When someone in your family dies, the loss can also mean you now have to undertake important responsibilities. For example, you may take over a property (home or business), bank and retirement accounts, securities, etc. Inheriting valuables from a deceased relative is a significant windfall, though converting inherited property into cash can be a complicated and lengthy process. But if you’ve inherited a home and you want to know how you can sell it fast and for cash, read on! Below, we discuss in depth how you can sell your house the easy way.
Gather Details About the Inherited House
Use a home value estimator tool to discover what the inherited home is worth. Compare the figure you get from the tool with the prices other houses in the area sold for recently. If there’s consistency, the value generated by the tool is likely to be fair. Also, find out if there are any outstanding mortgages that need to be paid off, and any outstanding bills and property taxes will need to be covered. Now use a home sale proceeds calculator to determine how much you can make from selling your house. A house that doesn’t have liens against it is much easier to sell.
Consider who now has claim to the property and how its sale would impact you financially. Does everyone with a stake in the property agree that selling is the way to go? Do some parties want to hire a real estate agent? You should also be aware of capital gains and other tax implications before selling an inherited property. And since laws differ from state to state, if you inherit a property in a state you’re not familiar with, have a local professional guide you through the tax implications of a sale.
Examine the Will
Before selling a property, find out if you are the only one who has a claim to it. This step is incredibly important. If a ownership of a property is split between different parties, everyone will have to agree on what to do next. If the deceased has not left a will, the property usually goes to the next of kin. This legal process is formally known as probate. To formally transfer a deceased relative’s property, when there isn’t a will present, going through probate is a must. It can take months and even years for this process to conclude. Once a probate court rules in your favor, you will have complete access and claim to whatever property you’re granted.
Prepare the Inherited House for Sale
Clear out personal belongings, declutter, and depersonalize the house. Take care of the repairs and make it so a new family could move in right away with no issue. Make necessary upgrades to profit more from the sale. Rent a storage unit and store non-essential items here until you can sell the property. Check out the nooks and crannies before putting the house on the market. Install a yard sign to make passersby and neighbors aware of the home sale.
Choose Your Selling Method
You can hire a real estate agent and list your inherited house on the MLS, or you can go the FBSO route. You can also sell your home to cash home buyers in Central Florida. Selling for cash is certainly a hassle-free option. And since most inherited houses are fixer-uppers at best, it makes sense that these are often sold to professional real estate investors soon after they’re inherited. We buy houses as is in Central Florida, and selling to us is much faster than the traditional selling method. Plus, we don’t charge any fees or commissions.