There a few things you should know and consider if your in a position to have to sell an inherited piece of property. Dealing with the grief and loss of losing a loved one, or dealing with the emotional turmoil that comes with having to place an elderly parent or relative in a nursing home is overwhelming enough; the last thing you want is to have problems in selling their property as well. Being prepared and knowledgeable can relieve you of some of the frustration or surprises you would otherwise encounter.
There are two major concerns that come with the responsibility of selling an inherited piece of property. The first being of any legal concerns & the other is the condition and maintenance of the home.
Find out where you stand legally: Do you have the legal right and permission to act on the persons or relatives behalf (i.e. to sell the home)? Is there an executor or attorney? Is there a will? What about ‘probate’? Who, if anyone, inherits the home? Will there be other family members involved in the decisions besides you? Who will pay the maintenance bills while the house is on the market? These are just a few of the things you should know BEFORE you attempt to sell the home, and everything should always be in writing. Some of the biggest disasters and feuds ensue because the agreements weren’t in writing.
As for the second item, the condition and maintenance of the home, there are also a few items to consider when putting the property up for sale. Be as prepared as you possibly can; both emotionally and financially. Just like any other home, the inherited home must be up to the current market conditions in order to reap the best price, in the fastest amount of time. First, get the interior and exterior of the home in order. De-clutter and clean if necessary. Remove the items that are going to someone else. Determine if any repairs need to be done and complete them before listing the property, you’ll have a better chance of selling it quicker if it’s in good shape. If the home is going to be vacant then ask trusted neighbors if they will keep an eye on it. Be sure to leave all the utilities on and current but cancel any deliveries and unneeded services (i.e. newspaper, cable, phone etc).
Once you’ve gathered up all the legal information and completed the maintenance tasks, take a deep breathe, heave a heavy sigh, and call a Real Estate Professional to determine the value of the home and the best plan of action to get it sold for you. Remember that obtaining a ‘professional’ for your legal and real estate needs can relieve you of some unnecessary stress.