Selling an Inherited House?
Selling an inherited house can be a difficult and often unexpected burden to bear. Whether you are trying to sell an inherited house while living in a different city, don’t have the money for repairs, or are now responsible for an unwanted mortgage on this new property – PDX Home Buyers is here to help.
A Bit About The Process…
Before selling an inherited property, the estate must go through probate. In Oregon, any property valued at less than $275,000 qualifies for a simplified probate – an expedited process that doesn’t take a lot of time or require legal counsel. Estates that exceed this threshold must go through the regular probate process before the property is eligible to be sold. This process typically takes 4-7 months in the state of Oregon, but don’t be intimidated – we have extensive experience in this area and can help you through this process.
Once the estate goes through probate, the court gives the executor of the will the authority to act on the property. This means you can begin to allocate assets and settle any debts on the property.
Important note: If you are the executor and you have siblings who share in the inheritance of the property, you’ll need the permission of your siblings and the courts to sell.
Selling the property
Everyone has agreed to sell the inherited house – now what? First, you must decide if you are going to sell directly to a professional home buyer (like us!) or list the home with a real estate agent. You can find more information about the pros and cons of each option here. If you have the time (several months), money for repairs (average cost of repairs for a home is 10% of value), and network in the market, selling through a real estate agent can be a good option for you.
However, if you do not live in the area, don’t have money for repairs, can’t afford the additional mortgage, or simply need to sell your house fast, selling to a professional home buyer like PDX Home Buyers may very well be your best option. Key benefits include:
- No commissions (average 6% of sale price w/ realtor)
- No closing costs (average 2% of sale price w/ realtor)
- Sell your house in less than a week! (average 3 months w/ realtor)
- No repair costs (average 10% of sale price)
With all of these factors considered, your estimated savings on a $400,000 home would be $72,000!
We love talking with people to see how we can help you reach your goals. If you have questions about…
- Your options in selling an inherited house
- The journey through probate
- Our process for making you an all-cash offer for your house
- Our company and who we are
- … or anything else you want to ask us — even just to make sure we’re real people 🙂
Just give us a ring at the phone number below or shoot us an email through the form. We’ll get back to you within 24 hours. If you need us quicker, make sure to call as we’re able to answer phone calls more quickly than we’re able to return emails.
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PDX Home Buyers
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