Selling Off Your Parent’s House after You Inherit It Part 5 of 6
The previous article gave us an idea of how to resolve estate planning issues and how to value the house before selling it. This part looks at the next steps.
Perform a Home Inspection
Tidbit Did you know that if a home review uncovers problems with the house, the buyer might lose interest in your home?
A home assessment is a way to find out the state of the house before you advertise it. The assessment is done by an independent specialist who reviews the house. Presenting a home inspection report to the buyer convinces him to pick your property over others. The report details the state of the physical structure, both internal and external. The inspector looks at all the major appliances and if they are functional or not. He checks the AC, plumbing, and the electrical connections to be certain all are working correctly. Since you don’t know the state of the home when you inherit it, the goal of an assessment is to make sure you understand what concerns come with the inheritance. To work with a good home inspector, ask for references from coworkers, friends, and even family members. You can also use databases set up by professional associations to get the task done. When you get a referral, take time to interview the potential home inspectors on what they do and how they do it, so that you know what to expect.
Selling the House
You have various options for selling the house:
Use a Real Estate Agent
When you find yourself stuck in an estate planning rut or family struggle for a property, or you have already been given the house as an inheritance, get a real estate agent that all the beneficiaries like. This will reduce disputes and ease the process. Regardless of the scenario, whether the house is going through probate or it is in a trust, you need to use an experienced agent. This comes with various benefits:
He will give you all the expert guidance because he has experience selling similar houses before. He will be able to list the home at the best price for the prevailing market conditions.
He gives you streamlined communication, which is an excellent way to make sure you are on par with the siblings at all times.
The agent comes with an all-encompassing network of contractors that are available to you at all times.
The agent gives you all the marketing platforms you need so that you don’t have to do this by yourself, which might be time-consuming.
Since you are selling the house, you need to present it well. A well-presented home sells faster compared to one that isn’t displayed correctly. He suggests any improvements that might give you top dollar on the property.
Since the property market isn’t as easy as you think, you might find yourself stuck when it comes to getting buyers. The agent usually has a premade list of prospective buyers that are ready to buy the home. These are serious buyers only.
They negotiate for the best price. They usually remove the emotional aspect of any sale, making the process faster and more fulfilling.
A significant issue with selling a house in the current market is the paperwork that you have to condone with. When the house changes hands, the agent will speed up the paperwork because they know the process better than anyone else.
However, just the way this process comes with many benefits, you need to be wary of the disadvantages as well. These include:
You have to part a percentage of the proceeds as a commission.
The process can take longer, which means you have to set aside a few months to allow for the completion of the sale.
You might have to repair the house and handle anything that is found during the home inspection.
A home inspection process brings to the surface issues that are hidden from view. The inspector comes up with a detailed report that you can use to rectify the home. Buyers also need the report, and don’t be surprised when your client asks for one before you negotiate the price of the house. Talk to an estate planning attorney to give you viable referrals today.