Family members or close friends commonly enact a will leaving their property holdings to their next of kin or people who meant a lot to them. Inheriting a home is quite common, yet the property is often unwanted, leaving a recipient holding what is often an nuisance property due management, upkeep, property taxes, and any homeowners or property owner’s association fees. We’ll cover 5 tips for selling an inherited house in Idaho.
Probate
Probate is the legal process of settling a deceased persons estate through a court. An inherited property will likely have to go through the process of probate, depending on how the property was deeded. Local and state laws vary in the matter of inherited property. For those who have completed probate, there may be additional probate required within the county or state of the property, especially if it differs from your location in order to gain full legal rights to the property. Being prepared in advance to handle probate is a good tip for selling an inherited house in Idaho.
Owner Financing
If you don’t need all of the cash out of the property right away, you may wish to investigate this avenue when selling an inherited house in Idaho. Owner financing can provide numerous benefits to you as a seller including cash flow, a higher sale price, and delayed capital gains taxes. Set up properly, you can also avoid the typical headaches of becoming a landlord like maintenance, vacancy, and problem tenants while still enjoying the benefits of getting a check every month. Reach out to Brady Buys Houses today to learn more about your options.
For Sale By Owner
For sale by owner, or FSBO, is another option to consider when selling a house you inherited in Idaho. Often our emotions put an added value on a property, which has little to do with the realities of real estate valuation. Do a little research to see what similar properties to yours are selling for a good idea of what a fair market value is, that way you are not shocked when you realize the current market value of your home. Also remember that most buyers do their home searching online these days, so you will need to familiarize yourself with online advertising to reach them.
Use A Real Estate Agent
If you do not want to be a landlord or live in the property you may have inherited, listing with an agent is another option for selling an inherited house in Idaho. Listing your house on the real estate market with an agent usually means prepping to bring the home to market condition, which may include 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. While this is often the most expensive and time consuming way to go about selling an inherited house, it is often a good way to get the highest price if you can afford to wait and d some repairs.
Professional 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 Idaho 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 Idaho. This is because they save you from all the costs involved with listing a property. There is no prepping, upgrading, marketing, or any other of the costs associated with other options.
Brady Buys Houses makes the process easy for you, with guaranteed quick closings with a firm offer, and no surprises at closing. Please call us at (208) 856-6826 to discuss the market value of the property. Contact Brady Buys Houses to learn more about what to do with your unwanted inherited house. We’re happy to answer any questions you may have, including the potential probate on the property in Idaho. Give Brady Buys Houses a call at (208) 856-6826 today! Or hop over to our website and contact us there.