How to Sell Inherited Property

An inherited home from a family member is definitely a great gift. However, it is also a challenging situation because you have to decide what to do with the property. Depending on your personal circumstances, you may decide to move into your new home, rent it out, or sell it.

If you decide that selling an inherited home is the right course of action for you, there are two options available — selling the home the traditional way and selling the house fast to a cash home buyer like Terra Home Solutions.

Selling Your Inherited Property the Traditional Way

In order to sell the home you have inherited the traditional way, you should understand that this process will take time, money, and effort. Here is a list of things you need to do in order to sell the property successfully.

Go Through Personal Belongings

This is the hardest part for most people inheriting properties. You have to go through the personal belongings of your family member or loved one, which is difficult and emotional. Unfortunately, it is a part of the selling process that you cannot avoid. When going through belongings, you need to organize them into three piles: what to give away, what to sell, and what to throw away.

Hold an Estate Sale or Yard Sale

After going through the personal belongings, it may be a good idea to hold a yard sale or estate sale where you sell the remaining items. You do not have to do it yourself. Instead, you can hire an estate sale specialist who will sort out all the items and price them accordingly.

Wait Until the Property Goes Through Probate

Before you sell the property, it has to go through probate. The probate process is mandatory for all properties, either with or without a will. The main purpose of probate is to transfer the title of the inherited property to heirs and/or beneficiaries.

Determine the Person Legally Responsible for Handling the Transaction

If the owner of the property has left a will, the person holding the responsibility to distribute the assets of the estate is the executor. If the property is in a trust, the trustee is responsible for the distribution of the assets. If there are siblings who inherited a home from their parents together, there should be one person with the ultimate authority to handle the transaction.

Hire an Experienced Real Estate Agent

If you want your home sale to go smoothly, you will need the help of a professional. Therefore, it might be a good idea to hire a realtor who will coordinate the sale for you. However, it is important to understand that realtors charge about 5%–6% commission on the sale price of a home. Thus, if you are selling your property for $300,000, you will have to pay about $18,000 to your realtor.

List Your Home and Find a Buyer

When the property is ready, probate is over, and you have a realtor, it is time to list your home and find a buyer. You should understand that it is not a quick process, and it may take weeks or even months.

Sell Your House Fast to a Cash Buyer

If selling a home the traditional way seems too overwhelming for you, there is an easier way — selling it to a cash buyer or home investor. Cash buyers purchase all types of homes under any circumstances. They are also ready to purchase inherited properties, even if they are still in probate. If you want to sell your house fast in Houston, TX, or the nearby area, and you think that selling it to a cash buyer is the best option for you, contact Terra Home Solutions. We buy houses regardless of the situation, including inherited homes. Our mission is to make the whole selling process easier and less stressful for our clients. We do not require repairs or renovations. We are ready to buy a property as-is. Therefore, if you have inherited a home in Houston, TX, or any nearby town, and you want to sell it, do not hesitate to contact us at your earliest convenience.