Losing a loved one inevitably stir up a wide range of emotions and even create a sense of overwhelm, particularly when it comes to the issue of inheriting property. It’s not uncommon for a beneficiary to choose to part ways with an inherited home, but this type of real estate transaction will vary a bit from a typical home sale.
What To Do When You’re Ready To Sell An Inherited Home
Step 1: Wait For The Estate To Go Through Probate
Even if you’re confident that the home has been left to you, the will must be probated before any action can be taken to sell the property. This is the process through which the court determines the validity of the will, thereby permitting the executor act on behalf of the document’s terms.
Only after a will goes through probate is a beneficiary able to claim inherited property.
Step 2: Contemplate How You’d Like to Move Forward As The Home’s Owner
If you share ownership of the property with others, discuss your plan for the home together. Even if you have no interest in occupying the home, you may prefer to rent it out or to simply sell. Regardless of what you decide, you’ll need to explore these options with the rest of the home’s owners, if the property isn’t exclusively yours.
When siblings inherit a home from deceased parents, for example, there are often disagreements surrounding whether or not to keep the house. If you would prefer to sell, but your siblings want the property to stay in the family, they can buy your portion from you as a way to compromise.
Before making any final decisions, however, meet with an accountant who can explain the potential tax implications that you may experience whether you choose to occupy the home, rent it out, or sell.
If you’re leaning towards selling the home, give yourself ample time to think about this decision and make sure you’re comfortable with the idea of parting with the property.
Step 3: Prepare To Put The Home On The Market
Prior to listing the property for sale, you’ll want to walk through the home to get an understanding of its current condition. If the home has significant clutter or damage, you’ll need to decide whether you’d like to hold off on listing the property or accept a lower selling price than if the property were in pristine shape.
It’s not a bad idea to hire a home inspector as well; even if you don’t intend to make repairs, at least you can determine a realistic asking price.
Alternatively, if you’re not in a hurry to sell the home and can afford to spend the time and money on improvements, consider some simple cosmetic upgrades to increase the property’s curb appeal.
Once you’re confident the home is ready to put on the market, the next logical step is to find a Realtor who’s familiar with the neighborhood. Whether your goal is to sell the home for the best possible offer or to simply make a quick transaction, make sure you communicate this to your agent.
Are You Ready To Sell Your Home?
If you own a home in the Houston area and would like to discuss your options as a seller, we should connect! Please contact me today for assistance with your listing, and feel free to send me a note with any questions you may have.
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