Have you inherited a property either alone or as a family? What do you do with it if you are not interested in staying in it? One option might be to sell it. If you are an heir or just looking for information on how to sell an inherited home, we have prepared an easy guide to help you understand what the process entails.
Let’s dive in!
1. Find Out Who Is The Legal Heir(S)
For you to successfully sell an inherited house fast, you need to first of all confirm the identity of the real heir(s) of the said property. Confirm if there was a written will which specified who should inherit the property. If there are joint heirs, you need to co-operate and work together to ensure that there are no future conflicts that may arise when selling the house.
2. Going Through The Probate Process
If the deceased person did not have a written will that outlined who inherit the house upon their death, the property in question has to go through a probate process in order for the court to determine who is legally supposed to inherit the property.
The probate process takes quite some time and you need services of a good attorney to represent you. During the set probate period, any outstanding creditors are given time to file their responses and until this period lapses, the property cannot be distributed to the rightful beneficiaries.
All outstanding property taxes are also paid off at the end of this process so that you can have full rights to sell the inherited house.
3. Choose Your Selling Option
When everything is settled and you have properly acquired the inherited property, the next step to find a potential home buyer. There are three home selling options which you can choose and each has its pros and cons.
You can sell your home all by yourself (FSBO), hire a real estate agent or sell it fast to a real estate investor. If you want to sell your inherited home fast, then working with a real estate investor is the best option.
As opposed to using the other two options, a real estate investor buys the home as is. Therefore, you are guaranteed of faster home closing with no hassle and stress for cleaning, decluttering or costly repairs. You will also save money which you would have otherwise used in marketing and agent’s leasing fees on MLS.
There are many reputable real estate investment companies who value their clients and they are willing to offer a fair market offer for such properties. Get in touch with them if you have such a property and you will enjoy convenience and shorter turnaround time.