Steps to Sell Inherited Property and the Professionals Who Can Help
When a loved one passes away, there’s a lot of details that need to be handled. Reading the will, settling accounts, and transferring ownership of assets often takes months to finish. But once it’s all said and done, you might end up owning a new piece of real estate. You could choose to live there or rent it out, or you could decide to sell it.
Selling inherited property is a little different from the traditional process of selling your house, namely because there are often other parties involved. If you’ve recently inherited estate property and would like to sell, there are a few steps you’ll have to take.
Auctioning a House vs. Sale By Owner
When you’re ready to sell your home, it’s important to consider all your options. You could sell on the traditional market and go through the standard process of listing your home, waiting for potential buyers to contact you, and negotiating a deal. Or you could consider selling your house at auction for a quicker process that’s often less hassle.
These two routes differ in a few significant ways, which is why it’s important to understand both the sale by owner and auction process. In this article, we’ll review both routes for selling your home to help you determine if the traditional methods or a home auction is the best fit for you.
How to Sell Inherited Land
When you’re listed as the beneficiary on your parents’ or a family member’s estate, a few things probably go through your mind. You might be able to live in their home one day or use it as a rental property. Maybe they have a car or two you’re interested in selling. What you might forget about is the inherited property.
Especially when farmland is involved, inheriting a home means inheriting the property it sits on too. So when your loved one passes away, you become a homeowner and a landowner. The only problem is, you might not want to keep any of it. Suddenly you need to figure out how to sell land for the best price.
There can be some unique tax rules and regulations when working with inherited land, so we created this guide to help you navigate the basic steps of selling an inherited property.
