 1 updated bath w/ tub. All 3 beds feature ceiling fans and spacious closets. Additional storage in attic. Lower level has 2 beds, 1 updated bath, rec room, separate laundry room, and great storage. Recessed lights, fresh paint and carpet throughout lower level. Walk-up access (from the basement) to the flat, fully-fenced backyard. Enjoy summer nights outback w/ room to play, grill, garden and more. Driveway fits 2+ cars. Venture to the action in Ballston Quarter, Bon Air Park, Lubber Run Community Center (Coming Soon), Bluemont-Junction Trail, Pupatella and all that Arlington has to offer! **VIRTUAL Open House 4/2 from 4-6 PM. Schedule your 15 minute tour here: https://calendly.com/katie-fassresults/4-2-virtual-open-house-5037-n-carlin-springs-rd** [Bon Air - $725,000]

1021 S Barton St #106

Completely updated 1 bedroom/1 bath in the sought after Arlington Village neighborhood. Beautiful hardwood floors, nicely painted, updated kitchen, stainless steel appliances, brand new washer & dryer, deck off the kitchen. Quiet courtyard. Close to Penrose Square restaurants and shops, DC, Pentagon, major highways, new Amazon's HQ2, and much more. [Arlington Village - $318,000]

1881 N Nash St #712

Modern retreat offered fully furnished and accessorized! This turnkey 2 bedroom, 2 bath open floorplan set on the tranquil North corner of the building is in mint, move-in condition. Step out of your private elevator and experience soaring 9 foot ceilings, abundant natural light, and high-end finishes. The gourmet eat-in kitchen features Snaidero cabinetry, granite counters, Sub-Zero and Miele appliances. The expansive master suite with sitting room features a spa at home, with marble bath and deep soaking tub. A vast terrace will impress your guests with city & partial river views and offers a variety of opportunities for both entertaining and relaxation. Some of the many upgrades include Lutron lighting, backlit tray ceilings, motorized shades, built in shelving, custom draperies and designer light fixtures. Turnberry Tower is known for its superior amenities, including 24-hour complimentary valet parking, concierge, all-season pool, movie theater, and health club with yoga studio. [Turnberry Tower - $1,400,000]

1881 Nash St #409

Wow, now$70K below the last 09 Tier unit sold! Private elevator transports you to this light and bright home. Step inside and appreciate the airy feeling of 9' ceilings and the open floorplan. Greet and entertain your guests in grand style. Warm hardwood flooring throughout this spacious living, dining and kitchen areas compliments the Snaidero cabinety, granite counters and high end appliances. As the weather warms, step out on the huge tiled balancony and enjoy the city lights and glimpses of Georgetown and the Potomac River. The master bedroom has two walk-in closets with cutom cabinetry, custom lighting, balcony access and a lux master bathroom with large shower, soaking tub, and double sinks. Outside, you are walking distance to Gerogetown, the metro and all that Rossyln has to offer. Don't miss your chance to enjoy luxurious urban living. Valet parking for you and your guests and separate storage unit too! [Turnberry Tower - $1,155,000]

1400 S Barton St #431

Welcome home to this brick two-level townhome in sought after Arlington Village. This 2 bedroom, 1 full bathroom features hardwoods throughout main and second floor, renovated gourmet kitchen with gas cooking, tile floors that open to a dining room and rear deck that faces to a common area. This floor plan brings in lots of natural light. Brand new washer & dryer in unit. Two parking passes, one is a flex pass and the other is a permanent parking pass. Enjoy Columbia Pike within minutes to shops and restaurants like Arlington Cinema and Drafthouse, The Celtic House Irish Pub, restaurants, and more. Army Navy Country Club located across the street. Get in while you can before the Columbia Pike revitalization is complete! Farmers Market, Blues Festival, Movie Nights, Paws on the Pike are just a few of the programs and events in "Arlington's Oldest & New Main Street." Arlington Village a charming example of historic garden-style condominiums large wooded area, known by residents as "the ravine" a certified Natural Wildlife Habitat. Minutes from DC, I-395 this is a commuters dream. [Arlington Village - $439,000]

2746 Fort Scott Dr

JUST LISTED IN SOUGHT AFTER AURORA HILLS NEIGHBORHOOD*STATELY ALL BRICK HOME ON BEAUTIFUL 10,000+ sq ft FLAT CORNER LOT LOT*THIS HOME HAS BEEN RENOVATED TO PRESERVE THE CHARM AND ADD TODAY'S STYLE AND LUXURIES*GOURMET WHITE KITCHEN WITH ISLAND AND STAINLESS STEEL APPLIANCES* FOUR BEDROOMS; INCLUDING A MAIN LEVEL ENSUITE* THREE FULLY RENOVATED BATHS WITH HARDWOOD FLOORS ON MAIN AND UPPER LEVELS* RECESSED LIGHTING HAS BEEN ADDED THROUGHOUT THE HOME*FULLY FLOORED ATTIC LEVEL WITH WALK UP STAIRCASE*NEWLY RENOVATED SCREENED SUN PORCH*BEAUTIFUL REAR BRICK PATIO WITH LARGE PERGOLA*THIS HOME HAS BEEN METICULOUSLY MAINTAINED AND CARED FOR* WONDERFUL NEIGHBORHOOD CLOSE TO FORT SCOTT PARK, CRYSTAL CITY, PENTAGON, NATIONAL AIRPORT, POTOMAC YARDS, I-395 AND SOON TO BE AMAZON HQ* A SMALL PARCEL OF LAND IS INCLUDED IN ALE TAX ID #37-021-193. [Aurora Hills - $1,199,000]

1107 S Walter Reed Dr #304

Rarely available, better than new 2 bedrooms 2 bath condo on Walter Reed. Just steps from shopping, dining and nightlife and transportation. Only 4 minutes to the Pentagon, 9 minutes to National Landing/Crystal City/Amazon HQ 2, 6 minutes to Shirlington, dog park. Custom window treatments ($4k) throughout, assigned parking and bike storage. Top floor, windows on 3 sides, only one side of the condo has adjoining neighbors. Lots of light! Hardwood floors, plenty of storage and closet space, 8 closets. There is a 15-foot hallway leading to the home, like a penthouse. Media wiring throughout home, including both bedrooms. Beautiful views, close to the action but far enough away to be quiet and relaxing. The closest bus stop is 300 ft. away, just steps from the home. [Columbia Place - $689,900]

 

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Charity W.

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Charity W. is a professional and skilled writer with a diploma in Mass Communication. When she is not glued to her computer screen, Charity spends her time reading, traveling, and watching movies. She is an expert on Arlington Virginia and keeps current with local events and occurrences.