Losing a loved one is one of the most challenging times in life but life ends for everyone at some point and we want to help you make the best decision to preserve your loved ones legacy. One of the biggest challenges after the passing of a loved one such as a mother, or a father is dealing with their former house that you have now inherited. Often times the passing is unexpected and the property you have inherited needs to be dealt with as it is a monthly expense while you own it. In many probate situations the property may need a lot of updating or be in bad condition. Your loved ones want you to benefit from the property so and it’s up to you as the executor of the will or beneficiary of an inheritance to figure out what to do to convert the property to cash. It’s certainly not easy and can cause strain on a family, but with a better understanding of the process you can make it much easier to figure out how to dispose of the property and turn it into money. Many times a property will have to be split amongst multiple people so has to be sold in order to achieve a fair and equitable end result.
Real estate is sold in probate court after the owner of a property passes away. The executor of the sale is usually the person appointed by the deceased in their will. If there is no appointed executor or if they have also passed away then the state will determine it through finding heirs down the line
During a trying time like this one of the most stress free and easy ways to sell a probate property is to find a home buyer who can buy the house as-is. Many times heirs live out of state and the home selling process, repairs, showing, and closings can be time consuming and stressful. Finding an investor can speed up this process and remove any stress from the situation.
Stay Stress Free During the Process Of Selling A House You Inherit
Inheriting a home from someone close to you can be a blessing yet challenging. Not only do you have to deal with the loss and your feelings but you also have to figure out what to do with everything inside the house. We recommend having an estate sale. You can do this yourself by posting items on ebay and craigslist. This will yield you the most money or if you want to save time you can advertise an estate sale and have people walk through the house picking items they want like a garage sale. The downside to that is you usually get less for the items and you have strangers walking through the house. Sometimes these venues can also be a magnet for thieves who pocket items from the home.
If you don’t plan to keep the house or need to sell it to split the money amongst heirs this article will help you get the most out of the process.
Selling a home that you have inherited from a relative is an emotional process, so making this process as stress free as possible is of utmost important.
Using a realtor to sell the house can eat into the profits and at the end of the day your loved ones gave you the house so you can get the most use and benefit out of it. There are also many tax implications from selling an inherited house that you will need to deal with on a regular sale.
How to Prepare for the Sale Of An Inherited House
The first thing you will need to do is to prepare the home for sale. You do this by removing all clutter, personal belongings and making minor repairs. If you are selling as-is to an investor you can save these steps as they usually will purchase a house in its current condition.
A house going through probate must go through the process before it can be sold. This can be a time intensive proposition so marketing the home through regular channels is not an immediate option.
Pricing Your Inherited Home and Negotiating Offers
Pricing an inherited home all depends on the condition of the home, the availability of inventory in your market, and how fast you want to sell the house.
Most people who inherit properties do not want to take the time or expense to fix it up. Repairs can be a risky proposition as you never know if it will pay off. Contractors are difficult to deal with and if the heirs are out of state then the logistics can be difficult. In such cases its better to sell the house as-is and let a professional home flipper figure out how to best market the home as a repaired home.
What Can You Expect During the Sale Process Post Probate
Selling an inherited home through a real estate agent can be a long process. Don’t expect for the house to sell quickly with little effort if going through the regular marketing channels. MLS sales can take months and require a few weeks to a month of repairs. You can try to sell the property as is but expect lowball offers and back and forth negotiations for the repairs necessary on the house. When you sell directly to a home buyer they are experts on what repairs are needed and often times can make you an offer immediately or within days and often times can work with you on your time frames.
Dealing with repairs on an inherited house
Many times a person that inherits a home may try to start repairs on the house only to realize midway through that the expense and time necessary was not worth the effort. When this happens at times the owner can run out of cash or issues rise amongst heirs on who will be paying for repairs. If you plan to repair the home it is recommended that you meet with all family members who have an interest in the property to discuss the plan moving forward. Sometimes a family runs into trouble where the house is fixed and other family members don’t come through with their financial obligations. This can cause issues amongst family and ruin relationships.
Such headaches can take even the most calm person and drive them over the edge. If you want to avoid any issues that we have discussed that you feel are beyond your limits you can give us a call to discuss how we can help you sell your property and turn it into cash.