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Dealing with Inherited Property? Here are 4 Tips to Remember

tips to deal with inherited property

People usually have some emotional attachment to an inherited home that’s been in the family for a long time. On the flip side, though, inherited property might also bring the stress of owning a home you didn’t intend to live in. At the same time, a vacant house brings its own challenges like higher property taxes and expensive insurance coverage in addition what you already calculated paying on repairs. Considering renting the house out? That’s a different, and extremely stressful, ball game. Sometimes it’s better to break with tradition and sell the house.

Get  Advice:

After you’ve verified ownership, it’s important to take the advice of an estate attorney. Depending on state law and other factors, a license to sell real estate may be required of you by probate. It’s also recommended that you connect with a tax adviser to understand any tax implications of selling the home. There are even certain financial situations in which it’s a good idea to reject responsibility for the house and just let it go into foreclosure. For instance, when the inherited home is worth less than what is still owed on it.

Market Assessment:

Before getting into any repairs or home upgrades, contact a real-estate agent to help you understand the local housing market. This should give you a good idea what other houses in the neighborhood are selling for, so you can know whether it’s even worth making home improvements. The best option is to make the minimal amount of repairs required to secure a buyer then let the purchaser finance the other repairs. If the home is in a very poor condition, consider marketing it to a real estate investor. Companies that buy cash for houses are more likely to purchase a home “as is.”

Prepare for Listing:

To sell a home for a good price, it’s key to improve the aesthetics. This may involve improvements like manicuring the yard, painting the interior, upgrading flooring and making improvements to the kitchen and bathroom(s). A thorough spring-cleaning is essential to making the house appealing for buyers who do a walkthrough or view it online. 

Emotional Selling Process:

The process of selling an inherited home – from sorting personal belongings to finalizing the sale – is almost always an emotional one. Having a set expectation on the selling price can help minimize your chances of getting upset over lower-priced bids when you’re evaluating offers,

At such times, surround yourself with professionals that are empathetic and helpful. Contact us today and let us help you make the whole process easier. We buy houses in Las Vegas, and can take the burden of that inherited house off your hands. We’ll make you a cash offer within 24 hours and close in 7 days or less, so you won’t have to worry about that house ever again!