Your how-to guide on selling an inherited property
Inheriting a house can be a mixed blessing. While it can be a valuable asset, it can also come with a lot of responsibility. One of the most pressing issues that you may face is how to sell the property. In this article, we’ll go over the key things you need to know about selling an inherited house, and we’ll also provide links to some useful resources that can help you along the way.
Step 1: Assess the Property
Before you put the house on the market, it’s important to assess its condition and value. You may want to consider hiring a professional appraiser to get an accurate valuation of the property. This will help you determine a realistic asking price and ensure that you don’t sell the property for less than it’s worth.
Step 2: Decide How to Sell
Once you have a good idea of the property’s value, you’ll need to decide how to sell it. There are two main options: selling through a real estate agent or selling the property yourself (also known as “For Sale By Owner” or FSBO). Each option has its own pros and cons, so it’s important to do your research and choose the one that’s right for you.
If you choose to work with a real estate agent, they will handle many of the details involved in selling the property, including listing it on the Multiple Listing Service (MLS), marketing it to potential buyers, and negotiating the sale. However, you will need to pay the agent a commission, which is typically 5-6% of the sale price.
If you choose to sell the property yourself, you will save on the agent’s commission, but you will need to handle all the details of the sale yourself, including pricing the property, listing it, marketing it, and negotiating with potential buyers.
Step 3: Prepare the Property for Sale
Once you’ve decided how to sell the property, you’ll need to prepare it for sale. This may involve making repairs or renovations to improve its condition and make it more appealing to buyers. You may also want to consider staging the property to showcase its best features.
Step 4: Advertise the Property
Regardless of whether you’re working with a real estate agent or selling the property yourself, you’ll need to advertise it to potential buyers. You can do this by listing the property on popular real estate websites like Zillow and Redfin. You can also post flyers in your neighborhood, place ads in local newspapers, and hold open houses to attract potential buyers.
Step 5: Close the Sale
Once you’ve found a buyer, you’ll need to close the sale. This involves signing a contract, transferring ownership of the property, and receiving payment for the sale. If you’re working with a real estate agent, they will handle most of the details involved in closing the sale.
Consider Selling Off-Market
If you’re looking for a more streamlined way to sell your inherited property, you may want to consider selling it off-market. This involves selling the property directly to a real estate investor like Brothers Buy Houses. This can be a good option if you’re looking to sell the property quickly, avoid costly repairs and renovations, and receive cash for the sale.
Get Help with Selling Your Inherited House
Questions about selling your inherited house or interested in selling your property off-market? Brothers Buy Houses is here to help. We are experienced real estate investors who specialize in buying properties in any condition and in any situation. We can help you navigate the process, answer any questions you may have, and provide you with a fair offer for your property.
Contact us today to schedule a free consultation and learn more about how we can help you sell your inherited house quickly and easily.
