While talking about it is hard, it is smart to be prepared. This includes having conversations as a family to determine who will be included in the will to inherit the home, where the deed to the home is kept and where other paperwork is located.
It’s important to remember that each situation is unique, but regardless of the individual situation there are certain ways you can plan.
Here are four tips to help prepare to sell an inherited home:
Work with a Strong Team of Professionals
This is not a task you want to take on alone, and in addition, you want to work with people who are skilled in this area. This will include a real estate agent, estate lawyer and potentially a tax specialist.
A real estate agent can offer crucial, local market information that is helpful if the heir does not live nearby.
Lawyers and tax specialists can help with important information such as how it will affect the estate and the tax implications the heir may face due to the sale.
Get Organized and Do a Walk Through
Going from room to room and looking at everything from the condition of the floors to how fresh the paint looks can help determine what may need to be done to the home to help it sell quickly.
If the inherited property is older, a home inspection is important before making any decisions as there may be certain systems that need renovations.
Equally important is to gather all of the necessary paperwork such as the deed to the home as well as researching whether there are any mortgages on the inherited property that need to be paid.
Even if the original mortgage was paid off, a reverse mortgage may have been negotiated to help cover expenses. Also look into local property taxes and when they were last paid.
Get the Home Appraised and Price it Correctly
A real estate agent can also provide counsel on an appropriate listing price to match market value. If the heir happens to live out of town, a real estate agent can offer direction to competent inspectors to complete the appraisal, as well as other professionals to assist in the home selling process.
Consider Staging and Cosmetic Improvements
It’s not uncommon for the interior of an inherited property to be outdated. Staging and making cosmetic improvements can really make a difference in these situations.
If you’re not sure staging is necessary, ask your real estate agent. They have a good pulse on similar homes on the market, when you may not. They may also suggest making home design improvements such as repainting rooms and/or landscaping.
Other points to consider are landscaping and the exterior of the home. Even if the inside is top-notch, don’t make getting them through the front door a challenge.
Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado, as well as the Cheyenne and Laramie communities of Wyoming. Contact Jan and learn if reverse mortgage is right for you.