You have recently inherited a house after the passing of a loved one. If this has happened to you, there are many factors that you have to consider before deciding whether or not to keep the house.
Is it located in an area that is convenient for me? Am I willing to put up with all the accompanying paperwork? What options do I have to sell my inherited house? What do I need to do to learn how to sell inherited house in probate? Here are some tips on what to do to sell your inherited house fast.
1. Consider the State of the Mortgage
Before you ask yourself, how can I sell my inherited house? find out how much of the house belongs to the bank, and how much of it belongs to you. This is an essential step if you’re planning to sell your home fast as it dictates what method you will use to sell.
Sometimes, the home is underwater, meaning more is due on the loan than the house is worth. At such times, the house is more of a liability than an asset and can be sold through a short sale. At other times, the mortgage has already been paid off, meaning you have full equity of the house.
2. Conducting Home Inspection and Repairs
Contract a professional to have your inherited house inspected. This gives you a clear picture of what may need to be repaired or replaced. This prevents the deal from falling through when the buyer does their inspection and points out all the required repairs.
Make all repairs before putting your home on the market, as this will help you answer the question: how much should I sell my inherited house for?
3. Paying off Taxes
Your inherited house attracts taxes on any gains it makes on its value from the time you inherit it to the time the sale is complete. However, you can use remodels and repairs to lower your tax bill; remember to keep all the relevant receipts.
4. Consider Selling to a Cash Buyer
If you have been wondering, how can I sell my inherited house for quick cash? you should consider a cash buyer as a means to get cash for your home. This allows you to make quick money and exempts you from having to do any repairs. It also alleviates the stress of following up on the whole buying process.
However, deciding to sell your home to a cash buyer has a disadvantage; you are unlikely to find anyone willing to pay the full price of your inherited house in cash. Most cash buyers can only spring for 50-80% of the house’s value.
5. Get a Good Agent to Help Sell Your Inherited House Quickly
In case you were wondering, how can I sell my inherited house? you should hire an experienced real estate agent. Experienced realtors provide professional insight on the best course of action to follow based on the state of your inherited house. Professional real estate agents can help you side-step drawn-out real-estate deals and get as much cash for your home as possible.
If it is underwater, a realtor can help make a pre-foreclosure sale to sell your inherited house quick and with favorable terms, helping you escape foreclosure, which dents your credit record.
This is the action of repossessing mortgaged property when the owner fails to keep up with mortgage payments. Foreclosure is usually a last, and costly, resort, hence many lenders do their best to avoid it. Most of them prefer to work out a compromise with you that will allow you to get back on track with your mortgage payments than auction your home in a foreclosure.
Foreclosure is a big blow, with close to 38% of respondents in a study citing fear as their first response to the threat of losing their homes to foreclosure. You should ensure that the state of your mortgage never gets this drastic. Contact your lender as soon as you get the first notice to see whether they can offer you modifications in your lease.
If you’re still struggling for answers, be sure to do a quick Google search for “sell my inherited house.” Learning how to sell inherited house in probate will help you greatly through this tough time.