If a recent bereavement has left you wondering how to sell your inherited house, there are a few things that you need to know. It may not be as easy as hanging up a “For Sale” sign on the front lawn.
There are going to be several variables to deal with such as wills, deeds, siblings and other family members, taxes, insurance, utilities, and more. There can be legal issues that need to be addressed among other matters.
Everything You Need to Know When Selling Your Inherited House
Assuming that the house is actually yours to sell makes things much easier. That means there has been a Transfer on Deed recorded which transfers the house to you or that you are named as the new owner in the Will of the deceased. That way, you avoid probate and the need to prove that it’s yours to sell.
Sell, Rent, or Live
First of all, you need to decide if you want to move into the inherited home, rent it out for income, or move forward with selling it. If there are other family members with ownership, you all need to agree on how it will be handled.
If someone in the family wants to live in it or use it as a rental, that’s a great solution if all owners can agree. However, it’s often hard to get everyone on the same page in these situations. If all can’t reach an agreement, the best solution will be to sell the inherited home. That way, you can divide the proceeds and pay off any outstanding debts.
Selling Your Inherited House
Whether you are the new sole owner, or there are others, figuring out what you want to do with the house can be the most difficult part. You will start to incur fees the day the house transfers to you. If there’s a mortgage on the house, you will now be responsible for making those payments as well as paying to carry costs such as insurance, property taxes, and utilities. Securing the home and upkeep will also now fall on you. This can all be very costly. Dealing with the contents in the home can also be very challenging. Often, inherited homes are full of furniture, clothes, household goods, etc.
If your decision is to sell the home, selling to a cash home buyer can be an excellent solution that gets everything settled quickly and easily. No one has to spend time showing the home, talking with Realtors, moving contents, and making repairs. Cash home buyers can close in as little as a week, or give you as much time as needed to let everyone get the contents they want out of the house. It’s common for all unwanted contents to stay in the home as part of the as-is sale.
No worries if one or multiple owners don’t live local as all of the contract docs can be signed electronically and the title company can overnight closing docs. No need to spend money and time coming to Kansas City unless you want to. Black Door Signature Homes can take care of all of this for you.
Contact us today if you need to sell an inherited house. We understand it’s a very difficult and emotional time and we’re committed to making the process as easy and stress-free as possible.
