The three R’s — reading, ‘riting, and ‘rithmetic — have long been considered fundamental elements of just about any education program. When it comes to selling an inherited house or property, it can help to utilize three R’s of a different kind.
Recognize your limits when selling an inherited house
Inheriting a house often means the loss of a loved one. That makes it easy to accept an obligation that turns out to be much more than you originally anticipated. Along with the house, you might also inherit:
- Property and capital gains tax matters and the potential for inheritance tax
- Legal issues, such as unpaid condominium fees
- Transferring the title, which can be a real pitfall if multiple beneficiaries are involved
One couple who inherited a house were surprised to learn that a second mortgage had been taken out on it. The amount owed on the second mortgage, for which they were on the hook? A whopping $30,000.
Experts say that getting over the loss of a loved one is a process that could take as long as several years. That’s quite a load to bear. Be honest with yourself as to whether you have the time and emotional capacity to add a new property on top of that.
Reach an agreement with relatives who also inherited the house
Generally speaking, inheriting a house opens up one of three options: selling it, moving into it, or renting it. Each option can become exponentially more difficult if other beneficiaries take exception to any possible plans of action.
One reason is the historical shift occurring around us. Approximately $30 trillion of wealth is set to be inherited in the next 30 years. That’s a lot of money and a potential bombshell for family members to address.
But it doesn’t have to be that way. Hostility around estate matters can be resolved with an estate plan created while one or both parents are still alive. Even a family-only auction of sentimental items that are difficult to appraise financially can help.
Inheritance conflicts, wrapped around the pain and loss brought on by the death of a loved one, can poison a family for years. Reaching an agreement with other beneficiaries is the only antidote.
Rely on an easy process for selling an inherited house
Once you’ve decided to sell your inherited house, it’s important to keep in mind that you have options. Too often, people in similar situations equate selling a house with calling a real estate agent and suffering through a long, stressful process. That creates several possible problems, including:
- Saddling yourself with someone too inexperienced to provide the professional guidance you need
- Unknowingly working with an agent who is being investigated for, or facing allegations of, licensing violations — considered a common occurrence according to real estate professionals
- Trusting an agent to deploy the full range of services required to get you top price for the property when evidence suggests this doesn’t happen frequently
And you get to pay six percent of the selling price for all that trouble.
If that sounds like an antiquated way to sell an inherited house (or really any home for that matter), that’s because it is. The six percent bounty on their business alone is enough to dissuade many people from calling their local real estate brokerage. When faced with selling an inherited house, avoiding stressful hassles — including the inconvenience of vetting an agent — should be paramount.
HomeGo understands this. That’s why we’ve made it so easy for homeowners to sell their inherited property in one day and close in as little as seven. There’s no cost to you and no obligation. Just an easy three-step process — submit your address, meet with HomeGo, and move when you want — so you can get on with caring for those closest to you and meeting the future without a heavy load weighing you down. For homeowners seeking convenience, simplicity, and a 100% stress-free home sale, HomeGo is the only choice that makes sense for selling an inherited house!