Family members or close friends commonly create a will in order to leave their property holdings to their family or close friends. But there are instances when the Inherited home creates headaches and financial strain for the recipient. Inherited properties often come with large expenses due to maintenance, repairs, upkeep and property taxes. Many recipients of inherited property find that they need to sell this property quickly. We will cover 5 tips for selling an inherited house in Louisville.
Prepare for Probate
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. In Kentucky, not all property in Kentucky passes through probate. For example, property that passes at death to a named beneficiary (ex. payable on death accounts, transfer on death accounts, life insurance policies, or IRAs) and property that is held in a joint-tenancy is non-probate property and passes outside of probate. 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. We highly recommend working with an attorney experienced in probate to assist you. Being prepared in advance to handle probate is a good tip for selling an inherited house in Louisville.
Owner financing is a transaction in which a property’s seller finances the purchase directly with the person or entity buying it, either in whole or in part.
If you can afford to sit on the property for the typical three-year period of a lease to own agreement, you may wish to investigate this avenue when selling an inherited house in Louisville. You’ll need to understand the added demands of a landlord’s duties, which many have no time or interest in. But unless your inherited home is brand new or in like-new condition, you may be spending thousands on repairs before ever selling the property.
For Sale By Owner
For sale by owner, or FSBO, is another option to consider when selling a house you inherited in Louisville. Often our emotions put an added value on a property, which has little to do with the realities of real estate valuation. You can use sites like Zillow to research what similar properties to yours are selling for in the neighborhood. This will give you a good idea of the fair market value of the property.
Real Estate Agent
If you do not want to be a landlord or live in a house you have inherited, listing with an agent is another option for selling an inherited house in Louisville. Listing your house on the real estate market with an agent usually means getting the house “market” ready, which may include upgrades or serious repairs, covering professional photography fees, marketing, and staging the home. You also need to make sure to budget for real estate fees and commissions, as well as closing costs.
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 Louisville to a professional buyer is often the best option for the property. Keep in mind, cash buyers with quick closings will probably offer you less than average market value when selling an inherited house in Louisville. 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.
FairSquare House Buyers makes the process easy for you. We can close quickly, give a cash offer and cover all closing costs. Please call us at 502-417-7467 to discuss the market value of the property. Contact FairSquare House Buyers 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 Louisville, KY. Give FairSquare House Buyers a call at 502-417-7467 today!