It’s been a rough go of things lately. You and your family are mourning the loss of a loved one and now you find out that you are inheriting their house… it’s almost too much to bear.
Your immediate reaction might be to sell the house and get all that you can for it.
However, there are several things that go into starting that process. Many factors to consider before doing so.
If you’re reading this and thinking “I inherited a house and want to sell it”. Take the steps listed below and get the maximum return for your inherited property.
1. What’s The Home Worth?
Before you start considering selling the home, you’ll want to know what the home is worth in its current condition.
Assuming you don’t want to pour a lot of money into renovations and remodeling, knowing the home’s current value is must-have information.
There are several ways to go about doing this, but the best one would be to reach out to a trusted cash home buyer to receive a quote. This gives you an idea of what your house will go for in the form of an actual offer.
It’s a great starting point for knowing what your inherited property is worth.
2. Research the Mortgage Situation
Before your loved one died, they may or may not have fully paid off the mortgage on their house.
If they didn’t, then as the one that inherited the property you also inherited the unpaid mortgage.
Fortunately, that mortgage may be able to be paid off upon selling the house. As long as the mortgage amount was less than the home’s worth, your loved one’s home won’t put you in debt.
Of course, if you wait too long, you’ll have to start paying off that mortgage out of pocket. Selling the property to a cash home buyer can provide a quicker turnaround so that you can avoid doing so.
3. What Other Costs Should You Be Aware Of?
A home mortgage isn’t the only cost on a house that your loved one may have piled up over the years.
Things such as property taxes may have gone unpaid. That means that the income from selling your home will also need to be used towards those as well.
Knowing all of these things, such as the mortgage amount and property taxes owed, will give you the best insight into what return you’ll get for selling the house, if any.
From there you can factor how much income you can expect from selling it, as well as any others that are co-inheriting the house.
4. Talk It Over With All Others That Inherited It
If you weren’t the only one that inherited the house from your loved one, then you don’t have the final say on whether or not to sell the house.
Say your other siblings inherited the property as well. They all need to agree to your plan of selling the house before you can proceed further.
However, that may not be an easy thing to agree upon. There might be someone that has the intention of moving into the house or renting it out. This feud amongst your siblings can get messy in a hurry.
The best thing to do is schedule a time for all that inherited the property to sit down face-to-face.
Have everyone present their intentions with the house and a detailed description as to why they want to pursue that route.
For example, you mention to everyone else that you’d like to sell the home to a cash buyer. By listing out things like the quick turnaround, financial relief, and not needing to pay for repairs, you may win them all over to your idea.
From there, any and all hesitations that your siblings or relatives have can be addressed and all sides can be heard out. Remember to be patient.
5. Make Preparations
Now that you have everyone on board with selling, there are only a few more things you’ll need to do before selling to a cash buyer.
The main one is figuring out how to clean out all the items your loved one had. This is no small task… In fact, it’s a massive undertaking, and everyone will need to chip in.
Schedule times for everyone to meet at the house and chip away at the belongings that your loved one had inside.
Be sure to provide some time for each family member to visit and see what items they’d like to keep for themselves. Once everyone has had a chance or two to do so, it’s time to figure out things like selling or donating certain items.
These should all be done in waves, and you may find that it takes a few weekends before reaching a conclusion.
Once all the belongings are out of the house, you can have peace-of-mind knowing that nothing was left behind in handing over the keys to the buyer.
I Inherited a House and Want to Sell It: Use a Cash Home Buyer
For those of you thinking “I inherited a house and want to sell it!”, you’ve found the solution you were looking for.
Selling to a cash home buyer will rid you and your loved ones of the exhausting process that may drag out by selling it yourselves.
Be sure to read this article for further information on selling to a cash investor.
For any other inquiries that you may have, feel free to reach out via our contact us page and we’ll be delighted to work with you further.