What to do with inherited property?
Inheriting valuable property such as a home, securities, bank accounts and retirement accounts from a deceased relative can be a major financial windfall. Some assets are easier to transfer ownership from the decedent to the estate then to the heirs.
When inheriting properties from the original owner's death the process of transferring ownership begins. Most property inherited can be transferred through one of three ways: probate, death deed or life trusts.
The 4 ways to sell your inherited property
There are many ways to sell a house. The traditional way is to hire a real estate agent or realtor. You could also try selling it yourself or For Sale by Owner FSBO, or sell it to a local investment cash buyer and lastly some type of creative deal.?
The traditional real estate sale
I would suggest looking for a real agent certified specialists (CPRES). They have completed training through the California Association of Realtors (CAR). The Trust & Probate Realtor that is?certified can work with the estate in a trust or in probate. Learn more at - How to find a realtor to sell your property in probate??
For Sale by Owner way of selling an inherited house
Another option for selling your inherited home is to sell it yourself. Here is more information about FSBO - 7 insights on how to sell your home in Sacramento?
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Sell inherited property fast to a cash buyer
A local real estate investor who wants to make a no fee, no commissions, “as is” condition, fast sale offer makes cash offers. In fact cash offers are the only way to guarantee this type of offer can close. Learn more at Why sell your home for cash?
Creative deals to sell an inherited property
There are many ways to creatively sell a house. I would not recommend them to most real estate owners. The risk to the current property is very high. But with an inherited property there could be a creative deal made to an heir or family member.
Rent to own creative deals have a high failure rate. But doing a family member a rent to own deal could work out for the estate. Keeping the home in the family is a very strong motivator. The estate could do a seller finance deal. Working with a family member to keep the property in the family can be worked out with a creative deal.?
A final thought
First, my condolences on your loss. Sympathy should be part of any inherence, but many times the process of a real estate sale and transfer of ownership are cold contracts and negotiations procedures. Don’t feel embarrassed about the emotions that pop up during the course of the sale.
I work hard to be professional and caring at the same time. But the buyer’s want a good deal. If the property has issues, they have to be worked out by negotiations. Don’t take it personally. To everyone else in the transaction it is just a house. The work of due diligence, correct paperwork, financial issues, and legal matters are cold daily activities for the other people involved in the transaction.