The steps to sell an inherited home do not differ greatly from selling any other property. However, the house will have to go through the probate process and it's wise to get sound tax advice from a licensed professional. The biggest part of selling a home you received as a beneficiary is dealing with the emotional aspect. Of course, you don't necessarily have to list and sell the property, there are other options available.
Steps to Sell an Inherited Home
If you can't bear to part with the home because of nostalgia and you'd like to keep it, you'll still have to go through the legal process and transfer the title into your name. But here again, be sure to consult a licensed tax professional and/or a certified public accountant about tax implications. Many beneficiaries choose to move into their inherited homes, often taking advantage of the small home loan balance or amortized mortgage and the property's equity.
Selling an inherited house isn’t easy. There’s the emotional aspect of getting a loved one’s home ready for sale — which likely includes clearing out his or her belongings and depersonalizing the rooms. There’s the financial cost of making necessary updates to attract buyers. Sometimes heirs have to deal with costly liens or other hidden problems, and there may be disagreements among siblings about the sale price. --Market Watch.com
Another alternative is to rent the home out. If you choose to do this, take some time to decide if you really want to be a landlord. Keep in mind, you'll be the go-to person for nearly all repairs, appliance replacement, and of course, you'll have to market the house and collect rent. If the home isn't near by, it's best to hire a property management service. However, if you do not want to keep the property, you can use the following steps to sell an inherited home:
- Schedule a home inspection. The very first step is to get in-the-know about the property's true condition. Even if you're really familiar with the home, it's quite possible there are unseen issues or problems which are about to crop-up. You'll be aware of any issues with the major systems and components so you can address these before placing it on the local multiple listing service. Make any necessary repairs listed on the home inspection report, then move on to the next step.
- Declutter, deep clean, and disinfect. It's typical for an estate home to be stuffed with personal possessions. You'll have to organize everything, deciding what you'll keep, what you'll sell, and what you'll donate or give away. In addition, it's completely necessary to declutter, deep clean, and disinfect every surface in the home. Don't fail to overlook every detail so it's as clean as possible.
- Stage the home to sell. You can go the do-it-yourself route or hire a professional home stager. Your goal is to maximize visual and foot traffic flow and leave no trace of personal items. Be sure to remove all personal items from the home and minimize decor to give the appearance of more space. The home should appear clean, well-organized, comfortable but not look as though it's been "lived-in."
- Improve the curb appeal. It's known people form their first impressions of a home in just 7 to 10 seconds. This is why curb appeal is so important and must impress, as well as help pique interest. Give the exterior a good power or pressure wash, including the driveway, spruce up the yard, and make it look great. Be careful about going too far because if it's too elaborate, it will be seen as a maintenance headache.
- Price it right. Perhaps the most critical component to selling an inherited home is not only getting it in showable condition, but pricing it right. Consult an experienced real estate professional about recently sold comparable properties and discuss a pricing strategy.
If you have inherited a property and want to sell it, whether it’s near West Legacy Parc Boulevard, North 159th Drive, West Hearn Road, or anywhere else in Legacy Parc in Surprise, Arizona or another city, we are here and ready to help.