When a loved one passes, we’re left with a myriad of emotions to process. However, there are also tangible issues that arise, like inheriting their home. If you don’t want to hold onto the house, you’ll have to figure out what to do with it.
You could rent it out, but that means becoming a landlord and having the home remain in your name. This might not be a viable or attractive option, especially if your finances are limited and the mortgage isn’t paid off.
In this case, you’re left with one option, selling an inherited property. But what’s the best and quickest way to sell a house?
We can help you answer this question. Keep reading for the ultimate guide on selling a house you’ve inherited.
Wait for the Probate Process to be Completed
Before you can move forward with selling the house, you need to wait for the probate process to be completed. This is the legal process in which your loved one’s possessions are protected and inventoried. Then, their possessions will be distributed to the right people according to your loved one’s will.
Until this process is complete, you won’t be allowed to get rid of anything in the home or list it on the market.
Learn More About the Home’s Condition
Before selling an inherited property, it’s important to have the home inspected professionally. A home inspector can identify any issues, such as water damage, roof damage, negative drainage, mold, pests, plumbing issues, outdated electrical, etc.
It’s important to learn about these issues before listing the home to avoid unnecessary complications in the future. Then, you can decide what to do moving forward. For example, you can sell a house as-is or make certain updates and repairs.
Decide If You Want to Make Any Repairs or Renovations
Making repairs and renovations will give you a larger target audience for the home’s listing. It will also increase the value of the property.
However, if selling an inherited property quickly is your top priority, you might want to think twice about making renovations. Some repairs and updates can take several weeks to complete. They can also be expensive.
Yet, you don’t have to approach this process with an “all or nothing” mentality. You can skip big projects and invest in cosmetic repairs to improve the home’s aesthetic appeal. For example, repairing drywall and adding a fresh coat of paint is quick and affordable.
Identify the Value of the Home
Once you’ve completed any renovations or decided to leave the home as-is, learn more about the property’s current value. You can work with a realtor to conduct a comparative market analysis.
A comparative market analysis looks at the other homes in the neighborhood that have sold in the last few months. Based on what they sold for and how they compare to the inherited home, you can identify an accurate estimate of its value.
However, understand that most buyers and their lenders will require an official home appraisal. While this will set you back a couple of hundred dollars, it might end up being a necessary step in the process of selling an inherited property.
Clean and Declutter the Home
No matter what condition a home is in, it always helps to declutter and deep clean when selling a house. Now is the time to get rid of the rest of your loved one’s possessions. If you haven’t had time to sort through everything, move them to your home or a temporary storage unit.
The less stuff there is cluttering up a home, the more open, spacious, and clean it will feel to buyers. Then, you can begin deep cleaning the house.
While cleanliness doesn’t necessarily add value to a property, filth and odors will make buyers think twice about placing an offer. You can save money by cleaning the home yourself. If you don’t have the time or desire, hire a residential cleaning service.
Consider Staging the Home
Next, you can sell real estate faster by staging a home. Studies show that staged homes typically spend 73% less time on the market.
Yet, you might be hesitant to hire a professional home stager. This is understandable, since staging a home can cost hundreds of dollars per month for each room that is staged.
In this case, check out some of our professional home staging tips. If you have decent furniture and decor available to you, you can stage the home yourself and save a ton of money.
Save Time, Money, and Frustration By Selling to a Cash Buyer
Finally, let’s talk about selling inherited property to a cash home buyer. If you’ve inherited a home that you don’t want and can’t afford, you don’t have the luxury of time.
In this case, selling a house as quickly as possible is the best solution. A cash home buyer will buy the inherited property regardless of its condition.
At this point, you’re probably wondering how it works.
Request a Cash Offer
First, reach out to a local cash home buyer and request a cash offer. We will come to the house for a one-time inspection. After the inspection, we will provide you with a free cash offer within 24 hours.
You’re under no obligation to accept our offer. If you don’t like the number we give you, you can walk away and pursue another method of selling the house.
Closing
If you accept our offer, we can close on the house on the date of your choosing. If you need to push the sale back a month, no problem.
Otherwise, we can start the closing process immediately. There are no extra fees and we cover the closing costs.
Is Selling an Inherited Property on Your To-Do List?
If you’ve inherited a home you don’t want, can’t afford, or don’t have time for, we can help. Follow our guide to selling a house as quickly as possible.
And if you’re looking for a straightforward, guaranteed process, contact us today. We’ll make selling an inherited property simple and fast. We look forward to working with you.
