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

1201 N Garfield St #909

OPEN SUNDAY 9/27 @ 12PM - 2PM! Stunning 2 bedroom/2.5 bath upper floor unit with 1487 sq ft. One of the larger layouts in the building, and features gleaming hardwood floors, high ceilings, and a separated bedroom layout. This corner unit offers huge windows and a plethora of natural light. The open living, dining, and kitchen spaces provide an inviting layout, yet are separated from the unit's entrance by a small hallway that ensures privacy. The living area features a gas fireplace in the living area, perfect for relaxing or entertaining. The kitchen features granite counters, stainless steel appliances (with gas range), a breakfast bar, and plenty of cabinet/storage space. The owner's suite features a spacious walk-in closet, 2nd closet, and expansive bathroom with a soaking tub, standing shower, and large vanity with additional storage. The second bedroom also provides ample space for a guest room or home office and includes an ensuite bathroom with a larger vanity and shower. Half bathroom located off the hallway. Other amenities include: 1 Reserved Parking Space & large storage space included. Condo fee includes trash, sewer, and hot water! Zoned to Dorthy Hamm Middle School (2019). Station Square amenities include an Outdoor Pool, Community/ Party Room, and on-site professional management. Minutes to the heart of Clarendon with plenty of restaurants and retail! The building is VA approved! [Clarendon - $849,900]

2360 S Arlington Ridge Rd

***Price Reduced*** Amazing House Ready to be Made a Home! Contemporary Addition on top of an Updated Rambler on .22 Acres. Gated, Fenced-In Yard with Front Patio. New Front Door Opens to a Cozy Family Room with Wet Bar and Wood Burning Fireplace Perfect for Entertaining. First Level has Bamboo & Hardwood Floors, 3 Bedrooms and 3 Full Bathrooms. Separate 1 Bed, 1 Bath can be a Great In-Law Suite. Second Floor is an Open Concept Kitchen/Dining/Living Room with Hardwood & Stone Floors, 9 Ft Ceilings and Tree Views Through Large Contemporary Windows. Kitchen has a Bertazzoni Stove and Range Hood, Granite Counters, Stainless Steel Appliances and Cherry Soft-Close Cabinets. New Sliding Glass Door off Living Room Opens to a Large Deck with Outdoor Fireplace. Deck has a Natural Gas Line for a BBQ or Future Outdoor Kitchen. Spacious Owners Suite on Its Own Level has a Walk-In Closet and Private Bath. New Washer/Dryer, Dishwasher, Wine Fridge. Home has an Architectural Shingled Roof and Hidden Brick Shed in back. Nestled Between 2 Cul-de-Sacs on 24th St S for Easy Parking off of First Level or on the Paver Driveway off the Deck for Quick Upstairs Access. Whole Home Generac Generator so You'll Never Know if the Power Goes Out. 13 Month Home Warranty Included. Close to Parks, Shops, Four Mile Run, Pentagon City, Metro, I-395, Rt 1. [Aurora Hills - $1,055,000]

4835 Little Falls Rd

Beautiful NEW Construction!JUST BUILT 2020! MOVE-IN NOW! In the heart of N. Arlington. Fabulous open layout with high-end fixtures & finishes throughout. White gourmet kitchen with large island opens to family room & breakfast room leading to screened porch. Beautiful master suite. The fourth level loft is complete with a full bath for guests, studio or office. Fully finished basement with media room, rec room, bedroom and full bath. Wood flooring throughout all levels. Shows fabulously! [Rock Spring - $1,695,000]

1001 N Randolph St #1008

Can't beat the view from the balcony! Great 1BR unit in Eastview at Ballston! 1 block to Ballston metro, Ballston Quarter and so much more. Top floor corner unit w/balcony and nice view; Kitchen w/ granite counters, SS apps, great cabinet space. Newer windows and sliding glass door. Newly renovated gym, outdoor pool, biz center, on-site management, Pets OK. Great garage parking space #160. Community offers great outdoor pool, gym and on-site management. Easy access to I-66 and Rte-50. [Eastview At Ballston - $395,000]

2518 N Columbus St

LOCATION! LOCATION! Charming 4 bedrooms and 3 full baths is move-in ready! The property is featured on a corner lot with a flexible floor plan and lots of curb appeal. Screened Porch for all seasons located off of the Living Room and Dining Room. Interior includes hardwood floors, original vintage hardware, large closets and storage space. Lower level includes hardwired surround sound throughout along with Bedroom 4 and Den/ Office. Professionally designed landscape with sprinklers for garden and window boxes; flagstone walkway and front stoop. Beautifully updated exterior with roof and copper gutters. Ideal Arlington location, close to Ballston, Clarendon, Lee Heights shopping, Interstate 66, Route 50, and George Washington Parkway! [Country Club - $998,000]

