A large number of people who inherit homes prefer to have cash rather than the home itself. If you’ve inherited a home you do not want, you should be aware that there are certain legal requirements that must be met before the home can be sold. Although the process to sell an inherited home is a bit more complicated than selling your own home, if you know these few steps the process won’t be so intimidating.
1) The probate process
The probate process is a legal procedure where all the deceased person’s assets are gathered and distributed. The probate process can be fairly simple in cases where the deceased person wrote out a thorough will. If the house is worth less than a few hundred thousand dollars, you can often go through an expedited probate process called a summary probate. A summary probate does not require court or legal action. However, if the home is more valuable, you’ll want to let the full probate process run its course so you get the court’s permission to sell your inherited house.
During the prorate process, the court will determine if anyone else has claim to the house. If so, you will have to work with them to sell the house.
2) Agree to sell
If anyone else has claim to the house, they have to agree to sell as well. Once all parties agree to sell the inherited house, you can file a petition with the court to sell the home.
3) Assessment and repairs
The deceased person may not have been able to take care of maintenance at the last part of his or her life, so many times we find that inherited homes need repairs and updates. There may be some repairs that are absolutely necessary before you can sell, such as roof repairs or plumbing repairs. You may also consider upgrading flooring, paint, and appliances to get a higher selling price and far more interested buyers.
If you don’t have the time or money to update the home, contact a home buyer like 800-Buy-Kwik for a free cash offer on your home. When you sell a home for cash to an investor, you don’t have to worry about the condition of the home or needed upgrades.
4) Houses kept in trust
If the house is left in a trust instead of inherited outright, you need to work with the trustee to be able to sell the home. There are different provisions that are possible with houses that are held in trust, so you need to make sure what the provisions are for the specific house that you want to sell, and then you need to work through the system to sell it appropriately.
- Contact the trustee. This is the first step. You will need to work with the trustee to be able to sell the house.
- Read the trust documents. These documents will outline the parameters and legal requirements of the trust and let you know what you can and can’t do.
- Contact a real estate agent. Real estate agents know how to deal with properties in trust – this is what they do for a living! A real estate agent will walk you through selling an inherited house in trust with minimal headache.
Reading instructions on how to sell an inherited home can be overwhelming. Don’t worry! If you need to sell your inherited home fast, call 1-800-Buy-Kwik for assistance. We provide cash offers so you can sell your inherited home fast without the headache.