Inheriting a house may sound like a dream come true, but it can quickly turn into a nightmare. If the house holds bad memories, or if you can’t afford the mortgage, you may want to sell it as soon as possible.
Selling an inherited home is a complex process with a lot of financial, legal, and market implications.
To help you out, your trusted cash home buyer shares the essential steps for selling an inherited house:
Make Sure You Know the Status of the Mortgage
The first thing you need to do is find out if you’re the sole owner of the house. If that’s the case, you can do whatever you want with it. But if you’re listed as a co-owner or a mortgagee, you’ll need to check the mortgage terms.
Check with the executor of the will or the attorney handling the case. They should be able to tell you whether the house is still in probate. If you’re a co-owner, you need to know if the mortgage is approved or disapproved by the probate court. If it’s approved, you can proceed to selling the house.
If you’re a mortgagee, you’ll need to wait for the probate to end and the executor to release the mortgage before you can proceed.
Understand the Ownership Timeline
It’s always important to know the ownership timeline.
You should be able to tell who owns the house. If the house is still in probate, you can’t sell it unless you’re the executor or there’s a letter of authorization from the executor.
The ownership timeline also tells you if there’s a mortgage. You don’t want to sell the house if there’s a mortgage, because you’ll need to wait for the probate to end and the mortgage to be released.
Coordinate with All the Heirs and Nominate a Representative
If there’s more than one heir, you’ll need to make sure everyone is on board for selling the house. You’ll also need to nominate a representative. This person will handle the sale.
You should also make it clear to the other heirs that they can’t intervene in the sale. They can’t change the selling price, stop the sale, or ask for a cashout.
To be sure that all the heirs will comply, you may want to find out if they agree to the sale. You can hold another meeting or ask them to sign an affidavit.
Manage Shared Assets Through an Estate Account
Setting up an estate account is the best way to manage shared assets during probate. It enables you to track who pays what and when. A local bank can handle the opening and maintenance of an estate account.
You should also set up a separate account for the sale proceeds. This will allow you to deposit the money and write off mortgage interest, the real estate taxes, the commission, and the closing costs.
Have a Decluttering Plan before You Put the House Up for Sale
Decluttering is almost as important as de-clogging your drains. Imagine selling a house that’s filled with trash, junk, and other unorganized stuff. You can’t do that. It’s not good for curb appeal and it’s not good for the morale of the potential buyers.
Your decluttering plan will have to include items that you have to throw away, donate, and sell. It’s important to have a schedule that will help you complete the decluttering within a reasonable time and in a systematic way.
Conclusion
Selling an inherited house is a complex process that requires a lot of effort. But achieving it will be worth it in the end. To make things easier, you should also consider finding a cash home buyer who will offer you a fair price for your inherited property no matter its condition.
When you’ve sorted it all and you’re ready to sell, Greenlight Offer is here to offer you a fair price for your property. Greenlight Offer is a cash home buyer in Texas known for giving the best cash offers possible. Get in touch with us to get a quote for your inherited home today!
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