Below are some of the main steps we outlined to sell an inherited home. This article will outline some of the key points in selling an inherited property. You have several options when you receive an inherited home. Selling the property might be the best way to move on from the property and cash in on the investment given to you.
1. Select A Decision Maker
If your family has received an inherited home from your parents, as an example, you will need to select one person to take on the responsibility of what will happen to the property. Normally the executor will be in charge of making the decision on the property from the Will that was presented to the family. Once the decision maker is elected, then you can discuss if you want to list the property for sale. If the home needs a lot of work, then you can look for an investor to purchase the property quickly and receive the investment given to you from your family. Our company can help you with this decision. Please reach out to one of our representatives to have a conversation about the property.
In order to sell the property, the estate has to go through what is called probate. You will be able to make decisions on the property legally, once the property has gone through probate. Then collectively, you will have to make a decision if you want to sell the property or have someone stay in the property. All insurance and utilities such as water and electricity will have to changed into the decision makers name. Once all the property information is completed, then you are ready to sell the property.
3. Research The Market
Before selling the home, look at other comparable homes in the area to see what the house is worth. Check to see if homes have sold recently in your area. This will help you make a decision if it is a buyer's market or a seller's market. You can reach out to a real estate agent to see if your property should be listed in its current condition. Remember, it may take some time to sell the home. If there is still a loan on the property and you do not want to make payments for a long period of time, it may be best to sell the house quickly to an investor. This is where our company can come in to help you sell the house quickly for a fair all cash offer.
4. Setup the House To Sell
You want to clean up the home as best you can so you can receive maximum value for the home. You can also setup an estate sale to sell items that are in the home that have value. You want the home to be appealing to a large number of people so any minor repairs that can be done on the home will benefit the resell value. Walk the property to see if any outside repairs are needed or can be updated at a minimal cost.
5. Selling the Home
Once the decision has been made to sell the home, you will have to go through a closing on the property. On a traditional sale you will have to find a buyer through a real estate agent and it may take time to sell and the closing process will not be quick. Please note that you will also have to pay closing costs, commission to the real estate agent, and fees. If you decide to work with a home buying company, that has investors looking to purchase real estate, they will take care of all fees and costs and close quickly with an all cash offer. Reach out to one of our representatives to see if we can help you sell your home.
There are several options available to you when you receive an inherited home. Please reach out to us to discuss your situation to see if we can provide a solution that works for you. Contact us today to speak to one of our representatives.