If you are looking for ways to sell an inherited property quickly and hassle-free, you’ve come to the right place. From advice for preparing all the paperwork to tips for closing the sale, we’ve got you covered. In this article, we’ve prepared tips and advice that will help you go through this real estate transaction smoothly.
Sort out the necessary paperwork
Before you proceed with selling the inherited property, you need to ensure you legally own it. Depending on whether there’s a will on not, in some cases, the process can take up to 24 months.
There are three ways to transfer an inherited home:
- Probate usually happens if the person who passed away didn’t leave a will. In those cases, it’s up to the court to decide with the best interests of the deceased person in mind. Sometimes, courts will decide to sell the property and split the money between relatives. This is the most expensive and time-consuming way to handle inheritance transfer. It usually results in descendants getting small fractions of the entire inheritance.
- In case your loved one created a Transfer on Death Deed (beneficiary deed), you’ll be able to avoid probate. If you’ve inherited a property this way, it means that it’s legally yours. You are free to sell your inherited property whenever you want to.
- The best possible scenario when it comes to transferring inheritance is the living trust. Why? Because it often avoids taxes while allowing a seamless inheritance transition at the same time. The living trust is a document that specifies who will handle the sale of inherited property. That way, everyone who is due to inherit it can split the money.
Ways to sell an inherited property
There are several ways to sell an inherited property. Depending on your budget and how quickly you want to make a sale, you can either hire a real estate agent, choose an auction house sale or sell it as is to a property buying company. All of these options have benefits and disadvantages, and you can learn more about them further in this article.
Sell an inherited property with the help of an agent
If you are looking to maximize the profits and get the most out of your sale, hiring a real estate agent is the way to go. As they’re familiar with the local market, they’ll be able to give you great advice and support. However, have in mind that this is the most expensive and slowest way to sell the property you’ve inherited.
When it comes to expenses, it’s not only the agent’s fee you will need to pay. Before you put your home on the market, you’ll need to make sure it’s in good condition, which means you’ll have to invest in repairs. Plus, don’t forget the closing costs. On top of that, it could take over a year for your inherited property to be sold.
If you decide on this option, make sure to stage your property before the sale. You want the property to look neat and presentable. Declutter the space and get rid of anything you don’t want to keep. You should also ensure everything is in good condition and repair or replace what’s needed.
If you’re looking to save money and still make your property look good, the cheapest and simplest way to do it is to paint it. However, be mindful and protect your belongings from getting damaged to avoid creating additional costs. You need to find the right way to store them and keep them safe. Even though you can try using plastic covers, it’s better to store the items away from home. For instance, a storage unit is an inexpensive yet great solution.
Sell an inherited property quickly to a professional home buyer
If you are looking to save your time and money, your best bet is to sell your inherited property as-is to a cash buyer. Not only will you be able to sell the property within a month (or even less), but you’ll also save a lot of money.
How? As you’ll be selling your property without an agent, there are no commissions you will need to pay for or closing costs to worry about. You’ll also avoid repairs which on average can cost over 10% of the sales price. The best part is that your home won’t have to sit on the market for a single day, let alone for months.
Having all of the above in mind, the winner in selling on the market vs. selling to a professional home buyer battle is obvious. If you want to ensure a quick, smooth, and stress-free process, you know which option to choose.
Sell it at an auction
Selling the property you’ve inherited at an auction is a great way to ensure a quicker sale. If you don’t want to pay for repairs, an auction could be a good option for you, given that you can sell your property as-is.
One of the most significant advantages of selling at an auction is that you’ll be able to establish a minimum acceptable price. However, the time it takes for your property to be sold can differ. If a sale is agreed upon, it could take less than a month. On the other hand, if your property is not sold at the first auction, you might need to wait a couple of months for the next one.
Also, depending on the auction house, the cost of selling can be higher than hiring a real estate agent. It’s not uncommon to face hidden fees. This all makes selling your property at an auction very risky and potentially quite expensive.
As you can see, the best way to sell an inherited property quickly is to sell it as-is to a cash buyer. Not only will you be able to finalize the sale in a week, but you’ll also save money. And all that without the stress that the traditional home selling process brings.