Inheriting a house can be an unexpected event that requires future planning. Maybe you’re excited about owning a new home, but it’s also possible that you’d rather not take on the responsibility and would prefer to sell it. Selling an inherited home is similar to putting a home that is your primary residence on the market. However, there are some other factors to consider. You may need to hire a probate attorney to make sure you have everything covered. In the meantime, keep these considerations in mind to help you during the process.
Make sure all heirs are considered
Are you the only heir involved in the ownership of this home, or do you have other siblings or relatives who need to weigh in? If you are the named executor, then you will be in charge of handling the responsibility of maintaining the property and getting it ready to sell. If no executor is appointed in the will, then you and any other heirs will have to appoint someone, before selling the house.
Open an estate account
Before you start the process of selling the house, you’ll want to open a bank account to use specifically for the estate. This bank account will be used for the proceeds from the home sale and any other income from the property. The funds in the account can pay the mortgage, property taxes, probate expenses, or other home expenses. This account will be managed by the executor or personal representative.
Assess the mortgage
When you inherit a home, unless the mortgage is already paid off, you will also inherit mortgage payments. If you aren’t prepared to make those payments, then selling could be even more desirable. You’ll want to contact the mortgage company to see how much is owed. Remember that you’ll be responsible for mortgage payments and other bills associated with the property until the house is sold.
Hire a probate-specialized agent
You have many options when selecting a real estate agent. If you are working on selling an inherited home, it can be in your best interest to hire an agent who has experience working with heirs to put inherited homes on the market. By working with a probate-specialized real estate agent, you can ensure that you’ll receive the highest possible return from the house. When researching the best real estate agent for the job, you’ll want to ask about their experience in a similar situation, their marketing strategy, and their expected timeline for selling the home.
Consider selling the home for cash
If you need to sell the home as soon as possible, you can speed up the process by selling the property for cash. There are websites where you can easily sell a home for cash, skipping the steps of making repairs on the home or showing it to interested buyers. While you’ll get less for the home with this process, if you need cash quickly you could receive an offer in as few as 48 hours and close within 10 days.
Inheriting a home can come with a lot of emotions and extra work. But by setting a plan in place you can get the home sold — benefitting all heirs involved.