Are you in the market for a new place but lack the cash or credit score needed for a mortgage, selling an inherited property could be your answer. Whether it’s to unload an existing home, sell an inherited one, or simply cash in on no longer living in a house that can serve as collateral, here are some tips on selling an unwanted inherited asset:
- Get Estimates and Compare Pricing
If you inherited a house, especially an unexpected inheritance, then it’s likely that you aren’t keeping up with the real estate market at present. In this instance, scheduling some home appraisals before selling your residence could prove beneficial for both of you. Discover our market trends by visiting: https://www.texascashhousebuyer.com/sell-my-house-cash-texas/.
- Determine What You Inherited
Before selling an inherited property, it’s essential to gain a clear understanding of exactly what was passed down to you. Your inheritance may include pets and other items that you don’t want, which could affect the final price tag.
- Hire a Realtor for Your House
While the individual who owns your inherited property can handle the paperwork, it may be beneficial to hire a realtor for selling advice and assistance. A realtor will guide you through the process of selling an inherited property and give estimates on how long it will take to sell.
- Set Your House Price Appropriately
When selling an inherited property, it is essential that the price be set fairly and competitively. Too high and no one will buy at that level; too low and potential buyers could take advantage of you by overpricing because they know it is an inherited house in need of repairs.
- Research Who Owns What
Before listing an inherited property for sale, be sure to understand its ownership details. In some cases, you may need to go through probate court in order to sell your inherited asset; thus, being aware of this potential hurdle helps ensure you’re prepared.
- Consider a Short Sale
While this option may not be ideal, selling your inherited property through a short sale could be the best way to free yourself from a house you no longer own. A short sale means the house is sold but the bank still retains ownership and collects what they’re owed.