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Selling An Inherited Home: What To Know

Selling An Inherited Home | Sell Your Home Cash Fast

Should I Sell An Inherited Home?

When inheriting a home, you’re likely to face a difficult decision: what to do with it? You may be tempted to keep the house in your family, but selling an inherited home can be the best option. Selling an inherited home can bring financial security, help settle the estate, and provide an opportunity for fresh beginnings. No matter the situation, if you’ve decided to sell the home, what should you do first?

Selling An Inherited Home | Sell Your Home Cash Fast
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1. Obtain Necessary Consent

The first step is to discuss the house with all of the inheritors and come to a mutually beneficial solution. This includes obtaining your siblings’ and relatives’ consent as well as making sure everyone understands the order of succession. Once you’ve obtained consensus, you can move on to the next step.

2. Get A Evaluation Of The Property

The next important step when selling an inherited home is to have the house evaluated. An initial evaluation and cash offer can help determine its fair market value given the current damages and junk removal needs the house may have.

3. Decide The Best Option For Your Situation

By now you will have a good idea of how much you can get for the home and whether it would be worth making the repairs need to be handled before selling to capture additional value. At this point you have two decisons – Sell it as-is or list it on the market after making some repairs.

If you don’t have the time or desire to fix and manage a real estate transaction with agents and showings then you might consider getting a cash offer from a home buyer or investor in your area like Hometown Buyers. These professionals will know the ins and outs of selling an inherited property and can help make the transition smoother. You can often save yourself time and headache by getting a cash offer or an as-is offer on the home. Learn more about selling a property as-is here.

4. Close The Transaction

Once you have potential buyers interested in the home, and a contract to purchase, the next step is to schedule a closing date. On this day, you and the buyer will sign the closing documents and the home will officially transfer ownership. It’s important to be aware that part of the required paperwork includes a deed transfer. This document will legally change ownership of the home and may require you to pay taxes or deed transfer fees.

5. Collect & Disperse The Proceeds

Finally, the last step of selling an inherited home is collecting the proceeds. After the settlement day is complete, you will receive your share of the profits, minus any applicable transfer costs and attorney fees. The funds will be given either as a check or direct deposit, depending on the agreement reached between yourself and the buyer.

Selling an inherited home can be complicated and stressful, but by following these steps, you’ll be able to navigate the process with ease. With a proper appraisal, marketing strategy, and a real estate settlement date, you can successfully sell the home and reap the financial rewards.

References

Harrington, S. (2020, June 29). Selling an Inherited Home: 6 Steps You Must Take. Investor Junkie. https://investorjunkie.com/real-estate/selling-inherited-home/

Shulkin, J. (2020, December 17). What to Expect When Selling an Inherited House. The Balance. https://www.thebalance.com/selling-an-inherited-house-2154701


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