Selling an inherited house can be a complex process, but there are several steps you can take to make it easier. Regardless of the condition if you don’t want the home you just inherited you can sell it. Our guide below will share our top tips to sell an inherited house without racking your brain.
Read on to learn more.
Mortgage Status
First, you need to understand the status of the mortgage. Make sure there are no judgements or liens attached to the home. With a title search you can see if there are any unpaid taxes, a reverse mortgage, or an equity line of credit on the house you inherited.
As the new owner you are in charge of the mortgage payments, so you have to reach out to the mortgage company right away and show proof that you are now in charge of the estate or trust.
Consider Selling for Cash
As the heir to an inherited house you are responsible for everything such as property taxes, utility bills, and mortgage payments until the house sells. This is why we recommend considering selling to a cash buyer. Sometimes this will net you less money, but the process will be a lot faster, easier, and less stressful.
You can search “sell my house fast” and see what you are offered for the home you inherited. They will normally give you a no-obligation offer, that you can accept or decline within a certain time frame.
For sale by owner is another option if you have some knowledge in real estate and feel like you would be able to sell your home for cash without the help of a company or agent.
Probate Agents
For those that do not want to go the cash route because you don’t want to lose money out of pocket, listing with an agent that has probate home sale experience is a must. An agent that does not have experience with probate might not net you as much equity because they don’t know the strategies to get your home listing the most money.
Keep in mind that every state has a different probate process. You can’t sell a home or take possession of it 100% until you are legally permitted to do so. In the event that you are the executor of the estate, then it makes it a bit simpler.
Sometimes the probate process takes months to complete. Until the home is legally transferred to you, then you can begin to sell it.
Ready to Sell an Inherited House?
Now that you learned our top tips to sell an inherited house, it is time to take action. Sometimes inheriting a home is not all it’s made out to be especially in a fluctuating housing market.
If our blog post came in handy, make sure you browse the rest of this section for more guides and tips.
