Selling an Inherited House Lakewood
When you lose a loved one and in the process inherit a house, it might be one of the best things to have happened to you, but owning an inherited house isn’t always convenient. If you are thinking about selling an inherited house in Lakewood, you must be asking yourself quite a good number of questions.
Before we answer any of the questions you have, here’s a quick look at the most contradicting terms of selling an inherited house Lakewood.
Probate and inheritance
When selling an inherited house, you’ll often come across the terms “probate” and “inheritance.” In general, inheritance is what you get when a loved one passes on and leaves behind a property. On the other hand, probate is a process that comes up along the way. It’s a stage where the deceased’s will is proved and the right heirs determined.
If you happen to inherit a house that is still in probate, you will not be able to sell it right away because the will of the deceased has yet to be proven. Until such a point, you can only market the house to potential buyers. When the probate is complete and you are in full ownership of the house, you can now accept offers from potential buyers and sell the house.
Using a real estate agent to sell an inherited house
Once you decide to sell the inherited house, the next thing you need is to think about enlisting the services of a real estate agent. Selling an inherited house Lakewood can be frustrating, time-consuming and quite costly. To help you go through this process stress-free, here are some tricks for preparing the house for sale.
- Plan ahead. The mistake many home sellers make is they decide to sell without even thinking through the whole thing. Before selling an inherited house, ask yourself if you can afford the expenses and any repairs needed. If the repairs or listing takes a long time, what happens? If the real estate agent is unable to find a suitable buyer on time, what other plan do you have? Deciding these things as they come up is more stressful than having a well-thought-out plan.
- Be informed. Do you know what it entails to sell an inherited house in Lakewood? Do you know how long it takes or how much it will cost you? Is it a good time to sell your house? Who is going to buy it at this time? In short, do some research about your market by asking yourself these questions. The more information you have at your fingertips the better.
- Get consensus. If you are the only heir, the process of decision making is much easier, however, for those cases with multiple heirs, it’s possible that different opinions might come up. In case this happens, do everything possible to get a consensus. You don’t want to list the house for sale only to be stopped in the middle of the process by an heir who has a different opinion.
Non-real estate agent options
There’s nothing wrong with selling an inherited house in Lakewood through a real estate agent, however, not even these mentioned tricks will solve all the problems you may have to deal with. Agents may want the house to be fixed or repaired before selling, they charge closing fees and hefty commissions. Furthermore, this channel may take months or even years before you actually sell, which is why some people prefer non-agent options.
Refinancing is a great option for anyone looking to sell the house in order to get the money and use it for something else. You can also rent the house or even use it, but you’ll still have to pay back the loan to the lender. If you can find a rent to own option, where the tenant pays for the house over time depending on how you agree, but make sure the terms are clear.
Selling an inherited house for cash is also a great and hassle-free option. This method involves cash buyers like Denver Property Flip, where home sellers are paid in cash after just 5 days. In fact, this is the fastest way of selling an inherited house Lakewood because you can even sell it as is.