Selling an Inherited Home: 7 Ways To Get a Quick Sale in Boise
When a loved one passes away the rest of the family is left in the wake with psychological pain and mountains of to-do lists.
Anyone who has experienced loss in this way understands how emotionally difficult it can be. It seems like the world is collapsing all around you and you’re only barely scraping by.
To make matters worse, you often need to deal with the logistics of the passing as well. This can include things like dealing with debt, phone bills, insurance, cars, storage containers, and in some cases entire homes.
Selling an inherited home is a big task for one person to take on by himself. If that’s you, then we have some suggestions on how to get it done and get it done quickly!
Inherent Challenges of Inheriting a Home
When you lose a loved one or a family member everything can be too overwhelming, but little by little you can pick away at the to-do list.
With family members, it’s important to come together and take care of the belongings as fairly and effectively as possible. A loved one’s will can sometimes make the process a lot simpler as you’re following the wishes of the deceased, but you don’t always have that.
Treat this time as an opportunity for everyone who is left to come closer together and divide inheritance as equally and civilly as possible. Homes and real estate present a bigger challenge, though.
Financing
Some inherited homes are still financed, in which case payments must continually be made until you sell. This is a tough place for anyone to be, especially if you have your own rent or mortgage payment to make on top of that.
Plus, if there are multiple people inheriting the home (spouse, children, etc.), whose responsibility is it?
Probate
Unless you are a joint owner of the property, then you may have to apply for probate. This is basically what gives you the right to “deal” with the property, or, in other words, sell it, rent it, etc.
This application process isn’t always the quickest either, and dealing with probate means the house and/or property can sit empty for months at a time.
Renovations and Remodeling
Not all inherited homes are going to be ready to sell right away. Sometimes, homes need a decent amount of remodeling and/or renovating to get to a selling condition.
This is also tough on you or others who are left behind because it falls on you to either do it yourself or pay others to do it for you.
Regarding Selling an Inherited Home
You may need certain options before you sell an inherited house. For example, do you have strong emotional attachments to the home?
Maybe it was a parent’s home that you grew up in. It’s a big decision, but you may want to move into it yourself.
Perhaps there are others in the family or close friends who would want to move into it, which might make life easier on yourself. But if you’ve exhausted other options and are now wondering how to sell a house, then there are a few important things you can do.
#1. Apply for Probate ASAP
If necessary, you should apply for probate as soon as possible. Again, you may not need to when selling an inherited home, but if you do, then the sooner the better.
Because a home can still be listed for sale or rent even when applying for probate, but the probate process will need to be finalized before it is sold. Therefore, it’s always best to start this process straight away.
#2. Contact Insurance
Assuming no one is left living in the house, then you need to contact the insurance company for the homeowner and update them. If the house will be left empty for some amount of time, then it’s possible you will need to get empty house insurance for the meantime.
#3. Deal with Utilities
Before you sell, it’s also important to deal with unpaid utilities. These may include electricity, water, trash, etc. This is also a good time to cancel unnecessary utilities (cable and internet, for example), but you will still need running water and the lights shining.
You may also want to consider upkeep with the yard. If you’re trying to sell an inherited house, the outside view is the first thing people see, so you want it clean and presentable.
#4. Handle the Belongings
As already discussed before, you are going to want to handle any belongings inside. Your best bet is to dole out belongings to other friends and family members.
Have as many people come in person as possible and sort through everything and take what is important or sentimental. Everything else can be sold or donated.
#5. Decide on Renting or Selling
A lot of people wonder, “Should I rent or sell an inherited home?” It’s a fair question and sometimes difficult to answer but you should weigh the pros and cons immediately.
Renting can create a nice additional income for your family, but it can also be a difficult job on its own. Make sure you are ready for it and that the house doesn’t require too much upkeep at the start.
Selling can be easier. Sometimes, due to utilities, taxes, insurance, etc., it’s an option that you need right away.
#6. Remodeling, Renovations, and Maintenance
To get homes in selling or rental shape, you might need to overhaul certain areas. Maybe it needs roof repairs, maybe the bathrooms or kitchen are outdated.
In any case, it can be a costly endeavor but worth it if you’re trying to sell.
#7. Find Cash Buyers
Cash buyers are people who are motivated to buy houses quickly, even if they are in need of repairs or renovation.
These people see the house as an investment and are often willing to put the money upfront to fix up problems on their own. Because of this, they are motivated to buy quickly, but you may not always get the top market dollar for the property.
Find Assistance Dealing With Inherited Homes
Losing a loved one has enough challenges on its own. Dealing with all of the logistics and belongings left behind tends to just make matters worse.
If you’re selling an inherited home, but need to do it quickly, then you need to find a company who understands the local real estate market. Contact Treasure Valley Property Solutions right away if you need to sell quickly or simply want to discuss more options!