Inheriting a house can be a bittersweet experience. While it often comes as part of a loved one’s legacy, it also presents a challenging question: “What should I do with my inherited house?” For many, the answer is to sell. Selling an inherited house privately, instead of listing it on the Multiple Listing Service (MLS), can offer more control and simplicity during an otherwise emotionally charged time. Here are some key considerations when you’re thinking, “I want to sell my inherited house.”
Understand the Probate Process
Before you can sell an inherited house, it typically must go through a process known as probate. This legal procedure, administered by the courts, ensures that all debts of the deceased are paid and assets are properly distributed to the heirs. Once probate is complete, you have the legal right to sell. Consulting with a probate attorney or real estate lawyer can provide clarity and guidance during this time. The exception to this is that you may sell to a cash house buyer, with a condition that the property must pass through probate court before the closing of the property sale transaction.
Prepare the Home for Sale
Preparing to sell your inherited house privately involves several important steps. First, you’ll need to clear out personal belongings (unless selling “as is” to a cash house buyer). This can be an emotional process, so take the time you need and consider enlisting help from family members or professionals.
Next, assess the home’s condition. Unlike selling through an MLS where the property may need to be in ‘move-in ready’ condition, selling your inherited house privately can often be done ‘as is’. However, it’s essential to disclose any significant defects or issues to potential buyers to avoid legal problems down the line.
Home Valuation
To set a fair asking price, you’ll need to understand your home’s market value. While Realtors often provide this service for MLS listings, private sellers should do some research themselves. Alternatively, research comparable home sales in your area to establish a reasonable price range. Setting the right price from the beginning can help speed up the sale process when you’re thinking, “I need to sell my inherited house quickly.”
Marketing Your Property
To sell an inherited house privately, effective marketing is key. This may include online listings on popular real estate platforms, social media posts, and word-of-mouth referrals. Remember to highlight key selling points such as location, size, unique features, and price. High-quality photos and detailed descriptions can attract more potential buyers. If you want too avoid all of this aforementioned work and efforts, sourcing a reputable cash house buyer can be a “one stop shop” solution.
Legal Considerations
As with any property sale, there are legal considerations when you decide to sell your inherited house. In addition to the previously mentioned disclosure requirements, you’ll also need to navigate the sale process. While Ontario requires a real estate lawyer to oversee transactions, it’s crucial to hire one who can ensure the sale’s legality, draft necessary paperwork, and protect your interests.
Closing the Sale
Once you find a buyer, your lawyer will assist you in closing the sale. This involves transferring the title to the new owner and distributing the proceeds according to the probate court’s instructions. You’ve now successfully managed to say, “I was able to sell my inherited house privately, efficiently, and effectively.”
Selling an inherited house privately can be a viable, beneficial option, offering control, speed, and potential savings on real estate commissions. By understanding the process, preparing the home for sale, correctly valuing your property, marketing effectively, and addressing all legal aspects, you can navigate this journey with confidence and success. Remember, every time you think, “Can I sell my inherited house?” the answer is a resounding, “Yes!” With the right steps and resources, you can turn an inherited property into a positive financial legacy.