How to sell an inherited property
July 31, 2017 | Higgins Group Real Estate
Inheriting a property from a loved one can be viewed as either an extraordinary gift or a major inconvenience, depending on your circumstances, as well as what you plan to do with it. Some will choose to simply move into the inherited home and put their existing property on the market. Others meanwhile, decide to hold an estate sale to sell unneeded items within the home, before selling the entire property itself.
In case you decide that the best option is to sell the inherited property, here are some helpful tips to keep in mind:
- Clear out any remaining personal belongings – This is perhaps, the most emotionally difficult part of inheriting a home, yet it’s something you can’t avoid if you choose to sell it. Take a look at this page for tips on how to sort through all the items, hiring an appraiser, and more.
- Hold an estate sale – After sorting through and deciding which possessions you’d like to keep or give away to other loved ones, you may opt to hold an estate or yard sale for other items. Make sure most of it is not left in the house, as homes that are clean, empty, or staged get better results on the market.
- The estate will need to go through probate – Before you can sell the property, it must first go through probate. In most states, a summary probate process is implemented, but this usually applies only to smaller estates which are valued at less than a few hundred thousand dollars.
- Identify which family member holds the legal responsibility to handle the transaction – If the original owner left a Will, the executor is the one responsible for handing assets of the estate. If the home is in a Trust, then that responsibility falls on the trustee. There are also certain situations wherein siblings inherit the home together, which means a decision has to be made regarding who should have that responsibility.
- Work with a trustworthy real estate agent – To successfully sell a home, you need the services of an experienced and trustworthy real estate agent who’s familiar with the current market trends. Visit this page to find out why hiring a realtor is important when selling a home.