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Inheriting and selling a house is a bittersweet experience. Although it might mean acquiring a house that could drastically improve your life, it also means that a loved one has passed. Grieving is a difficult process, and dealing with your newly acquired property might be the furthest thought from your mind. However, it’s important to manage your inherited property before it becomes not only an emotional stress case but a financial one too. Selling an inherited house doesn’t have to be an added stress.
The Center of Wealth and Philanthropy at Boston College projects that the baby boomer generation will inherit upwards of $27 trillion over the next four decades. A large portion of that figure includes inherited homes.
Before selling an inherited house, J.D. Esajian, a Fortunebuilders.com contributor, wants you to be realistic about your new house. “Inheriting a piece of property isn’t anywhere near as straightforward as you would imagine,” he warns. There’s a lot to consider when accepting an inheritance. Becoming acquainted with the property, assessing the housing market, and hiring help when needed are all viable considerations before you sell an inherited home.
First, know where you stand. Familiarize yourself with the inherited home’s status. The property might have been the home where you spent most of your adolescence, but you might not know everything about your newly acquired home. What state are the major home systems (septic, HVAC, etc.) in? Does the property have any major liens? How does it compare to other homes in the neighborhood? Knowing the answers to these questions will help you estimate your inherited property’s worth.
If the market is favorable and the house has appreciated you’ll most certainly receive a sizable profit at closing. Also, you won’t need to worry about the selling an inherited house taxes. Any appreciation gained during your loved one’s life is forgiven and you’re only taxed on appreciation gained after inheriting the property. “Unless the property goes up in value very quickly or you hold the home for a long time, you most likely will have very little tax liability,” adds Demand Media’s Solomon Poretsky.
Hiring a professional organizer to help empty out your inherited home while salvaging sentimental pieces is a necessary step before the sale. After a loved one passes, it’s hard to imagine going through their items and sorting out what’s valuable enough to keep and what needs to be donated or trashed. Yet, the property needs to be sifted through and cleaned before making any kind of sale. Don’t carry the emotional burden alone. Let’s go further into things you can do when inheriting and selling a house.
So, you’ve decided to sell, researched your inherited home, and cleaned out your loved one’s property. Now what? According to Amber Keefer, an eHow blogger and real estate expert, there are three options when selling an inherited house: listing with an agent, sell at an estate sale or auction, or utilize a cash buyer.
Hiring a Realtor is common practice when selling a property. Yet, it may not be your best option. Since Realtors cannot guarantee a sale, a home can stay on the market for months. This requires money and time to keep the house in showroom condition. Unless you can afford several months’ worth of insurance, utilities, and tax, not to mention Realtor fees at closing, using an agent to sell your inherited home is out of the plan.
It’s also risky believing a real estate agent’s honest opinion about what your inherited home is worth. “There is always the concern that real estate agents might just be telling you what you want to hear in order to get another listing inked,” Esajian says. Your loved one’s property will not be handled with care if considered just another sale by an unsympathetic agent.
Estate sales offer similar problems when using them when inheriting and selling a house. There’s no guarantee of sale, and every day not sold means bleeding your wallet dry. Also, auctioneers are likely to mishandle your inherited house if not managed properly. However, unlike hiring a realtor, estate sales mean you earn less money upon purchase. Although the house might sell quicker than if sold by an agent, you’ll lose out on a significant sum.
inheriting and selling a house to a house buyer is the quickest, simplest option if available. House buyers usually offer cash for homes allowing you to avoid prolonged time on the housing market. Sometimes they cover selling costs to expedite the sale. Forego spending money on sprucing up your loved one’s home and fixing any major repairs; house buyers buy as-is. They also allow you to skip using a realtor and communicate with you directly. If you have questions about the selling process or want to make sure your parents’ home is getting the attention it deserves, house buyers are more open to assuaging whatever fears are pestering you. Unlike many realtors, house buyers have experience with inherited property and know how to be sympathetic to grieving homeowners. Selling an inherited house can be emotionally and fiscally daunting, even in Denver, CO.
Don’t make it harder than it already is when inheriting and selling a house. Considering your options, familiarizing yourself with the market, and sorting the estate before a sale will reduce time on the market. Deciding to sell gives you options, but accepting a cash offer is the surest way to have your loved one’s home taken care of and sold with ease.
Adam Buys Houses is a cash house buyer in Denver Colorado. We’ve been buying houses for over 5 years and have helped many of homeowners sell their houses fast in probate and if they inherited the house after the fact. We buy houses in Denver and want to make an offer to buy your house. Give us a call today at 303-558-5843 to get started. You can have a no-obligation cash offer for the house within 24 hours.
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