When you inherit property, you have several options for what to do with it. You can keep the property, sell it or give it away. If you decide to sell the property, there are some things you need to take into account… especially when it comes to other family members getting involved.
How Much is Your Inherited Property Worth?
You can get the property appraised. This will give you an idea of how much the property is worth and how much you can sell it for. But because the market is so fast, this isn’t always accurate today. You can also have the property inspected to identify any hidden issues that need to be fixed, such as foundation problems.
Many find that when they inherit a property, it has an expensive list of issues that they don’t necessarily want to fix.
Has the Inheritance Passed through Probate?
If the property was in the name of the deceased and they did not have a will, then the property will go through probate.
Probate is the legal process of estate administration. It gives the executor (the person named in the will) the authority to deal with the estate and carry out the instructions in the will.
If there is no will, the court will appoint an administrator to deal with the estate.
The process can be long and expensive, so it’s important to understand how this works before you make any decisions about selling the property.
Does the Property Need to be Sold for Debt?
If the deceased has any debts, the estate will be responsible for paying them off. This includes things like mortgages, credit cards and loans.
The executor or administrator may need to sell the property to pay off these debts.
This can be a difficult process, especially if there are other family members involved who want to keep the property.
Are There Other Family Members Involved?
If you’re inheriting the property with other family members, you’ll need to decide what to do together.
You may all want to keep the property and rent it out. Or, you may decide to sell it and split the proceeds.
It’s important to have a discussion and come to an agreement before making any decisions.
Selling the Property
Once you’ve decided to sell the property, there are a few things you can do. You can complete all the repairs to the property and sell it with a real estate agent, but that’s usually time-consuming and expensive.
Alternatively, you can sell your property for cash with a cash home buyer. This is often the quickest and easiest way to sell an inherited property.
You don’t need to make any repairs and you can sell as-is. This means you won’t have to worry about things like organizing repairs with other family members involved.
If you’re looking for a quick and easy sale, selling your inherited property for cash is usually the best option.
Sell Your House Fast With We Buy Houses Colorado Springs
We are a cash home buyer—and we can help you sell your house fast. Here’s how it works:
1. You contact us and tell us about your property.
2. We make you a cash offer for your house.
3. If you accept our offer, we can close in as little as 7 days—or on the date of your choice.
4. You get cash for your house.
It really is that simple. We buy houses in any condition… and we buy houses fast. When you’re dealing with an inheritance, you already have a lot of other, complex issues to deal with. Rather than having to struggle with the current real estate market, consider selling to We Buy Houses Colorado Springs. Give us a call or reach out online today.