A Guide to Selling an Inherited Home

, , , ,

An inheritance is one of those things where even a gain can often feel like a loss. The circumstances for most inheritances being disbursed is either severe illness or death of a loved one. Such situations can be incredibly difficult to get through and yet they must be dealt with as they arise.

A common object that is passed down as inheritance is a home. In such cases you really only have two options: rent the home out to someone else and generate some income on the side or sell the home after holding an estate sale to sell of the items within the home.

Today we’ll walk you through the intricacies of selling a home that you’ve inherited so you can make the best decisions possible.

Preliminary Considerations

Before you can begin in earnest, you must figure out a few things with respect to the property you’ve just found in your possession. The first thing to take care of when selling an inherited house should always be to find out how much the home is worth. Professional evaluators can do this job for you and they are a better option than using online estimators.

This is because the pros can tell you what you are likely to get not what you should get. Estimators only give ballpark figures and don’t factor in market conditions. You will also have to contact the mortgage company to find out how much of the mortgage is still outstanding.

Along with the mortgage, you should probably take a look into any and all debts that may be associated with the property as those will be deducted from any sale. The same applies to the mortgage. All these calculations will provide you with realistic figures surrounding the property.

You should lastly account for how the windfall from the sale of an inherited home will have to be reported on your taxes. You will have to look into what exceptions you are and are not eligible for and make decisions accordingly.

Selling the Home

Now we move on to actually selling the property. Before selling an inherited house you will want to clear out all the belongings in the home. This means that first you and your loved ones should distribute objects of sentimental value. After that, you should hold an estate sale or a yard sale to empty out the things in the home.

This is because you have no need for these things and the proceeds from the sale can be used to fund other aspects of the home sale. You should then find a good realtor who can take care of the legal and financial aspects of selling an inherited house. You should also determine who has the legal responsibility to carry out the transaction. This would normally be the executor of the will.

The next steps are simply to wait for an appropriate offer to arrive and then iron out the final details of the sale with a real estate agent.

Choosing Your Estate Seller

, ,

OSEL Cover Photo

Are Your Things In The Right Hands?

The process of liquidating the content of a house can be daunting with determining what to keep, throw away – not to mention what the value of everything is. Orlando Estate Sale Ladies specialize in Estate Liquidation and senior transitions.We understand when it comes transitions it’s never easy, we make the process seamless.

The Orlando Estate Sale Ladies strives to bring a great experience to both our clients and customers, from start to finish. It’s our trademark! But we are well aware that sometime it can seem frustrating and a bit difficult to pick the right person for the job. Here are a couple of things to consider when selecting an estate seller in your area.

the ladies

 

  1. Ask questions. There is no harm in making sure you understand how this process works, as it is often very new to people. Whether you’re going through a divorce, death in the family, or transitioning to a smaller home, it’s never completely clear how to go about getting a sale done. Clarify things for yourself!
  2. Meet with your seller at your sale location. This is a staple of the Ladies’ business operations. We want to meet with you and get to know you and your belongings. This institutes a more comfortable sale process for everyone. You also can gauge how the seller sees your home, and the creative ideas they’ll have to improve your estate sale quality.
  3. Ask about their experience. Most estate sellers should have some sort of background in the field, and a reputation online/offline to display. If they have client reviews, check those out. A good tip would be to check their Better Business Bureau rating, as well.

 

Above all else, you need to feel comfortable handing over your estate to someone who can get the job done, and done well. With the Ladies, there are no upfront fees to the client. We receive a commission on the back end, so your only cost initially would be trash removal. The last thing you want is to spend a ton of money on a sale that doesn’t produce results. Always remember, big or small, the Ladies handle it all! Give us a call for any questions you may have, or to get your estate sale underway!

Join Our Mailing List