Whether you inherited your new property from a close family member of a distant relative, there’s a good chance you're interested in selling your newly-inherited property.
Maintaining a second home can come with a lot of challenges.
And if the property you inherited is anywhere near hurricane-prone Florida, it can be challenging to maintain a home during hurricane season, as well as throughout the many squalls that roll in throughout the year.
If you’ve made the decision to sell and think it’s as simple as saking a for sale sign in the yard, you’re out of luck.
Selling an inherited house actually comes with a lot of paperwork and unexpected red tape that can bog down the selling process.
To help you navigate this new experience, and to give you a better understanding of the associated measures, we break down the top three small steps you can take to make selling an inherited house less complicated.
Have Tough Inheritance Conversations
If you have siblings, cousins, or close family friends, there’s potential for conflict to arise when selling an inherited house.
Before you even think about putting the house on the market, you must determine the following:
- Who will be responsible for the listing cost?
- How much will you sell the house for?
- Who is responsible for preparing the house for sale?
- How the profits will be split among the individuals involved
- Who will make a final decision on accepting an offer?
By answering these questions earlier rather than later, you can offset any unpleasantries that might occur. Regardless of your familial or financial situation, determining the outcomes of these five questions can save you a lot of strife in the long run.
Notify the Executor and Other Interested Parties
The executor of your property may not be your or your siblings. At times, this role is passed to a lawyer or an external entity.
Before you think about selling inherited property, you need to reach out to the appropriate properties to determine if the house has any associated loans or debts.
From there, you can gain a better understanding of what the returns of the sale will actually look like.
Find an Agent Experienced in Selling an Inherited House
Hiring a real estate agent all parties agree on goes a long way to build goodwill among you and the other co-sellers.
Be sure to select a realtor who lives in the city your inherited home is located in, otherwise they cannot represent you.
In addition to choosing a realtor with local chops, you want to be sure to select a realtor with extensive experience selling an inherited house.
Again, these sales, at times, can be emotionally fraught. You need a realtor who is prepared to deal with any issues that may arise and familiar with de-escalating them.
Prepare the House
Getting everything together for selling an inherited house can take some time. This means your inherited property will sit vacant, making it a target for vandals and thieves alike.
To ensure that your inherited property is secure, you should:
Change the Door Locks
You never know who had access to the house. To ensure that only trusted individuals have keys, be sure to change the locks to your inherited property as soon as possible.
Even if the home is states away, see if you can find a neighbor who can collect mail. An overflowing mailbox is a key indicator that residents are away and can attract the wrong kind of attention.
Isolate and Secure Important Documents
Is your inherited property awash in a sea of documents? Identify the most important documents and secure them somewhere safe, like in a safety deposit box.
Selling an Inherited House Conclusion
Regardless of where you’ve inherited property, the more you know about preparing to sell, the better you’ll do when it comes time to close.
By navigating these small components of selling an inherited house, you prepare yourself to handle the larger hurdles, like managing tax dependencies.
And if you’re looking for some more guidance, Florida Real Estate Buyers is just a click away to share anecdotes, affirmation, and advice.
Learn more about selling an inherited home!