Inheriting a property could be a big source of joy, as well as a significant responsibility-the joy of having an additional property to your estate and the responsibility of deciding what to do with the new property. Depending on the situations surrounding the property, you may want to rent, live in, or even sell the inherited property.
However, make sure you get informed about the local requirement, such as the inheritance tax in Spain, for example. If you intend to sell the property, there are major precautions and steps you should take into account to avoid legal issues.
Here are three helpful tips on selling an inherited property:
1. Be Free To Ask Questions
In selling an inherited property, a lot of questions will arise—some from an agent like Leave the Key Home Buyers Brooklyn that’s helping you sell the property, and some from those who are buying the property. You need to do your due diligence in asking these questions and getting the answers to them. You’ll need such answers for your own security. So, feel free to ask.
Here are some questions you should ask:
a. What’s The Worth Of The Property?
It’s important that you know the value of the property you inherited. This would help you know how much you can sell it for so that you won’t underprice or overprice the property. To know the value of your property, you could take advantage of some home value estimate tools online. You can equally make a comparison of the property and the other similar properties in the area.
b. Is There Any Outstanding Mortgage?
If you inherited a property that still has a mortgage, you need to find out how much of the mortgage is left to be paid. This will help you decide if you’re going to sell the property immediately or wait till you’ve completed the mortgage.
c. Are You The Only One Inheriting The Property?
Inherited property may have joint ownership. The will may have stated that you and another person jointly own the property. If that’s the case, you can’t singlehandedly sell off the property without the consent and permission of the other party. You, therefore, need to confirm that you’re the sole owner of your inherited property before you put it out for sale.
2. Get The Property Ready For Sale
After ensuring that you’ve duly asked and gotten answers to all the important questions you have about the property, the next important stage is to get your property ready for sale.
Here’s how you can go about such a process:
a. Declutter And Tidy Up The House Of Your Personal Belongings
No one wants to buy a house that looks like it still belongs to another person. So, help your buyers make a fast decision by ensuring the home is cleaned and clear of all your personal belongings.
b. Allow The House To Go Through Probate
Probate means the official validation of a will. It’s important that the will is validated, and the property rightly belongs to you through inheritance. For most states, there’s usually a probate process to follow. However, this process is only limited to properties worth a few hundred thousand dollars. You should talk with your legal adviser extensively to clear and answer any of your questions on the probate process.
c. Choose The Right Professional Real Estate Agent
You have to choose a real estate agent that knows the property’s neighborhood well and who’s probably helped sell some properties in that place before. Also, honesty is essential. The right real estate agent for you will operate with absolute transparency. While you may be tempted to employ the services of a friend or family member, you have to be sure your agent has your best interest at heart.
3. Prepare For The Sale Process
Congratulations, you’ve finally put your inherited property up for sale. You’ve been able to validate that the property is truly yours, legally speaking. You’ve also sorted the mortgage and set the right pricing. What’s left for you is to prepare for the sale process.
The process could be a long and tiring one, or it could be a fast and easy process as well. The process condition is determined by a number of factors, such as the condition of the property, its market value, and the season.
These are the things you need to prepare for during the sale process:
a. The Inspection
This is one of the most important steps in selling a property. The inspection will be conducted by a professional home inspector, whose main duty is to check and be sure the property is in the right condition for sale. If, after the inspection, there are major issues that need fixing, then these have to be addressed to ensure a safe and functional home for the new owners.
b. Handing Over The Keys And Document
When all is said and done, and the property has been successfully sold, it becomes important to hand over the keys and documents of the property to the new owners.
Selling an inherited property could be a major task. But, with the right process, you should be able to successfully sell your inheritance without any issue. Just ensure you ask a lot of questions to clear all the gray areas concerning the property, get the property ready for sale, and mentally and emotionally prepare for the sale process.