How To Sell an Inherited House
Inheriting a home can be a tricky process. What do you do with the property now, and did you even want it in the first place? Regardless, you have a few options here on how you can handle this situation and they’re all pretty easy to do. Many homeowners choose to sell the property as quickly as they’ve inherited it and we’re going to show you how that process is done and how you can do it too.
When you inherit a home, it’s very common for the deceased to have not left any legal paperwork in how they want their assets divided upon death. If this is your case, there’s a good chance that you’ll find yourself in probate court splitting up your loved ones’ will and assets. We understand that no one loves going to court, but this is an incredibly vital part of this selling process to make sure you can legally sell the house you inherited.
What is a Transfer on Death Deed?
A TOD or Transfer on Death Deed is a legal document you can use to ensure the ownership of a house is passed over to the right person after a death. It’s merely a piece of paper, but it’s an important document that’s commonly requested and used when selling inherited property. It’s a good idea to keep this in a safe location since there’s a good chance the buyer might ask to see the TOD to ensure you really do own the property.
What Is a Living Trust?
If you want to avoid the hassle and time of going through probate with an estate sale, then a living trust is one way you can do this. The process isn’t as simple as transferring the deed over though since it involves more legal documents and processes before your property is finally transferred over. It’s important to take the time and figure out how a living trust works before going this route since it can be a little bit complicated. With that being said, this does give you the opportunity to sell your inherited home without going to court which is worth something in itself. This also allows you to handle all matters of ownership of the home outside court as well.
Repair Any Damage to the Home
Before you can even think about selling the house, it’s important to make sure you’ve cleaned up any issues that might be affecting how people look at your property. Repair any obvious exterior and interior damage and it’s also a good idea to contact a general inspector to verify the foundation is in good condition before attempting to sell the home. Oftentimes we have no idea the condition of our loved one’s home until they pass and we now own the property.
The condition of the property can have a direct effect on how much money a buyer is willing to pay. It’s rare that a buyer will be willing to fix what needs fixed on their own (unless you sell for cash) so it’s best to start this inspection and repair process as soon as you come into ownership of the home.
Once the repairs are finished, you will want to get the home appraised so you know what you’re looking at for a sale price.
Find an Agent or Sell it for Cash
Before attempting to sell the house, you’ll need to either find a real estate agent or find a cashing buying real estate investor. You’ll likely make more on the sale by working with a real estate agent but they don’t work for free and you may find yourself paying tens of thousands in agent commissions post-sale.
If you’re wanting to just get rid of the home as soon as you can, selling your home to an experienced cash buying company like Quick Fix Real Estate is the best route to take.
Get Cash in Hand Today
We get it, inheriting a home can sometimes be more of a curse than it is a blessing. Don’t worry, Quick Fix Real Estate LLC is here to help. We can give you and your family a fair cash offer and can get cash in your hand as soon as today. Schedule your free, no obligation home assessment today to get the process started.