Losing a family member is one of the hardest things that anyone can go through. As such, if you’ve recently lost a loved one who was dear to you, we’d like to pass on our sincerest condolences. We cannot even begin to imagine what you’re going through and hope that you may find strength and support during your grief. However, there is something that we can do to help make this period just a little bit easier for you. If you’ve recently inherited a house due to the unfortunate loss of a loved one, and are looking for a quick and easy way to sell it, you’ve come to the right place.
Selling a house traditionally (with a real estate agent) is not an easy thing to do under the best of circumstances. However, this can be infinitely worse for those who’ve inherited a property. From the home repairs to the advertisements (and the various open houses that you’ll need to host before you can finally get a buyer to bite), hiring a real estate agent to get your property sold will shackle you with an awful lot of work that will most likely interfere with your day to day life. And let’s not forget all the extra stresses and hassles that will be dropped on your plate at a time when you are emotionally volatile due to grief. These stresses typically arise because of the home repairs you’ll likely have to make as well as the various sale expenses you’ll have to take care of before everything is said and done e.g. listing costs, advertising costs, costs of inspections and appraisals, holding costs and closing costs. All in all, there just has to be an easier way to sell an inherited house.
Well, if you’re asking yourself this question today, you should fear not! In this blog, we are going to take a deep dive into this subject and show you all the things you need to know about selling an inherited property in Minneapolis MN.
Everything You Need to Know About Selling an Inherited House or A Property in Probate
Read on to learn more about Inherited Property Sale in Minneapolis MN.
Inheriting a property is not always the amazing jackpot win experience that it’s made to look like in the movies, and here is why. In the real world, inheriting a property is usually much like having a child. It adds an awful lot of responsibility to your life that you may not be prepared to take on for various reasons, including the fact that you may now own a property that’s out of state, or the property that you’ve inherited may be in a state of disrepair and require serious maintenance that you’re not willing to pay for. Whatever your circumstances, all the extra demands (both in terms of time and money) that an inherited property will require from you can make selling quite an appealing option. So if you’re interested in how you can sell your inherited house, we’ve got the answer ready for you today. But before we can get into it, there is something that you need to know. And that’s probate…
Overview on Probate
While inheriting a house can be as easy as receiving a phone call from a lawyer then signing a few papers, it usually isn’t. This is typical because of Probate, and if you’re wondering what probate is, here is a quick definition for you.
Probate (noun): the official proving of a will.
Basically, when the average person writes their will, they allocate specific pieces of their estate to specific people. If this is done properly, and the will is not contested, then the process of inheriting a property is usually as easy as signing a few documents. However, if the will is not properly drawn up, is contested by another one of your relatives, or there is no will whatsoever, you’ll typically have to spend quite a few months hashing it out in court in what is known as the probate process, which can be quite difficult. And after that, selling a probate property won’t be a piece of cake either.
Local and state laws vary in the matter of inherited properties, so you should always do your research before entering the probate process. In addition to this, for those who have completed probate, there may be additional requirements within the county or state of the property, especially if the inherited house’s location differs from your own.
How to Sell an Inherited House
Now that we’ve covered probate, the first thing that you need to know if you’d like to sell an inherited house is that there are many ways to skin that proverbial cat. Each option has its own specific benefits and disadvantages that you must consider carefully before making a final decision.
Below, we are going to list a few ways that one can go about selling their inherited house, or making money off of it, in Minneapolis MN. This will help you determine what to do if you’ve inherited a house.
1. Rent to Own
Renting is another valid option that you can consider. By acquiring good tenants, you can keep a steady stream of money flowing into your bank account. If you are looking to sell, you could opt for a lease-to-own agreement. For those that can afford to sit on their property for the typical three-year period that will be required for a lease to own agreement, they will be able to collect rent, a down-payment for the property, then the full sale fee after the waiting period. However, before you pursue this avenue, you’ll need to understand the added demands of a landlord’s duties.
2. For Sale By Owner
For sale by owner, or FSBO, is another option to consider when selling a house you inherited in Minneapolis. However, you should always be careful when setting your asking price. Often our emotions put an added value on a property, which has little to do with the realities of real estate valuation. Before you settle on an asking price, do a little research first to see what similar properties within your area are being valued. This will allow you to not only set a fair market price is, but to set one that is competitive enough to draw buyer attention.
3. Real Estate Agent
If you do not want to be a landlord or live in the house that you’ve inherited, listing with an agent is another option in Minneapolis. Listing your house on the real estate market with an agent usually means prepping to bring the home to market. However, this typically includes upgrades or serious repairs, covering professional photography fees, marketing, and staging the home. Add in real estate fees and commissions, as well as some closing costs.
4. Professional Cash Home Buyers
Professional buyers will take the time to listen to your specific circumstances and help you decide which of the possible options of selling your unwanted inherited property is best for you, even if that means listing with an agent. Selling a house you inherited in Minneapolis to a professional buyer is often the best option for the property. Keep in mind, cash buyers with quick closings will probably offer you a bit less than average market value when selling an inherited house in Minneapolis. This is because they save you from all the costs involved with listing a property. There is no prepping, upgrading, marketing, or any other costs associated with other options.
So there you have it. There is everything you need to know about selling an inherited house or a property in probate. If you’d like to know more about how to prepare your inherited house for sale, or how to price your inherited home, feel free to contact us today.
Are you looking for a fast way to sell your inherited house? If so, you should consider reaching out to our company, FastPath Home Buyers. Here at FastPath, we buy houses in Minneapolis, and throughout Minnesota. If you choose the work with FastPath, you won’t have to worry about any additional expenses. With FastPath, you get paid in cash and you can sell your house “as-is” (meaning in any condition. No cleaning! No repairs!). Finally, we are prepared to close on any deal in as little as 7 days. So Calls us at (612) 351-2384, or fill out the short form below to receive an all-cash offer today!