How To Sell A Home You Inherited
Selling
Selling a home is always an intimidating prospect, but listing a family home that’s been passed on through generations is an entirely different story. From navigating legal considerations to clearing out treasured heirlooms and maximizing the property’s value, the to-do list of action items is as longwinded as it is daunting.
Not sure where to start? That’s what we’re here for. Keep scrolling to unlock the keys to listing a home you inherited — so you sell successfully while honoring your family’s legacy at the same time.
#1 Understand The Legalities: First things first: You’ll need to determine if the property needs to go through probate, which is the legal process of administering the deceased’s estate. If there’s a will, the executor will manage this. If not, the court will appoint an administrator. Another first step? To ensure the title is clear and that you have legal ownership of the property. Note that you may need to work with an attorney to transfer the title into your name or the name of multiple heirs.
#2 Assess The Property’s Condition: Consider getting a professional home inspection to identify any major repairs or issues, which can help you decide whether to sell the home as-is or invest in repairs. Next up, you should decide how you’ll weigh the potential increase to be gained from making repairs or updates versus the time and cost involved.
#3 Determine The Property’s Value: Next, we suggest getting a Comparative Market Analysis (CMA) from a real estate expert to understand the property’s market value; you may also consider a professional appraisal for a more accurate valuation.
On the hunt for more catch-all home selling advice? Explore a few related blogs from our site.
- How to Buy and Sell at the Same Time
- Should You Hire a Friend to Sell Your Home?
- How Long To Wait Before Selling My DC Home
#4 Decide On A Sales Strategy: If you want a quick sale and would rather not spend money on repairs, selling the property as-is might be the best option. In the event that you’re willing to invest time and money, however, making improvements could increase the property’s market value and attract more buyers down the line. Of course, an experienced real estate agent can help market the property, negotiate with buyers, and handle all the complex paperwork involved. Another option? For a quick, hassle-free transaction, consider selling directly to a real estate investor, though keep in mind that you might get less than market value in this scenario.
#6 Prepare The Home for Sale: At this stage, you’re not just clearing out junk — you’re sifting through precious family memories. For that reason, we offer assistance with removing person items and cleaning the home thoroughly thanks to a trusted team of professional organizers that can help you tag and ship prized items. We’ll also help stage the home in its best light, and ensure the exterior looks inviting by dialing up the curb appeal with well-maintained landscaping and an elegant entrance.
#6 Price The Property Competitively: The wrong starting price can irreparably damage your sale — which is why we’ll help you set a competitive rate up front based on our competitive analysis, the condition of the property, and local market stipulations.
#7 Market The Property: You already know how special this home is — and now it’s time for the world to discover its charm. To kick things off, a professional photographer will take high-quality photos to be proudly displayed on leading real estate websites, while open houses and/or private showings will compel potential buyers to experience the property for themselves.
#8 Negotiate Offers: Once the offers start rolling in, you’ll review them with your agent and negotiate terms that are favorable to you. An insider tip? Be prepared to counteroffer or even reject low offers altogether.
Selling an inherited property? Check out these blogs for more critical advice.
- 9 Small Details that Can Make or Break Your Home Sale
- 10 Real Estate Agent Red Flags To Look Out For
- Things to Know About Selling Your Home As-Is
#9 Close The Sale: Once you’ve accepted an offer, you can work with the buyer, their lender, and your real estate agent to complete the closing process. This includes inspections, appraisals, and any necessary repairs. From there, you’ll want to make sure all documents are signed, and that the title is transferred to the buyer.
#10 Size Up Tax Implications: Consult with a tax professional to understand the implications of selling an inherited property — such as capital gains tax or estate tax — and to ensure you comply with all associated obligations.
#11 Distribute Proceeds (if Applicable): Is the property designated to multiple heirs? In that case, you’ll need to distribute the proceeds according to the will or state law.
As you can see, selling an inherited home is nothing like selling one you bought or built yourself. But with the right team behind you, it’s possible to navigate the sale with success and find the perfect new owner to write the next chapter of your family home’s story.
Buying or selling in DC? Get in touch with us directly by calling 202.280.2060 or emailing us at jsmira@jennsmira.com today!
