Sell An Inherited Property
Selling an inherited property isn’t easy. There’s the emotional aspect of getting a loved one’s home ready for sale which likely includes clearing out his or her belongings and depersonalizing the rooms. There’s the financial cost of making necessary updates to attract buyers. Sometimes heirs have to deal with costly liens or other hidden problems, and there may be disagreements among siblings about the sale price.
Many parents choose to will their property equally to all their children, leaving the kids to decide how to divide everything up. If part of that inheritance is the family home or other real estate, the best way to divide the asset is to sell it and split up the cash. But selling inheritance property presents special logistical, practical and emotional challenges. Having a plan and enlisting professional help will allow the best outcome for everyone involved.
Before you sell an inherited property, the estate must go through probate. Probate is the formal legal process through which the state carries out a deceased individual’s will. If they did not leave a will, or if their will is legally questionable, the state oversees the distribution of property according to state law.
Once the estate goes through probate, the court gives the executor of the will the authority to act to distribute the estate’s assets and settle the estate’s debts. If you’re the executor and you have siblings who share in the inheritance of the property, you’ll need the permission of your siblings and the courts to sell.
Each state has its own process, but there are a few common factors that make probate something many people choose to minimize or avoid.
Agreeing to Sell
If everyone involved in the inheritance agrees the property should be sold, the executor can petition the court to allow the sale and proceed from there. Trouble occurs when one or more of the siblings want to sell and the others want to keep the property. In that case, you’re going to have to negotiate. The sibling who wants to retain the inherited property can buy out the other siblings’ interest in the property. He might have to take out a loan to do so. Other times, selling the property is the only option to settle debts of the estate.
Preparing to Sell
It might be clear that Grandma’s kitchen needs some major upgrading but before doing any work, do some research to help you understand the local housing market. You have to figure out what the other houses in the area are selling for and get an idea of what the house is worth before improvements are made. A real-estate agent can provide some advice on what changes would be worthwhile to make in order to attract potential buyers, but all of these suggestions will cost you.
So, if you’re in a situation that you need to sell fast, you probably don’t have the time or money to waste. You also have the option of selling the home “as is”. If the home is in need of major repairs or upgrades, it’s sometimes best to market it to an investor. Cash investors, such as Thomas Holding Group, are more likely to purchase a home “as is.”
We Are Here to Help
If you are looking to sell an inherited property in the Baltimore area or any of the neighboring counties, we can help. We have the knowledge and experience to help you turn that inherited property into cash. You don’t have to worry about the condition of the property, we will buy it “as-is” and make the process as quick and easy as possible.