If you recently inherited a house and you are considering selling the property, consider the potential problems below to determine what is the best option for your situation. This article outlines problems that may arise when trying to sell an inherited house as well as solutions to these problems.
Be aware that there might be a holding period before you are able to sell the property. Probate is a stage of inheriting a property which it utilized to ensure that the correct person receives the property. If the inherited house is in probate, it could cause delays since the process involves making sure that no other heirs to the house exist.
Most inherited houses do have a holding period. However, this does not mean that you cannot sell the property. This holding period determines how you will be taxed on the property. The tax is determined based on when the deceased passed away.
There are other factors that can affect your ability to sell the home. If there is still a mortgage on the house or if there is some other obligation, you may not be able to sell the property right away. However, in most cases these issues can be easily sorted out and you would then be free to sell the home.
Once you have determined that you want to sell and you are able to sell the property, you have to decided how you want to sell it. You have the option to enlist the help of a real estate agent or you can contact a real estate investor. For many people, selling a house is a stressful and time consuming process. It can also be an expensive process when considering all the real estate agent fees and commissions as well as the cost of repairing and updating the home. It is important to consider how long repairs will take and then how long it might take to actually sell the property.
It will benefit you to gather as much information as you can. Look at the current market to determine how well other properties in your area are selling. Research how long it will actually take to sell a house with a real estate agent. Keep in mind that many real estate agents will tell you that you need to make repairs or updates to your home before they try to sell it which also adds time to the process.
You may not realize that there are other options besides listing the house with a real estate agent. You may want to consider refinancing the house or renting the home. Both these options will provide you with extra money. However, you will still own the house and you will have to take care of it. One other option is to sell the property fast for cash. Investors are willing to work with you and your timeline. They will not require you to make any repairs or updates. You will also not have to pay commission or closing costs. If you feel this is the right option for you, visit our Inherited page to learn more.