Inheriting a home from a loved one can either be a valuable gift or a challenging inconvenience. It comes with its own set of perks and downsides. Based on the location of the property and your situation, you have three options for what you can do with it. You can either rent it out, move into it, or sell it. Selling an inherited house is indeed the most profitable choice, provided you know about the selling process.
Here are five things to consider when you’re looking to sell an inherited property:
Checking The Will
Dealing with an estate after the death of a loved one can be different, whether there’s a will or not. If you know that there’s a will, you should look for it as soon as possible. You can search for it among your deceased loved one’s belongings or ask their solicitor (a legal practitioner who draws wills) for it. With a will, you can learn about the deceased person’s wishes as to whom should inherit the property. It also states who the executor is (the person who’s responsible for making sure that all the deceased person’s wishes are carried out).
Keep in mind that the executor is the only one who can sell an inherited property legally. That’s why you should check if there’s a will in place and consult it. Do it regardless of whether you inherited the house from your parents, a relative, or a benefactor that you barely know. The last thing you want to do is put a significant amount of time and effort into preparing the property for sale, only to find out later that someone else was named its executor or beneficiary through a will.
If someone else was appointed as executor for the inherited house, instantly make contact with the named party and arrange what to do with the property before the probate process starts. If you’re the appointed executor or beneficiary, apply for probate yourself so the house can be legally yours to sell. If there’s no will, your state’s rules of intestacy will determine who should be responsible for the property. In such a case, you’ll most likely get the property and have the right to transfer its title yourself if you’re the deceased’s heir.
Arriving At A Mutual Decision With Other Heirs/Beneficiaries
Another thing that makes selling an inherited property a complicated process is the presence of multiple heirs. For instance, some heirs want to keep the property and move into it, while the rest want to sell it and split the money.
Good communication is crucial. So, talk to your co-heirs and hear what they have to say. Also, don’t forget to discuss the different options with them calmly. If a dispute can’t be resolved because you want to sell, but your co-beneficiary really wants to keep the property, consider buying their share so a lengthy legal battle can be prevented.
Making Sure That The Inherited Property Has A Clear Title
Even if the probate has already been granted, the house is now legally yours to sell, or you and your co-heirs have already agreed to sell the property, you’ll still have a problem selling it if it doesn’t have a clear title. To achieve a clear title, ensure that the mortgage or any lien is already paid off. Of course, take any existing debts that you paid off into account as you set an asking price for the property.
Selling The Inherited Property As-is For Cash
Assuming that you’ve already dealt with the probate process, sorted out all the necessary paperwork, and cleared the title of the property you inherited, it’s time to decide how you’ll sell the inherited house.
One of the first things that will come to mind at this point is working with a real estate agent to help you sell your property fast and for a reasonable price. The problem, however, with today’s market most homebuyers prefer modernised properties. It means that you have to refurbish an inherited property if its current condition isn’t particularly modern. Such a process isn’t only expensive but also takes months to complete.
If you don’t have the money, time, or energy to make repairs or repaint your property but still want to sell your house fast for cash, consider selling it as-is to a reputable we-buy-houses company. These companies not only purchase properties in any condition, but they also help to clear out the items in your house along with donating some of them for you. It’s the perfect option for people who want to sell their inherited house fast.
To sum up, selling an inherited home is always a long and challenging process. For that reason, you may take things discussed above into consideration to make way for a hassle-free selling process with or without the services of a professional.