Inheriting a house inevitably comes with a mix of emotions – whether it’s a surprise windfall, a sad reminder of a lost loved one, or an unwelcome financial burden. As the estate’s benefactor, you have the option of keeping the home or selling it. With so much to take into consideration, it’s no surprise that many people choose the easier option of selling and splitting the proceeds with any other heirs.
Regardless of its condition, MarketPro Homebuyers can help anyone looking to sell an inherited house as quickly and easily as possible. Here are four essential steps you’ll need to take if you decide to do it yourself:
1. Establish Where Things Stand
Your first step needs to be understanding what exactly you’re dealing with. Review mortgage documents to determine if the previous owner was behind on any payments (and get the account current ASAP), and run a title search so you don’t get hit with any surprises like unpaid taxes or a home equity line of credit.
It’s also important to establish how the inherited home will be transferred to you. This generally happens in one of three ways:
Probate – This is the most expensive and time-consuming option, and generally occurs when the deceased doesn’t have a legal will. The property is then put into a court process called probate, which can take up to 24 months.
Transfer on Death Deed – You can avoid the legal headaches of probate if your loved one created a transfer on death deed (or beneficiary deed) ahead of time. This kind of inheritance makes for a smoother sale.
Living Trust – This legal document specifies who manages the inherited home and how money will be split, allowing for a seamless (and often tax-free!) transition.
Determining which avenue applies to your situation will allow you to better plan the sale of the home. Don’t forget to also consider any tax implications (estate, capital gains, or property) that could impact how you proceed with the inheritance.
2. Select a Representative
Before selling, it’s important to establish a personal representative because they are the only one legally authorized to move forward with a home sale. This person may have already been named in the deceased’s will as executor.
If not, all heirs need to agree on who will represent them and take on this immense responsibility. This should be someone who is well-equipped to deal with the legal paperwork and see that any sale proceeds are properly distributed. Clearly this is no small task, so have open conversations and civilly address any disagreements. In some situations, families may find hiring a mediator to be helpful in avoiding serious confrontations.
3. Empty Out the Home
You didn’t just inherit a house, you inherited all of its contents – so don’t put off creating a plan with other heirs to clear out the home or at least declutter it. Depending on the condition of the home, this could be a pretty big undertaking and you may want to consider hiring a professional estate sale company to handle the heavy lifting. Otherwise, claim any sentimental items before unloading the rest in a garage sale or to a donation center.
Once the clutter is cleared, and if the home doesn’t require any repairs, a thorough cleaning will be essential to putting the home on the market. At a minimum you’ll want a fresh coat of paint, to replace dated fixtures, and spruce up the yard.
However, if you’ve been left with a run-down mess that has you dreading the idea of weeks of cleaning and renovating ahead, our next step is just what you need.
4. Choose How You’ll Sell
Selling an inherited home on the market entails finding a real estate agent, staging, negotiating with potential buyers, and on and on. It takes time and energy that you likely don’t have. Plus, heirs are responsible for mortgage payments, utilities, property taxes, and general upkeep (got to keep it looking nice for viewings!) until the house sells – which isn’t guaranteed to be quick.
Also remember, if you sell the house using a real estate agent, it is not free. In fact, it is typical for a realtor to charge 6% of the sale for a commission fee.
You may not realize that there’s an alternative, especially if your top priority is selling sooner than later: selling to a cash buyer. MarketPro Homebuyers will assess the home and make you a fair cash offer for your inherited property which will allow you to avoid the hassle of listing with an agent.
One of the biggest benefits is that MarketPro Homebuyers will accept homes in a wide range of conditions, so you don’t need to make costly repairs or spend time you don’t have renovating. Selling the home as-is cuts down on time, money, and stress – which can be extremely valuable in the emotional aftermath of losing a loved one.
Here are a few other reasons to consider selling to a cash buyer:
- Closing costs are often limited or cut out completely
- Capital gains tax may be avoided since you’re selling the house in the same condition you inherited it in
- Save money on cleanup, repairs, insurance costs, and extra mortgage payments
- Getting paid in cash means all heirs will receive their payout faster
The Quickest Way to Sell is With MarketPro
If you’re looking to sell an inherited home fast, turn to the experienced team at MarketPro Homebuyers. We can save you time, money, and headaches with our straightforward process of a cash offer, no repairs or inspection, no realtor fees, and a quick closing. Our trusted professionals have helped thousands of people throughout Washington, DC, Maryland, Virginia, Pennsylvania, and Florida, unburden themselves of an inherited home at top dollar. Get started today with an instant quote!
