For many people, passing down their home to their children is a true gift—they’ll rest assured that their children have an established home, and their children will be able to save money on their living situation. However, not every inherited home is in good shape or in a desirable location. Additionally, not every family member will be willing or able to take care of their inherited property, especially if it’s far away from their job, other family members, and other important lifestyle factors. If you don’t want to deal with the hassle of being a landlord, selling is the best way to go. That’s why people often ask about the process of How do I sell Inherited Property.
Questions to ask
The first thing to do is get some essential information about the home and what selling it might look like. Here are some questions to ask yourself:
- What’s the condition of the home? Naturally, a pristine home that’s only 10 years old is going to be far more desirable than a dark, dirty home with hoarding and mold problems. Understanding the true condition of the home is the first step in finding out what it’s worth and what you can get out of the sale.
- What would it take to get the house in “sellable” condition? Sometimes the damage to a home is so severe that repairs would cost more than the home and property are worth. However, it’s important to get an estimate so you know what you’re dealing with.
- Is the home paid off? If the home isn’t paid off and the property taxes aren’t current, this will factor into how much money you can make from the sale.
- What are the capital gains implications? Consider seeing an accountant or financial advisor determine how much tax liability you’ll have from the home sale. The last thing you need is to be hit with a tax bill in the tens of thousands of dollars for a home you didn’t want in the first place.
- Who else is entitled to benefit from the sale? Was the home left to more than one person? If so, you’ll all need to come to an agreement as to how to proceed.
Selling your home
Here’s are some additional tips if you’re looking for answers to how do i sell inherited property.
- Clean out the home: Once you’ve answered the questions above, you’ll need to ruthlessly declutter the home. Consider holding an estate or yard sale.
- Wait to go through probate: Before you can sell the home, you’ll need to go through the probate process. In some cases, you may be able to sell the home to pay off the estate’s debts—talk to a lawyer about this before proceeding.
- Decide who will handle the transaction: Decide among the inheritors who will handle the home sale process—this could be one or multiple people.
- Price your home: Finally, you’ll need to decide how much to ask for the home. This is usually something a realtor can help you with.
Having trouble finding a buyer or wondering how to sell your inheritance fast? Call RAB Property Solutions today for an all-cash offer.