Losing a loved one is never an easy thing to overcome and external issues can add to the stress. If you have a loved one who left you an inherited property, it can be hard to know what to do with it. If you are looking to sell an inherited property, read on to find our top tips for how to sell an inherited house and how we help homeowners to get the best results.
What Happens When You Inherit a Property?
It isn’t as simple as just receiving ownership of a property. The property may have costs and fees owed. In the worst-case scenarios, the house may be “underwater” meaning more is owed on the mortgage than the actual value of the house. In these scenarios, you may need to sell the inherited property and organize a short sale with the mortgage lender, or a similar arrangement.
You may also need to check for a “due-on-sale” clause. One of these states that the loan for the house is payable when the property is passed on to a family member or friend. You may need to pay off the mortgage fully or you might find yourself needing to sell a house fast.
You also need to check on the state of the property before you know exactly what your options are. It
may be that your home inspection shows that you have some repairs that need to be done before you can sell. These same repairs will need to be carried out if you are going to rent the house out, too. This sort of thing applies mostly to the structural integrity of the house, and major repairs like furnaces. Cosmetic aspects like carpets and wallpaper don’t have to legally be changed or inspected but getting the house to a good stage is a good idea. Luckily, selling to Prospect Group helps you avoid repair costs on your property as we purchase your property as-is.
If you can’t do the repairs needed or don’t have the cash to pay for an inspection of your home, you should look to sell a home as-is. You can sell to a company, like Prospect Group, who will buy your property in the current state it is in, we can help with this if it is something you are interested in. This can make selling an inherited property a lot easier and quicker than many of the other options of selling.
How to Prepare Inherited Property for Sale
Your property won’t be ready for sale as soon as you inherit it, you need to think about what you are going to do with belongings, how you plan to sell the house and much more.
If you sell through traditional methods, you will have to hire someone to value the house before you sell it.
A simple option is to contact us to buy your home “as is”. This means that we will pay you for the
house in its current state. We will come and provide a valuation based on the debris left within the house and repairs that need to be made. This takes a lot of work away from you and means you don’t have to wait for a buyer.
You have certain responsibilities when it comes to selling a home, and you need to make sure it is up to scratch before you put it on the market. All of this can be quite an upheaval, so selling “as is” to an investor can be a good way to avoid these issues.
It can be a bit of a confusing process if you inherit a property but dealing with the right investor can make it a lot easier. At a difficult time, the inheritance may not be at the front of your mind, but simple options allowing you to sell a house fast can mean you end up with the money freed up fast, and you can move on with the next chapter of your life.