6708e Lee Hwy #E

LOCATION, LOCATION, LOCATION! CHARMING "GEORGETOWN TYPE" SETTING WITH RECENTLY COMPLETED METRO SERVICE TO DULLES AIRPORT AND TYSON CORNER ONE BLOCK AWAY. ABUNDANT PARKING (PLUS ONE ASSIGNED). ALL THE ADVANTAGES OF "CITY LIFE" IN THIS LOVELY SUBURBAN-LIKE SETTING. Located between Lee Highway and Washington Blvd. and a block from Rt 66, a terrific commuter location. Lower Level is walk out (with french doors to brick enclosed patio ) a finished family room with wet bar , wood burning fireplace, full bath & third bedroom, laundry and utility room. The Main Level has kitchen, half bath, living/dining room combination and french doors to balcony. The second level consists of 2 bedrooms, one full and two half baths. The third level with connecting staircase awaits your imagination . . . large unfinished floored area with window. [Laurel Mews - $675,000]

880 N Pollard St #921

GREAT NEW PRICE! - This 9th floor 1 bed + Den in the heart of Ballston offers flexibility for a variety of needs, while also providing easy access to Ballston Quarter, Ballston & Virginia Square Metro Stations, Ballston Farmers Market, and much more! Building amenities include concierge front desk service, party room with patio + grill acces, pool with additional grill access, fitness room, game room with pool table & poker table, multiple conference spaces for business meetings, and a “theatre” room with projection screen and theatre seating! This unit is ready to meet many different needs with a den that could be used as an office, a second bedroom, storage for/use for a hobby, and more! 2 DEEDED PARKING SPACES are also ready to provide a variety of options… Use one/rent one. Store an alternate vehicle. Sell one. It’s up to you! The unit also offers an updated bathroom, updated lighting, new carpet in the bedroom & den, plus in unit washer/dryer (replaced in 2014). Come see this fantastic condo for yourself! OPEN SUNDAY 9/20 from 1-4pm - For your safety Open House check-in will be in the lobby club room, one group at a time will be permitted into the unit. [Ballston 880 - $465,000]

855 N Harrison St

Life has its rewards and many of them are right here at 855 North Harrison Street. Whether you are inside or outside the recipe for fine living is found here. This 1940 Cape Cod home has doubled in size with an expansive 2-story addition to include an entertainer's kitchen, (stainless steel appliances, 2 ovens, center island), a family room plus a casual dining area that overlooks a MAGNIFICENT fenced yard. I am not exaggerating, if you are looking for a real back yard...flat, private, room for a pool, place to play ball, al fresco dining patio, grilling station, consider this one. It is fenced with mature landscaping and landscape lighting, an underground irrigation system plus extensive hardscape. Unsurpassed! Back to inside where you will find a formal living room with wood burning fireplace, a formal dining room and a home office...all part of the original home. Upstairs are 4 BIG bedrooms, with custom built-ins and custom closets. The primary bedroom with spa bath has a large walk-in closet. Quality for years to come. The recently remodeled lower level is the place for movies and relaxing. New half bath and storage galore. Some popular features are: the laundry room is on the main level, there are shutters and blinds throughout the home, there is an alarm system, the driveway is a very pretty concrete aggregate . All this and metro accessible as well. Gem of a home!! The BLUEMONT neighborhood has just been voted one of the best places to live in Virginia! [Summit - $1,379,000]

2600 16th St S #694

2-level townhome/condo in Arlington Village Courtyards - washer/dryer in unit, wonderful rear deck. Nice modern Kitchen w - 4 Burner Gas Stove, Microwave, Dishwasher and Fridge with Ice Maker - Separate Exhaust Fan built into the wall (direct out-door exhaust) New Roof and re-built foundations completed last year - May 2019. Pretty Parquet wood floors on main level - Nice large rear Deck that leads to sweet/green space! Extra Storage (5' X 5') closet in nearby building. Gleaming wood floors on the 2nd level - 2BR's (1 Large, 1 Medium!) and good closets (including Linen Closet in Hallway) - Bath on 2nd Floor; Stellar location with abundant amenities nearby - Celtic House Pub, Bob & Edith's Diner! Starbucks, Lido's Pizza, Arlington Cinema Draft etc. complemented w/ wonderful Verdant Setting - Great for all of your Outdoor Activities - and the lovely deck off the back of this home is SOOO relaxing! (Big enough for 2 Grills and a table for six!) Not to mention the lovely veggie garden just behind the deck! Gorgeous Courtyard setting - perfect home for Covid Isolation & Communion with Nature! With interest rates so low, you can't afford not to invest in yourself! ( Amazon is literally right around the corner! PRIME! ergo = great upside investment potential!) Pets welcome! Less than 10 minutes to D.C. and The Mall - same for National Airport! Hop/Skip and you are there! [Arlington Village Courtyard - $400,000]

2101 N Monroe St #214

Gorgeous Sun-Drenched Corner unit with 2 Garage Parking Spaces and Washington Monument View! 2nd Bedroom could be perfect for a home office! Conveniently located right across the street from Safeway, less than a mile to Ballston Metro * Secure entrance, gourmet kitchen, hardwood floors, walk-in closets, tons of natural light thru corner window-line overlooking the courtyard terrace* Socially distance yourself on the enormous, private courtyard terrace with outdoor summer seating and BBQ grills! Bus line out front, Custis Bike Trail into DC, blocks from Italian Store and Starbucks, & I-66 just 1 Traffic light away! This condo has it all! [Dominion Heights - $529,000]

 

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Charity W.

View posts by Charity W.
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.