If your parents have recently passed away and you’ve inherited their real estate property, you have some big decisions ahead. These decisions are made even trickier if the property was left to you and your siblings. How can you come to a decision that works for everyone involved? Here are some helpful, basic tips for what to do when you inherit a property.
First, get started on the probate process.
Chances are, you and your siblings have inherited more than just a blank slate of a property—there’s probably furniture, vehicles, and a lot of other assets to consider. There are probably debts that need to be settled, too. First, see if you’re able to save time with a summary probate process. If the estate is fairly small and uncomplicated, it shouldn’t take long—though you should still expect it to take up a fair amount of time and energy, especially if you are executor.
Once the estate has gone through probate, it’s time for the executor to get to work distributing the assets, settling debts, and selling the property.
Come to an agreement with your siblings.
If you were the sole beneficiary of your parents’ home, you won’t have to worry about this. But for the rest of us who have to split the estate with siblings, this is a major issue.
If everyone agrees that the property needs to be sold, this makes things much easier! However, there are still some things to discuss: what is everyone’s time frame for selling the property? How much are you willing to let it go for? Who is responsible for making sure the property gets sold (e.g. hiring a realtor or other professionals)
If not everyone agrees that the property should be sold, you’ll have to negotiate. You might need to hire a family mediator, and you’ll definitely need an estate lawyer to help you avoid mistakes and come to a fair agreement.
Prepare the home to sell or sell as-is.
Depending on the property, there might be a lot to do, or you might not have to make very many improvements. This is another thing you’ll have to work out with your siblings: how much time and money are you willing to put into the property before putting it on the market? Will the time and effort be worth it, or does it make more sense to sell as-is?
If making repairs and prepping the home is too difficult or time-consuming to accomplish, don’t worry—there are still options. You probably won’t get a good price if you take the traditional route, because most buyers are looking for a property that is well-maintained. But, you can often get a fair offer from an as-is home buyer. MarketPro is one such buyer in the Washington DC, Baltimore, and Northern Virginia.
Make the decision easier with a fair, transparent, no-pressure offer on your inherited property.
Whether you’ve decided to sell an inherited property or you’re just looking for information on the possibilities, feel free to contact us today. We’ll help you make the decision by presenting you with a fair, transparent, and no-pressure offer for your inherited home.