Donating inherited property
Will, a dentist, had inherited a home from his father. The home was in good condition, but got only occasional use, as a weekend retreat. Then Will began to think about retirement. But how could he retire when the upkeep of the property had risen to over $10k, per year. The gift from his dad was beginning to feel like a burden.
Will decided to sell the property. But no one wanted to buy the home, because it couldn’t be mortgaged. The home was built on land that had a 99-year-lease. That limited the pool of financial institutions willing to deal with the property.
This left Will with donating the inherited property to be the only option, and so Will donated his home, which, as we said, was in good condition, to Kars4Kids. We then listed the home for sale, and were approached by a buyer. The buyer was very interested in the home, but didn’t have enough cash to buy it outright. We set up a seller-financing arrangement with 0% interest, and everyone lived happily ever after: Will, Kars4Kids, the buyer, and the children who benefited from the programs funded by the proceeds of the sale!