Inherited a Home? Here’s What You Need to Know Before Selling! ??

Inheriting a home from a loved one can be a mix of gratitude and responsibility that can be quite complex to navigate through. Beyond the emotions that come with the loss, there are a lot of serious considerations that can feel overwhelming. I know because my family went through it in 2021 when my father-in-law Terry passed away, leaving behind his home in Coshocton Oh two hours from where we lived. Sorting through his belongings, making decisions about the furniture, and preparing the house for sale was heart-wrenching at times. If you find yourself in this situation, here’s a guide to help you navigate the process.

What to Do with Furniture and Personal Belongings

One of the most difficult tasks when dealing with an inherited home is deciding what to do with all the furniture, keepsakes, photos, and personal items. Everything has memories, and making these decisions will be emotionally taxing. ?I have been down this road before with clients many times but going through it personally was something different. My best advice is be prepared because it’s a process that takes both time and heart

Step One Sort and Prioritize:

1. Identify sentimental items you or family members wish to keep.
2. Consider dividing belongings among relatives to honor your loved one’s legacy.

Step two Donate or Sell:

1. Charities such as Goodwill, The Salvation Army, or local shelters often will pick up the furniture and some household items.
2. Estate sales or auctions also can be an effective way to clear out the home while making some cash in the process.
3. Online marketplaces (Facebook Marketplace, Craigslist, or eBay) can help sell individual items quickly.
4. If there is a large amount of personal property, and it’s to overwhelming professional estate liquidators can handle it for you.

Step three Dispose Responsibly:

1. Some items may not be worth selling or donating. Junk removal services can help clear out what’s left efficiently.

Next is Preparing the Home for Sale

Once the home is cleared of personal belongings, the next step is getting it market ready. Here’s how to do it effectively:

1. Assess the Condition of the Property: A thorough walkthrough will help determine necessary repairs or updates. Consider a pre-listing inspection to identify potential issues that could impact the sale.
2. Clean and Stage: A deep cleaning makes a significant difference. Neutralizing the space with fresh paint and minimal furniture can help buyers envision themselves in the home. Simple improvements, such as new lighting or landscaping, can increase curb appeal.
3. Understand the Market Value: It’s crucial to get an accurate home valuation before listing it for sale. Unfortunately, some professionals may take advantage of heirs unfamiliar with real estate, undervaluing the home for a quick sale.

Beware of Undervaluation

During our process, the estate attorney directed us to a local agent, knowing we lived two hours away, valued the home less than its true worth. What she didn’t know was that I’ve been a licensed broker for the last 30 years and because I was unfamiliar with the area I knew to get 3 opinions. Her low evaluation stood out like a red flag and then I thought how many other families experience the same situation without realizing it?

Real estate agents and attorneys should work in the best interests, but unfortunately, some may assume that heirs want a quick sale and so they will undervalue the property. Always get a second and third opinion on the home’s worth. With three different comparative market analysis, you will have a clear picture of the home’s actual value.

My Final Thoughts

Inheriting a home can be an emotional journey and its filled with tough decisions. Taking your time and working with a systematic approach to sorting belongings, preparing the home, and ensuring you are price correctly will make the process easier. If you find yourself in this situation, take the time to get informed, seek professional guidance, and protect your family’s legacy.

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