Usually, it is not an easy experience to inherit a house. Firstly, getting it means you have just lost a family member, and secondly, this fact is associated with a lot of formalities to worry about. Many people want to sell such a property as quickly as possible to get rid of a problem, especially that they may not like its location or that there are already other people living in.
However, it is not so easy, and it requires some legal knowledge. For instance, you should be familiar with an advanced inheritance, a probate process, and not only. We have prepared a list of some most important tips for selling an inherited property:
Apply for probate
If the executor of the will is not a surviving spouse or civil partner, mentioned in the mortgage deed, they should apply for probate. As a result, they will be provided with the legal authority to act on behalf of the deceased person. It includes getting access to the investments, bank accounts, or anything else associated with inheriting the house. Before being entitled to do that, you can not become a proper owner of the property and pursue any other steps to sell it, so it is crucial that you perform it as quickly as possible.
Keep the mortgage in mind
To some people, inheriting a house may seem very beneficial, but it is necessary to look closely in order to know either it is a blessing or a curse. Firstly, you need to find out how much of the property you really inherited and how much is reserved for a bank. The form of the mortgage plays a significant role in the possibility of selling the house. If you are lucky, the building is paid off entirely, and it now wholly belongs to you, so you can sell it easily and get the money quickly.
However, it often happens that the value of the property can go down, and due on loan is bigger than the building’s worth. In such circumstances, you should try to negotiate with the lender and go for a short sale, which means that the lender agrees to sell the house and does not mind accepting less than the loan amount.
You should also take into consideration that these are the two extremes, and numerous inheritances fall somewhere between them.
Plan a house inspection and potential repairs
After inheriting a house, it is advisable to have it inspected by a professional. As a result, you will be provided with all the necessary documentation concerning the building’s condition and refurbishment recommendations. Having that done, you will not be surprised by a buyer doing their own inspection that may lead to the deal failure. You should follow all the guidelines you get from a specialist and order the necessary repairs at a renovation company before putting the building on the market so as not to be surprised and embarrassed by any potential client.
Get rid of the previous owner’s personal effects
Before selling a house, it should be cleaned of any personal effects that the previous owner had. If the deceased was a close family member, it might be a challenging emotional experience, but nevertheless, it must be approached meticulously because it can increase the building’s marketability to a large extent. If you want to maximize the value of the deceased person’s belongings, a garage sale or an auction can be an excellent idea.
Another solution, allowing you to avoid dealing with these items too much, and support a good cause at the same time, would be donating them to charities, thrift stores, or proper institutions. Some people may not be willing to do that on their own, for example, because they live far away or they are too busy. In such a situation, they can find an estate sale company to assess and market the belongings, as well as sell them for a particular commission.
Hire an agent to help you
If you are really concerned about selling the inherited property as fast as possible and you can afford some additional expenses, you can think about hiring a professional real estate agent. Such an expert will provide you with a lot of useful information concerning, for example, the best course of action, taking all the essential circumstances into consideration (such as taxes, repairs, mortgages, etc.) What is more, a skillful agent will be helpful in avoiding drawn-out real estate deals and achieving the biggest sum of money in the shortest time possible.
To sum up, selling an inherited house is a long and complicated process that can be additionally affected by the emotional aspects. For this reason, it is advised to take all the necessary steps to make the selling process as hassle-free as possible, either on your own or with professional help.