When you inherit a house from a loved one, it becomes a new challenge for you. For starters, you are now the owner of a house that you do not want and it can be unsettling for you. Because it can be hard to take care of this new property of yours, you decide to just sell it. So how do you sell an inherited house? You came to the right place! Selling a house isn’t as easy as selling lemonade. There are numerous factors that you have to consider before you get to sell the house you inherited from a loved one. Continue reading to find out how to sell an inherited house that you don’t want to live in.
Look into the Will
If you are not the sole owner of the inherited house, be sure to look into the will. Talk to your family members or anyone who are a joint owner of the house. It can be quite difficult to deal with selling an inherited house if other owners disagree with you. Ensure that everyone who inherited the house is willing to sell it.
Check the House’s Mortgage
You are responsible for the mortgage that comes with it. Here are some ways that you can do if the house comes with a mortgage:
- You can pay off the mortgage: If you have enough financial means, it’s easier for you to pay it off before you sell the house. This makes the whole sale process easier and allows you to have more control over the sale.
- Sell the inherited house “as is”: If you can’t pay off the mortgage, you may sell the house “as is” and just let the buyer assume the mortgage.
- Have a Short Sale: You may consider doing a short sale if the house is worth less than the mortgage balance that you are unable to pay the difference for.
Hire a Real Estate Agent to Help You
The best person to help you with selling your inherited house is a real estate agent. They can help you determine your house’s market value. Furthermore, a real estate agent will also prepare any necessary paperwork needed for you to sell your inherited house.
Clean Up!
To attract buyers, it is essential for you to first clean and declutter your inherited house. Before listing your property, ensure that any vital repairs are done. This helps you market your house better.
Prepare the House for Viewing
Potential buyers are more likely to seal the deal when they see the property themselves. You need to prepare the house in its greatest condition when presenting it to your buyers.
Conclusion
If you inherited a house from a deceased loved one and you don’t want it, you must consider a few things before selling it. You need to consider any legal and financial implications. It is also helpful for you to seek professional advice from a real estate agent, attorney, or even from a financial advisor before coming to any decision. Need to sell your unwanted inherited house? Contact us at Simple House Buyers for more tips!
