Selling a home you’ve inherited from a loved one won’t be easy. It’s not the same as selling a home you’ve owned for a few years. The emotions that come with getting the home ready and selling it will likely be far different.
You will need to clear out the person’s belongings, depersonalize the home and handle any updates necessary to help attract new buyers. In addition, you may have to deal with liens or hidden issues that could stall the sale. Sometimes, siblings will fight over the sale price or selling the home altogether.
Before you get into trying to sell a property you’ve inherited, it’s a good idea to contact a real estate agent. They will be able to help with any questions you might have. Here are a few things to consider when selling this type of property.
Verify the Ownership
You may need the help of an estate attorney to do this, but before you go into the selling process, you need to verify the ownership of the home. This could take a little bit of time, as you may have to go through the Probate Court and deal with a creditor claims period before the home will become yours.
Understand the Tax Implications
Selling the home may seem like a good idea, especially if it was left to multiple people. However, there can be tax implications with selling a home you have inherited. Make sure you speak with a tax adviser about what to expect, if you decide to sell.
Certain situations, such as an upside-down mortgage or environmental concerns could cause the implications to be much worse than other situations. Make sure you have all the information when it comes to the taxes you may be responsible before you decide to sell.
Look at the Current Market
A local real estate agent comes in handy when you’re ready to sell. At this point, it’s time to start looking at what the current market offers and how it compared to the home you’ve inherited. You may need to do some major upgrading if you want to get the highest possible price. Maybe the kitchen is outdated or the home really needs a few repairs done.
If the home isn’t in the best conditions, you can market it to an investor. This can help you avoid having to do the upgrades, but the price you will get will be much lower compared to upgrading the home and selling it to the open market.
Expect Emotions Throughout
Selling any home can be emotional, but selling a home you’ve inherited comes with a different set of emotions. It may not be where your children grew up, but it could be where you grew up and where your parents have lived for the past 50 years. This can make it difficult to sell. A good real estate agent will allow you to feel the emotions without it getting in the way of selling the property.
Selling a home you’ve inherited isn’t always easy. Make sure you enlist the help of the right professionals when it comes to verifying ownership, tax implications and actually selling the home.
If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. 704-650-5707 | AnnaGrangerHomes@gmail.com