Losing a loved one is difficult as it is. Add to that the stresses of sorting out the inheritance paperwork, and it can be too much to handle. To help you in this trying time, we have compiled the steps and tips to make selling an inherited house easier for you.
The Sale Process: What To Expect?
- A home inspection. Before you can sell a property, a certified home inspector is needed. They will check every nook and cranny of the house for possible damages. Their assessment will determine if you may need repairs done.
- Upkeep expenses. While waiting for the house to be sold, you will most likely have to cover upkeep costs. You will have to shoulder the utility bills for the existing electricity, water, and gas lines. You also have to cover mortgage payments and any outstanding debts. This also includes the repairs and upgrades you may need to increase the property’s value.
- An open house. You will have visitors in person or on live video chat to view the property. You have to make sure that the house is presentable by doing upkeep and paying the bills and outstanding mortgage.
- Selling an inherited property may take time. It takes almost 3 months for the usual processing and sale of inherited property. It may take longer if the house has legal issues, if it needs a lot of repairs, and based on the real estate market conditions in your area.
If you prefer to expedite this process, contact HouseMax today! You will receive a fair all-cash offer within 24 hours. No matter the condition of the house, we will buy it from you.
When a Probate Process Is Required?
The real estate properties of a deceased person usually undergo the probate process. This legal process grants the court authority to supervise the distribution of the estate among the living heirs and beneficiaries of the decedent. It can take months and even years to settle everything in probate.
Whether there is a will or not, a property will generally have to go through probate. The legal procedure is set in place to determine the rightful owners of the properties left behind. Also, all liabilities and debts have to be settled before the assets will be released by the court.
When the decedent did not leave a will or any declaration as to who will inherit their estate, this is called a dying intestate. The local title company cannot simply name the closest relative as the next owner. The local court will have to step in to declare the legal owner of the property.
When the decedent leaves a handwritten declaration or will, this is called a dying testate. The court still has to validate the handwritten document before the title can be transferred to the heir named in the will.
You can sell an inherited house while it is still in probate. An administrator (for intestate probate) or an executor (for testate probate) is appointed by the decedent in the will or by the court if there is no will. Once the property is sold, the proceeds will then be divided among the beneficiaries. This is typically done to avoid the dispute on who gets the house and also when the inheritance tax and estate taxes are too expensive to shoulder.
Preparation of the House for Sale
- Clear out personal possessions
The personal effects of the decedent have to be taken out before the house can be viewed by a potential buyer. Sort through your loved one’s belongings. Keep a few mementos and let go of the rest. You may either throw them away or, if you have the time, put up a garage sale to get some money for repairs.
- Ascertain who can legally handle the transaction
Wait for the probate to finish. This is to avoid any title issues in the future. Once you are named as the legal owner, you receive the power to do whatever you want with the inherited property. Putting it up for sale is now less complicated.
- Have the house appraised
While waiting for the probate, you may have the house appraised by a professional. This will give you an idea of its fair market value. Ideally, you should only entertain offers not less than the estimated selling price to get the best deal. Keep in mind that you still have to pay a capital gains tax for your property’s sale.
- Put the property up for sale
Hiring a real estate agent to sell your inherited house takes the load off of your hands. However, this also means you have to pay for their services, which will cut into your estate sale profit.
Another option is to sell it yourself. For Sale by Owner (FSBO) signs attract more buyers since this means that no middleman increases the sale price of the property. Although this method takes time and effort, you can get more value for your property.
Tips for Selling an Inherited House Fast
- Settle titles and debts
Avoid issues by paying off outstanding debt and mortgages and securing the deed of the property. This ensures that no other claimant can step forth to claim the property in the future.
- Make the necessary repairs and upgrades
Inherited houses are typically in need of repairs and upgrades. You have to invest in making the property desirable for buyers. This will also increase your property’s value, giving you a return on your investment.
- Hire professionals to get the best deals
Doing everything on your own may save you some money. However, it will not guarantee that you will get the right price for your property. Getting professionals to do the job will ensure that you get the best deals in town with less effort from you.
- Forego all the hassle and let HouseMax make it easy for you
Fixing the paperwork, settling payments, preparing the house, and finding buyers certainly takes time and effort to do. You can skip all this hassle when you turn to a cash home buyer such as HouseMax. We assure you of a fair market price for your property.
Selling an inherited property can be stressful. There are a lot of things to consider and get done before getting a sale. In addition to that, it usually takes months and even years for an inherited real estate transaction to successfully push through. However, by understanding the process and preparing adequately, the task of selling an inherited house can be managed more effectively and efficiently.
With the help of professionals at HouseMax, you can speed up the sale of your house. We aim to make the process comfortable, easy, and fast for our customers. Experience no-fuss processing with one of the top-rated nationwide cash home buyers in the country.