Thinking about selling an inherited property in Orlando? Selling a house can be a frustrating, time-consuming, and sometimes expensive experience. And if it’s an inherited house, it can be even worse! So if you want to sell your inherited property without all the hassle, here are 3 no stress tips for preparing to sell an inherited property in Orlando.
Selling an Inherited Property Tip #1: Budget in Advance
Most people who sell a house just decide to sell without thinking through what that looks like.
- Very few buyers want to buy a home with a bunch of problems/defects or that has not been updated for decades. In order to sell your your house in a reasonable amount of time, you will need to do a certain amount of repairs. You should plan on getting estimates from various contractors to get the work done, so that you can come up with a budget in advance to prepare to sell your inherited house.
- Does the home have a bunch of furniture and personal items? You will need to hire someone to clear the place out and thoroughly clean the property. alternatively, you can pay to have all the items moved into storage.
- What if it takes a long time to fix the house? Make sure you plan for additional funds to cover the utilities, insurance and taxes. The last thing you need is to hire contractors to do the work, but run out of funds or worse…………have the house destroyed by a hurricance without the appropriate insurance coverage.
- Did you know it costs thousands of dollars to hire a realtor to sell your inherited property? Before you start fixing anything, you should be aware that realtors typically 6% to sell your house; for a $300,00 house, that’s $18,000 in additional expense you need to plan for.
It’s frustrating if you have to decide these things as they come up but if you’ve already thought about them, you’ll eliminate a lot of stress. You can sell a house without a realtor by cutting out the middleman and deal with a direct buyer like House Solutions USA. In addition, you don’t have to do any repairs or clean the house as we buy houses in it’s as-is condition.
Selling an Inherited Property Tip #2: Get Consensus
When a homeowner prepares a will to distribute their assets upon their passing, it is not uncommon for them to leave their house to more than one beneficiary. If multiple heirs own the inherited property, you’ll want to research the costs of preparing the property for sale (repairs, updates, unpaid taxes etc) and then talk to each heir to get a consensus.
Nothing is worse than starting the process to sell your inherited property only to be stopped in your tracks by an heir who wants to go in a different direction with the property. In most cases, the heirs usually agree to sell the property and split the profits. However, when one or more of the heirs is actually living in the home, then things can become quite ticklish. It is best to talk with all the heirs prior to doing anything so that you don’t waste any time and effort. If all the heirs don’t agree on selling the inherited property, then consult a probate attorney on possible next steps or give us a call.
Selling an Inherited Property Tip #3: Skip the Middleman
You can skip a lot of the legwork and hassle by selling directly to a house buyer. Working with a house buying company (like what we do here at House Solutions USA), you can sell your house fast in it’s current condition. You don’t need to do any repairs or updates to your inherited property, and we are local experts at dealing with any of the challenges with titles, liens, multiple heirs, etc.
One call to a company like ours is actually the best tip of all; just look at what other property sellers like yourself have to say about us!