I think your first questions should go to a real estate agent. As several other people have suggested, you might be able to sell the property "as is"; that is, with the understanding that the house is in poor condition, and you're expecting a low price because of it.
The agent might also give you an idea of what it might cost to just tear the house down. I'm thinking of a house that my husband and I used to talk about -- we used to drive by it all the time when we lived in our first house. I never saw the inside, but outside it was
the ugliest house ever. The right side and the left side of the roof didn't match in shape; I honestly don't know how that even happens -- it looked like two men started building on opposite sides of the roof, but they didn't talk to one another about the plan. But this house sat
on a prime piece of land: Corner lot, two prosperous businesses across from it, lots of traffic. FOR YEARS that house sat and sat with its for sale sign and unkempt yard. Then one day they tore the house down, pulled up the overgrown bushes, planted plain grass. That corner lot sold in no time.
That being said, are you sure the land dosen't have any value? You can sell a property 'as-is' and disclose that the structure could be uninhabitable. Somebody still might want the land. And a lawyer or relator could take care of almost everything...just be up-front and wait for a check at the end of the process, and expect them to take a big cut for their effort.
Oddly enough, my mother and I were talking about this just the other day, and she thinks the fire department no longer burns houses. I don't know if that's true or not, but she was sure of it.
If they do burn the house, you must remove all your personal property beforehand (furniture, books, etc.). I'm not sure about appliances. Then you must dispose of the rubble afterward. You can hire companies who do that; still, to get the profit from the land, you might come out ahead.
Because the cost that would take to bring the house to code would at best allow me to break even. It is more likely I would be left with debt when it was said and done. The place is that bad. We could have the house demolished then sell the less than acre of land...again, hoping for the best to break even. This isn't money I am trying to walk AWAY from I am trying to walk away from LOSING money. Incidently, currently, this area in which the house is in has not seen home sales meet the value of the houses in several years. In other words if a house sells it sells well below the value. This house is just one phone call short of being condemned. So the value is in the land which is under and acre. This is why I wanted to know how to walk from it so I don't incur debt trying to sell it.
Just trying to get info so that when the event arises I won't be caught totally off gaurd.
Less than an acre of land? I was imagining more -- I guess the barn thing made me think acreage. Unless it's in a prime location, something well-suited to business, this really won't be worth your effort. That detail gives me a different opinion of the situation.
One more thing you ought to ask when you talk to the lawyer: Can you say "No thanks" to one part of an inheritance (the house) while accepting another portion (maybe life insurance or things you want from inside the house)? Or is it an all-or-nothing proposition?
