Without a doubt, the death of a relative is one of the hardest things that may happen in our lives. When the worst happens and your relative dies, you may have the right to inherit his/her property.
It’s worth noting that owning and maintaining an inherited house may be expensive. You’ll have to pay for insurance, taxes, and utilities even if you don’t live in an inherited property. That’s the reason why you need to do something with an inherited home as soon as possible.
The question is – what should you do with an inherited home? Actually, you have three options. You can rent out an inherited property, move into it or sell it.
The most common option people pursue when inheriting a house is to sell it. Oftentimes inheritors find it difficult to be a landlord – especially those that live out of state. Sometimes, it’s necessary to divide an inheritance between siblings, and it’s easier to do this by selling the house first. For many, sellers may also want to get cash in order to pay down personal debt or contribute more to savings.
If you’ve decided to sell an inherited house, you should know how to do this in the best possible way. Below, we’ll give you tips to help you make the process of selling an inherited house simple!
Prepare to Sell Your Inherited House
It all begins with preparation. Check your documents (i.e. legal will, trust paperwork) carefully and make sure that you have everything that’s needed to sell the inherited house. If you have inherited a property with a mortgage, then you might need to pay off debt or refinance the loan prior to selling. Aside from the financial aspects of preparing to sell the house, you’ll also have to move your loved one’s personal belongings and do all the necessary cleanup and repairs in advance.
Price Your Inherited Property Correctly
When you are ready to sell your inherited house, the next step you need to take is to determine the right asking price for your property. It’s important for you to do the detailed research and analyze the Pittsburgh real estate market carefully before starting the process. To get started, take a closer look at properties that are similar to your inherited home. You may first consider trying to sell the inherited house for a price at the high end of the range for recently sold properties. If a house is not sold within a month, or if you don’t receive many inquiries, then you’ll need to decrease the price. Following such a strategy will help you strike the right balance between selling your home for the most money and selling it within a reasonable timeframe. If you decide to sell the property with a real estate agent, he/she should be able to assist you with this step.
Find the Best Way to Sell Your Inherited House
Lastly, you need to decide how you are going to sell your inherited house. You can sell a property with or without a realtor. Keep in mind that there are pros and cons of each approach. When working with a realtor, it often takes at least 60 – 90 days before completing a sale, and you will pay a commission up to 6% of the sales price. That said, it often makes sense to contact a real estate investor when you need to sell your inherited house quickly. Oftentimes they can offer cash, close on the property within a couple weeks, and help you avoid paying costly commissions.
Do you need to sell an inherited house in Pittsburgh? If so, contact us today to sell your property this week! McIntosh Management, LP is always ready to provide you with the best cash offer for your inherited property! Check our Testimonials as well as FAQ sections to learn more about our company, or fill out the form below to get started on receiving a free, no-obligation offer for your property!