Inheriting a home can initially feel like a huge win. After all, you have an entire house in your hands! However, after the initial surprise, many people find that it may come with more responsibility than they thought, and in some cases, extra stress. Perhaps it’s not located anywhere near where they would realistically live, and maybe it wouldn’t even accommodate all of their family. So, the question then becomes, “What on earth are you going to do with an extra house that you aren’t going to live in?”, says Gary Sonter from Safezone Locksmiths.
For most people, the answer is to sell it. If you’re looking to sell a property that you’ve recently inherited, then take a look at some of the best tips for selling it quickly.
Examine The Mortgage
The first thing that you should do is take a good look at what the mortgage looks like. If you’re lucky, the house you will have inherited no longer belongs to the bank. However, in many cases, you may not own total equity yet. Therefore, you’ll need to find someone to take the debt off your hands.
Hire a Real Estate Agent
Hiring a real estate agent will ensure you have the help you need to determine what kind of value the home has. Hopefully, the value of the home exceeds the loan due on it, in which case you’ll make a profit. Otherwise, you may be in for more work and stress than you bargained for.
Your real estate agent is there to help you decide what the best course of action is. In some cases, they may determine that a short sale is the only way to go. However, you may also find that your inherited home is a gold mine, and your agent can help you get the best possible price.
Whatever happens, they’ll be there to break down how real estate works. Trying to do everything on your own without the help of a professional may seem appealing since you don’t have to pay a commission fee; however, it’s not worth the stress.
Get The Home Inspected
Any time you inherit a home, it’s important to get to know exactly what’s going on inside. A home inspection will give you an idea of what kind of repairs or improvements need to be made before you can hope to sell it. Before you put it on the market, it’s highly recommended to make repairs to be able to appeal to buyers.
Most people aren’t interested in moving into a fixer-upper.
Remember, if you make any profit off of the sale of an inherited house, you’ll have to pay taxes on it. However, you can lo