When you inherit a home, you will face a tough decision about keeping it or selling it, especially if you already have your own home. In case you do decide to sell your inheritance property, you need to be aware that it is quite a complicated process. It will involve real effort and time dealing with the various challenges and legal requirements.
What needs to be done first
Assuming you’re already done with all the legal stuff and the home is now lawfully yours, you’ll need to know what to do next along with what options you’ll have where it comes to selling the property.
Your next steps Ensuring that everything in the property is in order should be your first step, before you even think about selling it. Is the title clean? Are property taxes paid? Are the utilities in order? Is the property in a condition that’s fit for selling?
These, among others, can be bothersome and overwhelming, but taking care of such considerations will set you up for a hassle-free sale. It also helps ensure that whoever buys your property won’t be bothering you in the future because you failed to make sure the home was 100% ready for its new tenants.
Taxes should also be something to keep in mind for the sale of an inheritance property. Make sure you know all about the stepped-up basis for assessing property value, and any capital gains issues that may arise with the sale.
Options for selling an inheritance property Now that you’re ready to sell your inherited property, you should figure out what method you use to put it out on the market.
Selling through a Real Estate Agent or Realtor This is perhaps the most common way people sell their homes, inheritance or otherwise. Real estate agents have the network and the tools to get you a buyer for the home – for a percentage, of course.
Realtors can advise you regarding the property market in the area (although it also pays to do your own research on this), as well as how you can price your property in order to maximize the return. They also deal with prospective buyers directly, through open houses or house viewings. They’ll take care of most of the paperwork for you, as well.
Selling to an investor If you prefer to have a more no-nonsense route to selling the inheritance property, you can always sell it to a real estate investor. This also increases the likelihood that the home is off your hands sooner rather than later. Basically, you contact a company about the property, they assess it and give you an offer, which you then either take or not. Inheritance Cash Out (ICO) is one of the best-known companies of this type, and will evaluate and quote you for your property. The big advantage of using a company like ICO is that they also purchase partial share ownerships, in the event that there are other joint inheritors, some of whom may not wish to sell.
Sell it on your own This is the most painstaking route, because there is no middleman and all the work will have to be done by you. You do, though, get all the proceeds instead of having to give a commission or settling for what a company offers for your property.
The bottom line
Selling an inheritance property is no walk in the park. You can access frequently asked questions that commonly crop up, by going to this page. Make sure you educate yourself about the various processes as well as your potential routes for selling the property so that you get the best value for your property.
