How to Sell an Inherited House
To be bequeathed a home from a departed loved one is a great honor. Unfortunately, selling an inherited house comes with some challenges. From the probate process to preparing the property, selling a home can take years of your life. Potential repairs and fees could end up emptying your pocket too. Here is a short guide on selling an inherited house, and the best route to take to suit your circumstances.
How Did You Inherit the Property?
The answer to this question makes all the difference when it comes to selling an inherited house. A property inherited by trust requires the trust agreement to state that you are entitled to the house. If the person who died left behind a spouse, or children under the age of 18, then you will need to go through probate court. A house inherited by will is when an individual died with their sole name as the owner on the deed. In this case, you must also go through the probate process. If you jointly own the house, or you are the ‘remainderman’, and the deceased person has reserved a life estate, then you have inherited it by deed. In this case, you can skip the probate process.
In most cases you will need to go through the probate process before selling a house. Probate describes the legal process of distributing the deceased person’s property to the rightful heirs. The probate process can be both costly and time-intensive. The time it takes depends on a number of factors, such as the number of beneficiaries and potential estate tax returns.
Preparing the Property
Once the legal matters are sorted, the next step is preparing the inherited property for sale. Not only can this step be time-consuming, but you should also factor in the emotional aspect of selling an inherited house. This was the home of someone dear to you, and you most probably visited your loved one in this home at some point in the past. In order to sell the house you will need to sort out your loved one’s belongings, clear out the space and then give it a deep clean. The emotional complications can make the whole process mentally and physically draining.
Sell With a Real Estate Agent
When selling a house, most people think of real estate agents straight away. Estate agents are clued up about the property market and can offer sound advice. They can sort out the paperwork too. Unfortunately, real estate agents come with a hefty price tag. Commission fees can cost you thousands of dollars, and you will have to fork out for any repairs that need doing. Not to mention, it could take a long time to sell the property.
If you do your research and you understand the market, then going solo is a cost-saving option. However, it is a difficult and lengthy task. Market research can take months and you will have to face mountains of paperwork alone. Without expert help, it can be easy to get caught out by costly errors.
Sell to a Professional Home Buyer
If you want to sell your house fast and skip the tiresome preparation process, then speak to a professional home buyer. With a home buyer, your house will not sit on the market for an undefined time and you do not need to pay any commission fees. In addition, they will buy your house as it stands. You can bypass costly repairs and any residual mortgage payments or taxes attached to the house.
If your house is in good condition, you have a substantial sum of money to spare and you don’t mind waiting around for a sale, then hire a real estate agent. On the other hand, if you have time on your side then going it alone can work out cheaper. However, be mindful of the mountains of paperwork to sift through, any mistakes could easily cost you a small fortune. If you want a quick sale and you don’t want to go through the hassle of preparing the property, then speak to a professional home buyer. The best ones can close in as little as seven days and will give you a fair cash offer for your inherited house.
OnPoint® Home Buyers can help in many different situations:
Cash Home Buyer
Selling a home can be a long, tedious process. Not to mention, without experience or expertise it can cost you a small fortu...Read more
How to Avoid Foreclosure
With the unpredictability of daily life, it can be easy to fall behind on mortgage payments. Unfortunately, breaching your c...Read more
How to Sell a House Without a Realtor
There are many reasons why homeowners don’t want to sell their property with a realtor or a real estate agent. Firstly, opti...Read more
Sell My Hoarder House
Whether you are a hoarder who wants to get rid of your property or you are in possession of a house in a dire state, OnPoint...Read more
Sell My House AS IS
Whether your home needs a simple touch up or it is in total disrepair, OnPoint Home Buyers are happy to help. From financial...Read more
Sell Your Condo Fast
Condominiums are a niche property type and they often feature unique amenities that can make them hard to sell—not good news...Read more
Sell Your Fire or Water Damaged House
Selling a home can be difficult at the best of times, add fire or water damage and a sale can become ten times harder. Wheth...Read more