Inheriting a house can be fraught with emotion. It may not be the lottery, but you will need to do some serious planning to absorb and maintain another house. If at some point you are thinking about selling your inherited house you need to read about the 6 less stress tips for preparing to sell an inherited property in Stockton so you can sell it easily, with no hassle.
Selling any house can be expensive, time-consuming, and even frustrating, but when you inherit a house there are many other factors that need to be taken into consideration.
- Multiple Heirs,
- the wishes of the decedent.
So if you want to sell an inherited property in Stockton without all the hassle, here are 6 no stress tricks for preparing to sell an inherited property in Stockton…
No Stress Tip #1 Plan Ahead
Most people who sell a house just decide to sell without thinking through what is entailed.
- Do you have a budget for the ongoing expenses
- Do you have a budget for any repairs needed?
- What if repairs take a long time?
- What if the listing takes a long time?
- What contingencies do you have if the real estate agent can’t find a buyer?
- Are you authorized to sell
These issues are all stressful and unless you plan for them they will be ticking time bombs waiting to blow up the plan. If you plan ahead you can alleviate some of the stress rather than having have to decide these things as they come up during the process.
No Stress Tip #2 Be Informed
Do you know what the process is to sell? Do you know how long it will take? Do you know how much it will cost you? Is it even a good time to sell? Who is buying right now? Do some research ahead of time and ask these questions to get informed about selling.
The more information you have, the better.
No Stress Tip #3 Has the Estate Been Through Probate? Are you Authorized to Sell?
Just because there is a will does not mean that the property can be sold without going through Probate.
The Buying and selling of real estate under normal conditions can be complicated, but when the owner of a property passes away with the title still in their name, (with or without a will), a court needs to determine the line of “rightful succession”. This court known as the Probate Court and its job is to determine who the rightful heirs are and this process is called Probate.
The cost of Probate in Stockton is the same as throughout the entire state and it is based on the dollar value of the decedents estate as determined by the Court appointed Probate Appraiser. The actual attorneys fees are mandated by legislation that govern probate and they can be quite expensive.
For example, if an Probate estate in Sacramento has a value of $200,000.00 the attorneys fees would be 4% of the first $100,000 and 3.5% of the next $100,00.00. And if the estate has no liquid assets (cash) to pay those fees then the estate is sold to pay for those cost or one or more of the heirs pays for them.
No Stress Tip # 4 Get Consensus
If multiple heirs own the inherited property, you’ll want to document everything and then talk to each heir to get a consensus.
Nothing is worse than starting the sales process and trying to sell your property only to be stopped in your tracks by another heir who wants to go in a different direction with the property.
No Stress Tip #5 Clean It Up and De-clutter
It Sounds Simple? At some point it will need to be done. Like any other house all personal belongings should be removed. Clean up the yard from debris. Paint the exterior or front door. At a minimum give the interior a thorough cleaning or paint. The small things will matter when it comes to selling.
No Stress Tip #6 Work With A House Buyer
Actually, you can skip a lot of the legwork and hassle by selling directly to a house buyer. A house buying company (like what we do here at Westbrook REI) is the simplest, fastest way to put cash in your pocket because they often buy houses fast, for cash, and in as-is condition… and are experts at dealing with any of the challenges with titles, liens, multiple heirs, etc.
These 6 no stress tips for preparing to sell an inherited property in Stockton will help you plan and deal with that inherited property without the hassle and stress!