While the housing market is extremely favorable for sellers right now, inheriting a home is a complicated process, especially while grieving the loss of your loved ones.
There’s no denying selling an inherited property will be complicated, but we’ve got some recommendations to make the process go smoothly. Keep reading for advice from top real estate experts!
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Find out where the mortgage stands
Understanding the home’s mortgage status is perhaps the most important first step once you’ve inherited a property. Run a title search to determine unpaid taxes, outstanding mortgages, and lines of credit. This will determine whether or not you have to address any issues with the title before moving on to the sale process.
As the new owner, you’re now responsible for mortgage payments, which may result in more headaches than you thought, but you’ll want to take care of any outstanding payments as quickly as possible.
Find an agent experienced in probate sales
Just because the market is favorable for sellers doesn’t mean you should neglect your due diligence when it comes to picking a real estate agent.
A probate real estate agent is specialized in selling inherited properties. They’ll respect the history and emotional connection you have to the property while netting as much equity as possible during the home sale process.
Remember, selling a home can be a daunting process, but you can make the process much easier by choosing the right representative to sell your property.
Declutter the property as much as possible
Decluttering is one of the most important steps to undertake prior to selling. Buyers are on the lookout for spacious properties, and decluttering is a proven method to make your home appear as roomy as possible.
When it comes to inherited property, the task of decluttering is massive. Normally, your family members will take any personal items, but the rest of the contents — old furniture, family photos, appliances, and decorations — remain taking up space.
Create a decluttering plan with the rest of your heirs. You can either hire a professional estate sale company to handle the grunt work or sell the items individually on online platforms like Facebook Marketplace or Craigslist.
If you’re considering selling your home without decluttering, think again. If you want to sell for the best possible price, decluttering is absolutely essential.
Spruce up the property without renovating
If you’ve inherited an outdated home — maybe with shag carpets, popcorn ceilings, or questionable decor — some cosmetic updates may be necessary. A real estate agent can assist in deciding which upgrades are pertinent in order to increase the home’s property value, but there are also plenty of tasks you can skip.
Steer clear of expensive upgrades, as the new homeowners can tackle those if they so choose. Instead, focus on surface-level cosmetic upgrades. Give the home a fresh coat of paint, replace carpeting with vinyl floors, depersonalize the decor, and put in a significant effort towards boosting curb appeal. Just these inexpensive upgrades will boost your home’s value and limit the risk of unfavorable ROIs.