Inheriting a house from a loved one can be a challenging situation to deal with. Based on the circumstances, you may have to move into it, rent it out, or sell it. Inevitably, every inheritance comes with a stressful aspect and emotional attachments.
The emotional stress associated must be addressed before you get to worry about the financial and tax implications. Moreover, the involvement of multiple inheritors causes even more disagreement and antagonism.
Here’s how to handle the process of selling an inherited house in a hassle-free way.
Variables of Inheriting a Home
To determine whether selling an inherited home is the right decision, compare it to other similar properties in the area. Once you know how much the property is worth, it doesn’t necessarily mean you will have to sell your inherited house for that amount.
Other factors to consider include – the outstanding mortgage, outstanding debts, and the number of people inheriting the property.
Prepare the Property for Sale
Once you understand the financial implications of selling an inherited home, you’ll need to prepare it for sale. This means decluttering the property and removing all personal belongings when necessary.
If your loved one has a will, the estate may have to go through probate before you sell the property. In addition to dealing with the probate process, get in touch with the person holding the legal responsibility to handle the transaction.
Pricing your inherited home hinges on the existing mortgage, remaining debts, and the current housing market condition. Ideally, every seller wants to list the property at a realistic price, but a high price turns prospective buyers away. Though buyers want to get a home for the lowest price possible, sellers want the maximum profit. That’s why offers are countered while buyers may end up agreeing on a final sale price between the two extremes.
You must educate yourself on negotiation tactics or seek professional assistance from a real estate agent. Real estate brokers at WHY LANE Coldwell Banker Realty ensure to settle on a price that the property is worth. Before pricing your property or planning to make any concessions, consult with them in Michigan City, St. Joseph, Sawyer, and New Buffalo.
For more information about their services and lakeside properties, get in touch with them via their website today.