Featured News 2014 Selling an Inherited House

Selling an Inherited House

If you inherited a home from a loved one that passed away, you will need to be careful if you desire to sell the property. There is an emotional aspect that is associated with selling your loved one's home. It is important that you clear out your loved one's belongings and depersonalize the home for sale. You may need to update the home, too. If there are defects that need to be fixed, make sure to complete these.

Heirs can bump into complications when selling a house. For one, there may be other siblings who disagree with the sale price listed. As well, you may have to deal with costly liens on the home. There may be other problems with the house that were never revealed until your loved one died. Sometimes, a sibling will drag his or her feet about selling. It can be hard for a sentimental sibling to get over the fact that a house needs to be sold.

As you begin the sales process, you will want to learn about your house's status. Verify your ownership of the home. A real estate attorney can help you to negotiate the sale. You will want to make sure to hire a reliable lawyer. In some cases, you may need to get a License to Sell Real Estate. This is a document that you will have to obtain from the Probate Court. In some cases, you cannot proceed without this document. You may need an estate planning attorney to help you with this case.

There may also be creditor claims on the house. These creditor claims must be satisfied before anyone can deal with the assets. Assets cannot even be distributed if the creditor claims are not satisfied. You may also want to connect with a tax advisor that can help you to understand tax implications of selling your home. Heirs can also check to see if there are any liens on the property. If there are, it is important to get these resolved before putting the property up for sale.

There are certain situations when the mortgage may be underwater, and it may not be worth it to sell the home. For example, if the home is worth less than what the borrower still owes, the heirs may choose not to accept the home at the outset. This would allow the home to go into foreclosure. In some cases, this may be the best way to save money on an inherited house, rather than taking on the responsibility.

Before you choose to sell grandma's home, you will want to determine whether or not it is a good time to sell. There are times when you may want to wait to sell, or it may be best to do repairs before putting the house on the market. In some cases, if the house is in poor shape, you may want to market it to a housing investor. Investors often purchase fixer-upper homes and then put money into them, turning them around and selling them for more.

A real estate agent can help you to declutter the house and make it look presentable to buyers. The attorney can also help you to get advice that you need when working through real estate transactions. If you run into legal complications when selling an inherited home, hire a real estate attorney to represent you in your case. With the right attorney there to help you, you may be able to get legal advice and assistance and make wise decisions when it comes to the sale of a home. Hire the firm today!

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