Family members or close friends commonly enact a will leaving their property holdings to their next of kin or people who meant a lot to them. Inheriting a home is quite common, yet the property is often unwanted. Leaving a recipient holding what is often an unaffordable property, due to upkeep, property taxes, and any homeowners or property owner’s association fees.
What Happens When You Inherit A Home?
Step 1: Gather Family Members That Should be Involved
Gather family members who may be involved including close relatives and anyone mentioned in the departed’s will.
Step 2: Clear Out Personal Items
If you plan on selling the home or using it as a rental property, clear out all personal belongings and items that carry financial or sentimental value.
Step 3: Go Through Probate
An inherited property will likely have to go through the process of probate, depending on how the property was deeded. Local and state laws vary in the matter of inherited property. For those who have completed probate, there may be additional probate required within the county or state of the property, especially if it differs from your location in order to gain full legal rights to the property. Being prepared in advance to handle probate is a good tip for selling an inherited house in Haverhill MA.
Step 4: Determine If There is a Mortgage
This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.
Step 5: Reach Out To A Real Estate Agent Or Investor
Professional buyers will take the time to listen to your specific circumstances. We can help you decide which of the possible options for selling your unwanted inherited property is best for you. In some cases, that may mean listing with an agent.
Directly selling a house you inherited to a professional buyer is often the best option for the property. Keep in mind that cash buyers with quick closings will probably offer you a bit less than average market value when selling an inherited house.
- They save you from all the costs involved with listing a property.
- There is no prepping, upgrading, marketing, or any other of the costs associated with other options.
What If The House Is In Probate?
You can sell a house in probate, but the process can be more complex than selling a house not in probate. Probate is the legal process of administering the estate of a deceased person, which includes distributing their assets, including real estate, to heirs or beneficiaries.
All interested parties, including heirs and beneficiaries, must be notified of the intent to sell the property. Depending on the jurisdiction, this may involve providing notice through legal publications or direct communication.
In some cases, the sale of the property may require court approval. This is often the case if there are disputes among heirs or if the sale price is significantly below market value.
What If The House Needs Costly Repairs?
Unless your inherited home is brand new or in like-new condition, you may spend thousands on repairs before selling the property. If you’re up to the task, you can significantly increase the home value and sell for top dollar.
Selling a house as-is means that the house is sold in its current condition, without any repairs or improvements being made. This is often the better option.
- Save time and money
- Avoid repairs
- Avoid inspections
What If It’s An Estate Sale?
An estate sale is a method of selling all (or nearly all) of the contents of a home. Estate sales typically occur after a death or other event that causes the inhabitants to move away from the home quickly. A cash home buyer can help you navigate the estate sale process while selling the home.
New England Home Buyers
At New England Homebuyers, we specialize in providing efficient solutions for any and all situations homeowners are facing. We help you avoid dealing with appraisals, banks, inspections, open houses, realtors, and showings. We aim to simplify the process and make selling a house an easy and stress-free experience for you.
Whatever complex situation you’re facing, the New England Home Buyers team is ready to help you.
Why Sell Your Inherited Home To New England Home Buyers?
At New England Homebuyers, we cover all closing costs and help you make the most from the selling process!
We close in days without having to wait for inspections, bank approval, or appraisals!
If your home has extensive damage, it still has value. We've purchased homes that have seen fire, water, or another form of damage and can make the repairs needed to bring the house back to market.
Selling your home to a cash buyer is often much faster than going through the traditional real estate market. We can close in days while traditional sales take weeks or months.
After we close on your property, our team goes in, cleans, and makes all the necessary repairs. You don’t need to worry about this when selling to New England Homebuyers.
Communication was great and they helped each step of the way. Couldn’t imagine any easier or simpler way to sell my house. This company was a lifesaver and I would definetely recommend them to anyone looking to sell their house. Thank you so much!
Bill G. Peabody