Selling a house, even in the best situation, can be stressful and is something that requires a lot of time and effort. If you have inherited a home and need to sell quickly, you may wonder what options you have.
In this situation, the traditional method of selling may not be the best option. After all, this can take weeks, months, or longer. It also requires a lot of effort.
The good news is that some tips can help you sell an inherited property quickly. Keep reading to learn what these are.
Find Out the State of the Mortgage
As the owner of an inherited property, one of the first things you should do is find out the mortgage’s standing. To determine if any judgments or liens are attached to this property, like a reverse mortgage, home equity line of credit, or unpaid taxes, you can order a title search. Once you have the results, you will know what the next steps are and if there are any issues with the title.
Determine Your Ownership Timeline
Even if you are aware that you will inherit property, some time may pass before you are named as the legal owner. The actual ownership timeline will depend on how you inherited the house, for example – via probate, living trust, or transfer on death deed. You will receive ownership rights quickly if you inherit the property via a life estate deed or living trust. Since no court approval is necessary, it’s possible to sell the inherited property immediately or whenever you desire.
With probate inheritance, the process is more complicated. It can take a week to six months or more. Unfortunately, this is just how it works if the property is going through probate.
Nominate a Personal Representative by Coordinating with All Heirs
Before selling your inherited property, make sure you know all the heirs and named personal representative or executor. The executor has the final say regarding decisions on the house and will maintain the property while keeping it safe before it is sold. If no executor is named, the heirs have to nominate a personal representative.
Consider Selling to a Cash Buyer
Trying to sell a home you have inherited requires time and effort. Also, until the property is sold, you will have to make mortgage and tax payments and cover the utility costs. Find and use a cash buyer to get the property sold as quickly as possible. While the final selling price may not be as high as if you sold traditionally, it gets the property and associated costs off your hands.
Selling an Inherited Property
When it comes to selling an inherited property, there are more than a few factors to consider. Keep the information here in mind to find the right buyer and feel confident you are getting a fair price for the inherited property you are trying to sell. Knowing your options will help you make the right decisions for your inherited property.