How To Sell An Inherited House: What You Need to Know

Have you inherited a house from a loved one? If you have, you’re probably beginning to weigh your options. If you’re wondering how to sell an inherited house, selling to an investor can have many benefits. In fact, in many cases it  usually makes more sense to sell the property to an investor than other options because you can prevent out of pocket expenses, you can close much faster, and the process is goes much quicker. Let’s unpack why.

Prevent Out of Pocket Expenses

When you sell with a realtor, they will insist that you do all the necessary repairs and cleaning of your house before they ever agree to show it. When it comes to how to sell an inherited house with an investor, you can sell the house-as is without doing any repairs. When someone dies and the house is left vacant, his or her vacant property deteriorates. House maintenance usually ceases, and the homes could even be vandalized. Selling to an investor will prevent the house from remaining uninhabited and vulnerable to deterioration.

Selling the house to an investor also prevents the need to hire a real estate agent. Some investors even assist in changing the title over to the heirs, free of charge. Attorney’s fees can become costly, and if the estate is simple, a good investment company can help you transfer title without paying attorneys and court costs.

Close the Property Faster

If the house goes to probate, the property must be maintained even while no one resides there. Someone still has to pay the property taxes, homeowners’ association fees, insurance, utilities and lawn care. The probate process can take as long as six months or more, so families are paying for the maintenance of the home in addition to legal and other fees associated with owning and selling a property.

Then, once the probate is complete, you may need to repair it, hire a real estate agent and then sit on the house while the agent finds a buyer. And many agents will not list a house until probate is complete- so it is very likely that you may have to hold this house for up to a year before selling. Those carrying costs and commissions will add up fast. But if you sell to a solid investment company, you can have it closed in weeks rather than months.

Simplify the Process of Selling An Inherited House

Selling an inherited house to an investor is very common. When a seller considers the expenses and timing above, it really makes the most sense for many people to sell to a home buying company. Many inherited houses need repairs and updating, and that costs money. While you can avoid these updates and try to sell below the market price to get the house sold fast, you would still have to pay legal and real estate agent fees.

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