Inheriting property after the death of a loved one can be difficult. You already have so much to manage, and matters of inheritance come with their own set of complications. For instance, you need to consider the tax implications of the sale of inherited property, the selling options, the pricing, and so on.
For the sale of inherited property, there are four primary options to consider. These are:
- Hiring a real estate agent
- Selling by owner
- Selling the inherited property to a real estate investor
- Renting out your inherited property
Each option comes with its own pros and cons. Hiring a real estate agent, for example, is useful as they understand market conditions and can also price your home correctly. They can also manage the negotiations on your behalf and take care of the marketing and paperwork.
Preparing for the Sale of Inherited Property
Preparing for the sale of inherited property is an extensive process. For starters, you’ll need to clean out the residence and remove personal belongings. You must also determine the best sales price for the inherited property. This is an important step and you will be dependent upon the condition of the property and current market conditions. Setting a fair price will speed up the selling process considerably. If you set the price as too high, you might turn away potential buyers. Buyers may also not see the listing as they might be using lower price points. An analysis of the market will also help you set the right price. This involves checking the price of similar homes that have been recently sold.
Once you have found a buyer, the closing process begins. A title search will be run to make sure you have a clear title to the property in question. Preparations will be made regarding the necessary paperwork, and the buyer will make a down payment on his purchase. The transaction will be recorded and you will hand over the keys of the property to the buyer.
To sum it up, selling inherited property is no easy feat. There are plenty of complications involved, and it is best to hire an expert to manage things on your behalf. There’s a lot that can go wrong even after you lock in a buyer. Selling for cash is the quickest and easiest option and if you’re looking to sell your inherited property quickly, call us at 914-458-1121 and let us take care of your real estate troubles.
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