Given that one in three people who get an inheritance is likely to blow it, you need to ensure that you make the most of yours. When you inherit a house, you might be excited to give up the rental life and move into a bigger house. Otherwise, you might just want to sell the property and move on.
No matter what you do, you need to know how to prepare yourself for dealing with an inherited property in 2018.
1. Confirm the Owner
The first part of the process of inheriting a house is to verify the heir of the property. Often someone will assume ownership based on past experiences or conversations they had with the deceased. If one person spent the last few years taking care of an ill friend or family member, they may have assumed that they have a home in the house.
However, it has to be in pen and ink.
For people with multiple heirs, multiple marriages, and several generations of people who feel entitled to the property, you might need legal assistance. An estate attorney can help resolve the issue of multiple heirs for a small percentage of the overall inheritance.
2. Get Insured
Once the heir situation is cleared up, the building will need to be maintained by the heir. This could be one of the reasons that people look to sell as soon as possible.
Get an insurance policy to protect from liabilities. You’ll also be responsible for keeping the utilities up, paying for property taxes, and maintaining the exterior in compliance with local laws.
Keeping up the home can help you sell it sooner as well. Protecting the home allows you to ensure that you’re safe if any prospective buyers are injured during a visit or if a tornado blows through and knocks out part of the roof.
3. Get the Property Appraised
While you might have luck selling your property on the open market, selling to an investor has other benefits as well.
On the open market, you could be selling someone their first home. You’ll build a powerful and memorable relationship with someone, passing on your property to someone who is sure to care for it the way your loved one did.
With an investor, you’ll be able to sell the property as-is, with a lot more speed than if you were on the market. You’ll find it to be a convenient cash infusion that gets the sale closed as quickly as possible. Real estate investors know how to expedite a sale and you’ll be able to benefit from that experience.
4. What To Expect During the Sale
When you’re looking to sell, you have lots of other parties who will bring up issues. There could be unknown liens, illegal deeds, or missing heirs to track down.
You could end up dealing with errors in the public record about property lines or misspelled names that could throw a huge wrench into things.
There will be emotional interactions, siblings to deal with, and lawyers who you might have to meet with. No home sale is ideal but with a little bit of guidance, it should be fairly painless.
Inherit a House, Make a Plan
When you inherit a house, you have to build a plan quickly. If you want to sell the house, there are multiple channels and possibilities, so you need to decide quickly how and when you want to sell it. Thankfully the entire market is on an upswing, so it should be a simple process.
If you want to learn more about Florida real estate, check out our guide.