You have inherited a home from a loved one and have decided to sell the home. If this is something you have not done in the past, here are some helpful tips on how to navigate through the maze of options to make the transition go as smooth as possible. The hardest part is making the decision to sell what could be a home of sentimental value and the many memories that are associated with it, especially if the loss of the loved one is still fresh.
1- Get an appraisal...Arrange to have the home appraised by a professional in order to get an expert opinion and certified paperwork as to the overall value of the asset. It is a good idea to get all paperwork concerning the asset put together including; tax paperwork, insurance, mortgage information, payment information, deed to the home and any major repair work that has been done on the home, it is possible there are warranties tied to any repairs or upgrades. Put all this information together with the new appraisal so you can be prepared for the next step.
2- See a Tax Consultant/Attorney...It is vital that you schedule some time with an expert and get all your questions answered by specialist in the field. Do not go to the neighbor or a family member to find out the best options so you will be prepared for any situations that may arise during the sale of the property. There are many variables that can mean the difference between a great sale and a real bummer of a transaction so see the experts and let them educate you on any tax liabilities.
3- Prepare the home for the market...This is vital an the other proceedings begin to get the home prepared for the market. Remove any furniture, and other personal belongings from the home and do some cleaning as needed to bring the home into a place where it is presentable. Other major repairs or upgrades may have to be taken into consideration to put the home on a competitive level.
There are many options available to you when you have inherited the home of a family member and sometimes the hard part is just getting started and moving in a direction. The main point is you are in charge and at any time, things can change, (like your mind!) and you can decide to hold on to the property.You may have other family member who are involved so none of these guidelines are set in stone and they are adaptable to fit your needs. The most important thing you can do is get the advice of an expert.