Advice on selling inherited home

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#1 Sat, Jun 18, 2011 - 8:59pm
Joined: Jun 14, 2011

Advice on selling inherited home

I'm hoping that I can receive some advice from the folks on this board as I have benefited much from all of you.

I have my parent's house, who both have passed on, 2008 my mom passed away. I have been holding on to the house since then and feel I would like to sell it now, look for another home of lesser value or hold on to the money from the sale until a year or two in which I feel the market will go down a bit more. In the area now, the market is pretty full of short sales and foreclosures, so if something were to come up, I could purchase.

My husband and I, mid 50s, still have a 30 year mortgage to pay on our own home and would like to sell that as well and have a debt free home to live in.

The home we have a mortgage on is an old farmhouse. We have very nice veggie gardens/chickens, etc on 4 acres. Would purchase the same type setting with the profit of my parent's home sale.

I was pondering over putting some of the money of the sale of my parent's home into physical and some fiat in the bank a/c; not sure of the ratio just yet. Don't want fiat in a bank over the next year or two.

Would appreciate thoughts/comments on how to handle the cash *if* we sell my parent's home. hold out for a while yet before looking for another home in which we could pay for with cash.

Edited by: oldtimegal on Nov 8, 2014 - 5:27am