In October 2022, the average number of days a house was on the market was 35 days. It’s never easy when a loved one passes away. Instead of taking the time to grieve, you’re busy getting the funeral arranged and handling their estate. It can be challenging to know what to do with the deceased’s property. You may be prepared to own their house and want to sell it as quickly as possible. In this article, we are going to tell you everything you need to know about selling an inherited property with ease.
Read our guide so you’re prepared for the future.
Look at the Mortgage
The first thing you’re going to want to do is to look at the paperwork. You need to know if there are any liens on the property and the status of the mortgage.
If you’ve inherited property, you are now responsible for the payments, which can be a burden, especially if the deceased was behind on payments. Doing a title search is recommended; it will tell you if there are any issues and what you need to do to fix them. You don’t have time to waste when it comes to handling the mortgage, so be sure to make it a priority.
Know Your Timeline
There are several ways you can inherit property and that can make a difference when it comes to receiving ownership. It can take a while for you to own the property even if you know you’re inheriting it.
Knowing the timeline is crucial; you can’t sell real estate until you own it. If you’re receiving the property through a probate inheritance, it can take a while for the court to approve the paperwork. Talking to a probate attorney is going to be the best option if you’re not taking ownership through a living trust or a beneficiary deed.
Coordinate With Other Heirs
Selling property that is inherited can be tricky when there are other heirs involved. The executor of the estate will be responsible for taking care of the property and selling it.
Others may have some legal rights, so you’ll need to coordinate with them. This can sometimes be tricky, so it’s advised that you talk to a lawyer.
Hire a Mediator
When someone passes away, things can become really stressful and hard to manage. There are high emotions and sometimes it’s necessary to hire a mediator.
This person will act as a middle person to help the family come to an agreement. If someone in the family doesn’t want to sell the house, things can get really complicated.
Talk to a Real Estate Agent
Talking to a real estate agent can be really helpful, too. Especially if you aren’t familiar with the area.
A reputable agent will be able to help you find a buyer quickly. They will have resources that you won’t have access to.
An agent will also be able to come up with a marketing strategy that will help your property sell faster. You never know a realtor may have a buyer and you won’t even have to list it.
Going through a property can be really time-consuming and painful at times. Declutter can be hard, but it will help your home sell faster. Often times families will take only what they want or what’s valuable and leave the rest for the next owner.
While it may seem like a good idea, it can actually slow down the process. You may have a potential walk away from the deal because they don’t want to clean out the property.
Repair Don’t Renovate
Making minor repairs can also help the inherited property sell faster. These repairs would include patching holes, fixing door knobs, and hiring a pressure washer.
Cleaning up the yard can also increase curb appeal, which will be beneficial. If you have the time and resources, you may want to have the walls repainted.
Since you’re trying to sell your property as fast as possible, you don’t want to renovate the property. There’s no need to replace the floors or countertops or redesign the bathrooms.
These projects will only increase the amount of time you have to hold onto the property. Renovates can take weeks, sometimes months, and they aren’t always affordable.
Consider Selling for Cash
Listing your home can be a lot of extra work. You’ll need to have the homes staged and photographed by a professional. Then you’ll have to negotiate the price and commission.
You’ll also need to schedule open houses and it could sit on the market for a while. During this time you will be responsible for maintaining it and paying the mortgage and property taxes.
Selling for cash is a great option to avoid a headache. You may not get as much money, but it will be off your hands and you won’t have to worry about it anymore. Finding someone to buy as-is, will also make things much easier.
Selling Inherited Property
Inheriting a property can be extremely stressful and isn’t always desirable. Selling a property can be even harder.
Once you get everything organized and settled with the court and other family members, you’ll be ready to put your property on the market. There are many resources out there that can help you sell your property quickly and with little hassle.
If you want to sell your inherited property quickly, contact us here. We purchase homes no matter what condition they’re in and without closing costs.