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Selling an Inherited Property: Things You Need to Know

by | Jan 23, 2022 | Inherited Property, Liquidating Assets

Dealing with a loved one’s death is difficult. Adding on having to care for an additional property you’ve received from your inheritance makes it even more so. If you find yourself in a situation where you’ve decided to sell your inherited house as-is in Union, NJ, here’s what you need to know.

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Prepare for probate

Most properties and assets that are going to be bequeathed to the next of kin goes through a process called probate. Each state and county have their own probate laws. Basically, probate is a process wherein the court ensures that the decedent’s last will is carried out according to their instructions. This entire process can take some time, especially if the will was not written clearly. Knowing what the process is and how it works can save you a lot of time and energy.
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Owner financing

If you have the means to maintain the inherited property, you can opt to wait the required three-year period of a lease to own agreement. While this option can also provide you with passive income, you may need to shell out a hefty sum beforehand in order to get the place tenant-ready.
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For sale by owner

Also known as FSBO, for sale by owner is another way you can sell your inherited property. While this kind of sale allows you to keep a big portion of the sales proceeds, the added stress of having to sell a home (on top of the emotional stress of losing a loved one) may be too much to handle. If you decide to go down this route, you need to make sure you are as objective as possible when putting a price tag on the property. Your sentimentality may cause you to perceive it as having a higher value than its market price. It’s best to have the property professionally appraised or you can ask for a quote from a real estate agent.
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Realtor

If the ideas of becoming a landlord or selling the property yourself do not seem appealing to you, you can go the traditional route of selling the home through a real estate agent. Listing your inherited property on the open market through a licensed real estate agent entails renovating the house, staging it so it looks as appealing as possible to potential buyers, and may even include hiring a photographer for interior and exterior shots of the home. Don’t forget to factor in real estate fees, commissions, and closing costs into your total expenses.
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Professional home buyer

Selling your inherited property in Union, NJ can take some time. If you want to speed up the process, you can opt to sell it to cash home buyers. These companies are known for closing deals quickly and allowing you to keep 100% of the sales profits. The only downside is that you have to settle for a little less than market value. A small price to pay considering you get to sell your home as-is, where is. This is also the best option if you need the sales proceeds right away.
All of the suggested options above come with their own pros and cons. Carefully weigh each option so you can find the best solution for your current situation and needs.

Need more info?

QuicknEasyOffers LLC is a cash homebuyer in Union, NJ. We buy houses in Union, NJ in any condition, including foreclosure, late mortgage payments, or fair market value. When you partner with us, you don’t have to worry about realtors, hidden fees, and paying commissions. You can expect a fast, cash transaction which can close in a matter of days! When you choose to sell to us, you can forget about having to deal with back-and-forth negotiations just to get an offer. We’re direct buyers and we pay in cash to arrange a quick close.

Our goal at QuicknEasyOffers LLC is to improve the overall quality of housing for the residents at Union, NJ. To find out more about our home purchasing process, give us a call today.

Michael Hernandez

Real Estate Professional, dedicated to helping homeowners and home-seekers meet their real estate goals.

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