October 4, 2020
3 MINUTE READ
It comes as no surprise that selling an inherited home can be an incredibly emotional experience. You’ve most likely just lost someone very close to you — and now you have a house to worry about on top of all the other stress. What do you do with an inherited house? Some people choose to keep the house they inherited, whether it’s to live in it personally or to hold onto it as a rental property.
But other people find that the house they inherited isn’t in a location where they want to live. Perhaps the house is too small for their large family. Or, maybe you’ve inherited the house with other people, and the best solution is to liquidate the house and divide the assets so that everyone gets his or her fair share.
If you find yourself in this particular situation, you may want to sell the house as quickly as possible, in an attempt to put it behind you and move on. But how do you sell an inherited home quickly?
Keep reading to find out more. We’ve put together # tips for you to help you in selling an inherited home.
While inheriting a house may sound like a tremendous financial blessing, you need to pay close attention. How much of the house is now actually yours — and how much of it still belongs to the bank, tied up in the mortgage? The current state of the mortgage will greatly impact how quickly you want and need to sell the home.
If the house is paid off — congratulations, you own full equity in the property. This is truly the best-case scenario. In this case, all you need is a buyer and a relatively fast sale, and you’ll have the money in your hands. However, if the house is upside down, you’ll face some challenges. In this case, your best option may be to negotiate with the lender for a short sale — meaning that the lender agrees to sell the home and accept a sale price that’s less than the loan amount still owed.
Most inherited homes tend to fall between these two extremes. Working with the right real estate professional will help ensure that you are making the best decisions for your particular situation.
When you inherit a home, it’s a good idea to have the home inspected by a professional. This will give you a good idea of what may need to be repaired in the home and help uncover any underlying issues. That way, there shouldn’t be any big surprises when your buyer does his or her own inspection, which could potentially cause the deal to fall through.
Of course, the best way to sell your inherited home fast is to work with the right real estate professional. He or she can advise you on the best courses of action to take, based on your individual circumstances.
Your agent can also help by putting together a strong marketing strategy that will help sell your inherited home quickly. This can help you avoid a long and drawn-out real estate deal that will help you get the most money in your pocket, in the shortest amount of time.