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The Ease of Selling Inherited Real Estate

Posted Monday, June 15, 2015

It happens every day. Parents leave their children the assets that have been gathered throughout the years, sometimes including the family home. While this may seem like a big pink elephant to try and liquidate, nothing could be easier. Follow these steps and refuse to listen to the past experiences of friends. Not every situation is the same especially when it comes to family.

Get Professional Advice

Hire an estate attorney to look into state laws regarding selling inherited property, if there is a 'credit claims' waiting period, and other crucial legal regulations. Talk with a tax adviser about any pending liens on the property and the best way to limit taxation.

Sit Down with Siblings

Once you have all of the facts, sit down with siblings that will be sharing in the property gains and explain your findings. The passing of a parent can be an emotional time, but knowing that professional advice has been received can eliminate a lot of questions.

Hire a Realtor

It is not unusual for a dated home to need repairs and a few updates, but rely on a professional realtor to assess the market and surrounding properties. They know what it takes to sell real estate and can offer good advice. Dumping money into a home that will never regain property value due to location, is a waste. However, this is a matter that is best left to an experienced realtor. Sometimes minor repairs can make the world of difference in getting that offer.

Prepare for Showing

A home that is cleared of personal belongings helps a prospective buyer see the possibilities of decorating in their own style. Don't leave the property looking as if the residents are still there. Place personal items in storage to go through later, hire a cleaning service to shampoo the carpets and wash down the walls. Clean up the yard and touch up any exterior and interior flaws, such as peeling paint.

Share the History of the Home

A one-owner home carriers a lot more credibility than one that has been a revolving door of multiple owners. A home that has a past of happy memories will create a pleasant feeling to buyers that are looking for harmony in a home. It does not have to be a stressful chore to sell real estate that has been inherited from parents. However, an education of the facts is a must.