Inheriting a home can be an incredibly emotional process. You’ll have to decide how to divide the person’s belongings as well as how to split the proceeds from the sale with the other heirs. One person will have to be in charge of the process because too many people involved can slow the process considerably.
Preparing for the Sale
Clean Out Belongings
All the heirs should be given an opportunity to remove the items they’d like to keep for sentimental reasons. The executor of the estate may divide assets based on the last will of the deceased person, and this can dictate who is allowed access to the home. This part of the process is fraught with land mines. After assets are divided, if you’d like to allow family members to take personal items, that should be done before the next steps.
Hold an Estate Sale
Once the home is cleared of sentimental objects and those of high value, the rest of the loved one’s belongings can be sold during an estate sale. Often, people will come through the home and make an offer on the objects left behind from furniture to dishes and appliances. It’s an easy way to clear out the home quickly. The rest of the items can be donated to a charity.
Pricing and Negotiation
After the home is cleaned out completely, it’s time to consider the price you’ll ask for the home. Check the comparable homes in the area to figure out what the home is worth. Make sure you’re pricing the home to sell, which might mean lowering the listing price slightly.
How to Sell Fast
Tempting to Accept First Offer
While you might want to sell the home quickly, a first offer that is way below common rates in the area shouldn’t be taken. Make sure to educate yourself on routine negotiation tactics, so you’ll understand how to get the right price for the home.
Paying Mortgage and Utilities
Understand that while you’re in the process of selling the home, you’ll still be responsible for paying the mortgage, utilities and other fees like water and trash.
Repairs on the Home
If the deceased was elderly, there might be repairs that weren’t done properly or at all. This can lead to problems during inspection. This should be addressed before listing, so you know the exact state of the home and are not surprised. Surprises tend to slow down a sale.
When a loved one dies, the rest of the family is often left to fight over who gets the proceeds as well as how much the home should sell for in the first place. It might even be surprising when fights erupt among family members who have always been incredibly friendly.
Cash for Homes
While some families don’t mind taking their time during a sale, others want to get off the emotional roller coaster sooner. They’ll wonder how to sell my house fast Dallas Fort Worth, so they can continue with their lives and remembering the person fondly as they grieve.
It’s important that you take the time to figure out the process that will work best for you as well as the rest of the family. You might want a quick sale that allows you to get back to your life faster.