Selling my inherited home advice, Canadian property buying tips, real estate mortgage balance guide
Selling My Inherited Home: Things To Do
18 Jan 2023
Knowing that your caring aunt, uncle, or parent has left you a house in their will or a place that is in the probate process can be pretty exhilarating. On the flip side, the responsibility of selling the home can become overwhelming, especially if you don’t reside in the same state as the property. The fastest way to sell a house you’ve inherited is to sell your house for cash. This article explores the steps to take to sell your inherited home.
Start By Finalizing Everything
When you inherit a home from a loved one, you may inherit it free and clear of any problems. However, this is not always the case. In most instances, you’ll receive a home with many issues that will need to be resolved before you can move forward with selling the home. The mortgage is one of the most important things you will have to address immediately. If your loved one paid off the mortgage before they passed, this would make selling a bit easier. However, if a mortgage is still left, you will have to decide how to pay it off.
If your loved one left you other assets, you might want to liquefy those assets and pay off the remaining mortgage balance. Additionally, if you have received extra funds from life insurance, you may wish to use these to pay the mortgage off. Another issue you will need to address is property taxes. Ensuring that these are current will prevent problems when you sell the home.
Even though you plan to sell the home, there could be some time between when you take ownership until you find a new homeowner. During this time, you will still need insurance to protect the property. If the home has a mortgage, your deceased loved one likely has home insurance on the house. But you can’t just assume their current insurance policy. Instead, you’ll have to get your own policy which will cover any damages that may arise as you transition the home to a new buyer. The type of insurance you’ll need is called vacant and unoccupied home insurance.
Fix It Up
Once you know you have cleared any outstanding obligations on the home, the next best thing to do is start to get the house ready to sell. Since you’re inheriting the place, one of the first things you’ll likely need to do is clean it up and declutter. Take the time to go through the entire home, looking for family heirlooms and anything of value you want to keep. Once you’ve retrieved these items, it’s a good idea to start getting rid of the unnecessary items. You can opt to give away the things to charity, toss them, or try to sell them. Once you have cleared the clutter and cleaned the property, it is a good idea to take inventory of what’s not working and try to fix them. For instance, if you have a water heater on its last leg, it may be a good idea to replace it or any other major appliance that could prevent the home’s sale. Likewise, you’ll want to do the same with other major repair work such as roofing, foundation, and plumbing. Once you’ve dealt with significant issues, it is a good idea to address other issues such as landscaping, painting, and flooring. After fixing these issues, you’ll be ready to put the house on the market.
Sell Your Inherited House
When you’re ready to sell, you can contact a top real estate agent specializing in inherited property to help you quickly get the house off the market. They may suggest that you stage the inherited property along with the updates you’ve made. According to recent research by the National Association of Realtors, buyers’ agents believe that staging a home makes it easier for a buyer to visualize being in the house. So, if you are looking to sell your inherited home fast, it is a good idea to stage it.
If you don’t want to deal with any of the costs associated with making updates to a home and getting it ready to sell, you can opt to sell your inherited house directly to a buyer for cash. Many sites like Homelight Simple Sale, We Buy Ugly Houses, and iBuyers can take unwanted property off your hands and provide you with money. These platforms can give you cash for your home in a little over a week.
Comments on this Selling My Inherited Home: Things To Do article are welcome.
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