You may or may not have expected it, but if you’ve now found yourself in the process of having to sell a departed loved one’s home, there are some steps that you may need to go through in selling a home you’ve inherited to ensure that the sale proceeds properly, as well as with ease to you and your family.
Certainly, in addition to the financial ramifications, there is typically an emotional aspect of readying a loved one’s home for sale. This usually will begin with clearing out their belongings from each room.
In some cases, it may also be necessary to update the home functionally, cosmetically – or both – in order to attract potential purchasers. And, there can also be the issue of disagreements among siblings or other relatives regarding the sale price – or even over selling the home at all.
If you find yourself in this situation, the first thing you will typically need to do is learn about the status of the home in terms of its actual ownership. This can often be done via the advice of an estate attorney.
Oftentimes, the home of a decedent may need to pass through a period of probate. During this time, creditors may place claims on the property. There could also be various tax implications associated with selling the property as well.
You will also want to determine whether or not your loved one still owed any money on the home in terms of a mortgage. In this case – especially if the home’s value is less than what is owed on the mortgage balance – you may wish to simply disclaim the property rather than sell it.
Should you decide to move forward with a sale, however, working with a real estate agent in the local area can be extremely helpful in determining an appropriate listing price, as well as in deciding what – if any – updates should be made in order to make the property more marketable.
The right updates and listing price can oftentimes make for a quick sale – essentially allowing you to move forward more quickly as well.
If you’ve found yourself in a situation with an inherited property that you aren’t sure what to do with, contact us. We can help you to find the right information for your specific needs.