How to sell your inherited property after A LOVED ONE passes away
You’ve just an inherited a house from a deceased parent or relative, and you have no idea how to sell it. Uh oh.
No worries. The good news is that selling a home you inherit is not a lot different than putting any other house on the market. Consider the following to help ensure a smooth real estate sale.
Determining home ownership
The home of a deceased person is generally given directly to heirs by law. This is done through either a will or probate process, or typically a combination of the two.
Proper estate planning can simplify the inheritance process. Without it, it may take several months or years for the courts to determine ownership.
Real estate can also by passed by a transfer on death deed (TOD) or through a living trust. With these methods, probate is avoided.
Making a game plan
Whether you are the sole heir or you’re working with others who have equal ownership to sell the home, planning and teamwork is necessary.
To get the home on the market you will first be responsible for:
Paying the property taxes and/or mortgage
Tending to utility bills
Submitting a copy of the deceased’s death certificate to creditors
Gathering important documents from the deceased, including those related to insurance, stock investments, bank accounts, personal information, and the homeowner’s policy.
Seek help from a seasoned agent
Hiring a real estate agent with experience in probate and selling inherited homes can pay huge dividends.
A pro agent can help you build a strategy and act as a mediator when multiple heirs are involved.
Additionally, he or she can assist you with paying the mortgage by determining the lender and how the deceased was paying off the debt (online, direct debit, or by check).
Of course, an agent will also help determine fair market value for the home and provide a listing estimate based on prices of recently sold homes in the area.
Prepping the home for sale
The last step is preparing the house for the real estate market.
If your goal is to get top dollar for the home, it will be important to declutter and make improvements. This will likely involve distributing what is owed to heirs, holding an estate sale for other items, as well as cleaning, painting, and making repairs.
You may also opt to sell “as is”. While selling as is will save you time and money that would have went toward preparing the home for sale, it will likely sell for much less.
It is important to note that when selling as is, you must disclose major issues that will be costly to fix.
Last words
It can be a trying experience to try to sell a home that brings happy emotions and memories. It may be hard to let go.
But, remember, when selling an inherited home, time is money. The longer the house is on the market, the more you will have to pay on utilities and insurance.
Contact our top real estate agents for assistance with selling your inherited home.