Inheriting a property is a great addition to your portfolio. However, few people can maintain multiple properties, so it’s often wise to sell. But selling inherited property is often unlike all other selling an inherited property processes. It can often get complicated, especially because of the many associated dynamics.
One common complication with selling inherited property is the decision-makers. If the property has been jointly inherited, then you may have to consult with other decision-makers to determine how to sell the property to minimize friction and family drama.
This guide answers all your important questions about inherited properties and selling them.
Can You Sell an Inherited Property?
Yes, you can sell an inherited property. Many people end up selling property inheritances to minimize present and future costs.
If you’ve inherited a property, your options for selling are limited to using a real estate agent, selling to a cash house buyer, or selling on your own. Each option has its pros and cons, however, most people often prefer selling to cash house buyers.
The choice to sell to cash house buyers is often informed by the quickness and flexibility associated with the sale process. Cash house buyers can often complete the sale process in days compared to the lengthy period required by real estate agents. In addition, cash house buyers do not charge commissions and often provide cash payments for the purchase.
How Soon Can You Sell an Inherited Property?
You can sell an inherited property as soon as the ownership transfer process has been completed. Ownership transfer can be completed by filing the will through some probate method.
It is important to note that each state or locality has specific processes involved with property ownership transfer and probate. The length of time required for the transfer or the process involved will depend on many factors, including the presence of a Will written by the deceased owner, the cooperativeness of the heirs named on the will, and the state or locality’s processing timeline.
If a Will is involved, a full probate may be required and could take anywhere between six to twelve months before it is fully completed.
If there’s no will involved, then the heir will be required to obtain an Affidavit of Heirship. This document will contain information about the deceased owner, their marital situation (whether single, married, or widowed), their children and close relatives, and others. The affidavit of heirship should be signed by two people who are close to the family but not direct family members.
Typically, obtaining and signing an affidavit of heirship is often a faster route to obtaining ownership of a property following the deceased’s death.
Can an Inherited Property Be Sold Before Probate Is Completed?
No, you cannot sell an inherited property before probate is completed.
Selling a property requires having a title in the seller’s name. With the probate process being incomplete, the seller will be unable to prove ownership of the property, which means they have no right to sell.
Heirs typically need to wait until the probate process or title transfer process is complete before initiating the sale process. During the title transfer process, the title agency will make sure that there are no collection agencies, lenders, state or local governments, contractors, Medicaid, IRS, nursing homes, banks, or other agencies with an interest in the property.
Once the property has been certified to be clear of any collection efforts, it can be transferred seamlessly to the heir, who can then decide their next steps.
How to Sell an Inherited Property?
There are several options to consider when selling an inherited property. Common pathways include:
Selling an Inherited Property to Siblings or Family Members
Selling your part of an inherited property to co-owners or co-heirs is one of the commonest options to explore. This is often done to reduce strife and problems related to joint ownership.
Although this option is most common in cases of joint inheritance, it can also be considered when one or more family members have shown significant interest in the inherited property.
To ensure a fair sale, you should get a property valuation to know the property’s current market value.
Selling an Inherited Property Via a Realtor
Selling your inherited property through a realtor is the commonest option for many heirs. This process involves contacting a trusted and reputable realtor to handle the property sale process.
However, you should note that most property sales through realtors may require a significant capital investment to update and upgrade the property to current market standards.
Selling through a realtor may not be the best option if you’re looking to sell the property quickly without investing any more money into it.
Selling an Inherited Property to Cash House Buyers
Selling to cash house buyers is perhaps the easiest way to sell inherited properties. Cash house buyers often offer cash for homes and can waive steps that hold up the property purchase process.
Selling to cash house buyers is simple as contacting a cash house buyer, showing them the property for sale, organizing a physical or virtual inspection, and getting a quote for the property.
With cash house buyers, you can often save a lot of money on repairs, remodeling, and upgrades by selling the property in its “as-is” condition. You can also further save money on real estate agent commissions, paperwork costs, and others.
This is the best option if you’re looking to sell fast, for cash, and don’t mind compromising on the property’s price.
Important Factors to Consider When Selling an Inherited Property
Current Market Conditions
Selling an inherited property at the right time can significantly increase the property’s value and improve your profit margin. Consider studying the real estate market to understand the current demand for homes in your state, city, town, and neighborhood.
You can also consult with realtors to understand current market trends as well as how the trend affects property prices.
The Property’s Condition
Homes in clean and crisp condition, with minimal repairs needed, often sell faster and for higher amounts. The property’s condition can also affect who you sell to and how you sell your inherited property.
For example, homes in great condition can often be sold through real estate agents, while those requiring upgrades, repairs, and cleaning can often be sold faster through cash house buyers.
It’s also easier to sell homes with foreclosure threats, homes with late mortgage payments, and others to cash house buyers than through real estate agents.
Ultimately, it’s important to understand the factors surrounding your inherited property before selling.If you want to sell your property in Albuquerque faster without investing more money in repairs, visit https://abqpropertybuyers.com/ for cash offers.
Name, Address, and Phone
ABQ Property Buyers, 8205 Constitution Ave NE Albuquerque, New Mexico 87110, (505) 585-1616
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