Handling the Sale of an Inherited Property
It’s never easy coping with the loss of a parent or loved one. Taking the next steps to determine what happens to their home is often a challenging part of settling their affairs. Being prepared is crucial in making the process go as smoothly as possible. Perhaps you have inherited property after the death of a loved one.
Here are some tips for preparing to deal with the sale of an inherited home.
Consult With Professionals-
If you want to make the process go as smoothly as possible, don’t try to do it alone. Bring in licensed professionals who can help, including a real estate agent, a lawyer, and a tax professional. The real estate agent has the knowledge to help you determine the home’s value and if you opt to do so, get the home sold. This is especially important if the home is in another area away from where you and your relatives live. A lawyer and a tax professional, as well as a title professional can help you make sure everything is in order legally. This will make things much easier in the long run for you and your loved ones.
Get A Home Inspection-
A home inspection is another good first step when you inherit property. By getting the home professionally inspected, you can gain a better understanding of any issues that need to be addressed. This goes further than just what you can see. A professional home inspector will look at anything and everything to give you a clear picture of what you’re dealing with. This is an important part of determining whether the home needs any renovations or major repairs.
Gather Vital Paperwork-
When dealing with inherited property, it’s important to dot every “i” and cross every “t.” Keep up with all important paperwork, including the deed and any relevant mortgage paperwork. Your title company can assist with finding out if there are any title issues, including liens or outstanding debts to be paid on the home.
Get The Home Appraised-
A real estate agent can help you get an accurate appraisal of the inherited home’s value. Once the appraisal is done, you can get an idea of an appropriate market listing price. A real estate agent also has access to comparable sales and market data to help advise you in choosing the right price for your property.
Staging And Upgrades-
Looking to sell an inherited home? There’s a chance it might need some updates. Perhaps the home in question seems dated in style or features. Your real estate agent can help you stage and upgrade a home to get it sold. The home may need updates throughout, from colors and carpeting to fixtures in the bathrooms and lighting. Increase curb appeal with some fresh landscaping updates to draw in potential buyers.
It’s never easy dealing with the loss of a loved one, but often dealing with inherited property is part of that process. Start with these tips and consult with a real estate pro to make the process easier on you and your relatives when the time comes.