inherited a house and now I cant buy my own
my grandfather passed away a few months ago and left me his house in upstate New York. sounds like a good thing right? I thought so too at first.
well the house is in rough shape. needs a new roof, needs electrical work, basement floods when it rains. I live in an apartment in the city and I've been trying to save for my first home for like 3 years. I finally have good credit and a decent down payment saved up.
but now this inherited house is messing everything up. I'm paying taxes and insurance on it every month. thats like 400 bucks. plus I'm still paying my rent. my debt to income ratio looks terrible now and my lender said I wont qualify for a mortgage on my own place until this inherited house is sold.
I've tried to sell it but every realtor says I need to put like 30k into repairs first. I dont have 30k. I barely have 10k.
has anyone here sold an inherited house ? want to stop losing money every month and finally get into my own place.