Thinking about selling your inherited house? In this blog post, you’ll read about the 4 no stress steps for preparing to sell an inherited property in Kansas City so you can sell it easily, with no hassle.
Selling a house can be frustrating, time-consuming, and even expensive.
And if it’s an inherited house, it can be even worse!
So if you want to sell your inherited property without all the hassle, here are 4 no stress steps for preparing to sell an inherited property in Kansas City…
No Stress Step #1 Plan Ahead
Most people who sell a house just decide to sell without thinking through what that looks like.
- Do you have a budget for the ongoing expenses to keep it up while it is being marketed for sale and while the buyer gets their financing. You need to be able to keep up the mortgage payment if there is one, keep the utilities on (at least the lights), keep the yard mowed and the bushes and trees trimmed, clean up the yard if there is a storm, and while it’s not an out of pocket expense each month, the taxes and insurance add up each month
- If it needs repairs, do you have the funds available to make the repairs, these funds might come out of the estate or maybe the heir’s pockets, and then again there might be no funds to do this.
- If you do make repairs, the basic monthly expenses above rack up over a few extra weeks. And what if the repairs take longer than expected, or if you pick the wrong contractor and have to fire him and pay someone else to fix or finish what the first guy started.
- Then after all that, what if a buyer for the home just does not appear.
It’s stressful if you have to decide these things as they come up but if you’ve already thought about them, you’ll eliminate a lot of stress.
No Stress Step #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.
We suggest reaching out to a couple of agents that are selling in the area. Don’t just go with signs in yards of neighboring houses. Google the addresses of neighboring houses that are for sale and confirm that the listing agent has them on all the right websites. In Kansas City, some brokerages shun Zillow for some reason and it is one of the top websites that buyers go to for a new home, so you will want your potential agent to list there. Also, do these agents put up at least 25 photos of the home, do they fill out all the detail. If you are selling an inherited house, you want the best advice from a good agent and you don’t want to be talking to a lazy agent that can’t be bothered to post a lot of photos and fill out the house details.
Ask the two agents you pick their opinion on selling the house. What would it sell for as it sits right now, what if you cleaned it out and cleaned it up, what if you staged it, and last what if you were to make some repairs and updates? Along with what it might sell for, be sure to ask them how long they anticipate the sales process to take and factor that time with the holding costs of step #1. Then make a decision.
Also we warn all sellers of inherited houses to check with the home owners insurance policy to make sure the home is actually covered. Most home owner policies will cover a home for a few weeks vacant, but after a certain point, if there is a claim they will not pay because the home has been vacant too long. You may need to switch the insurance to a vacant policy to keep in covered and here in our office, we figure a vacant policy costs $100 a month for every $100,000 in value coverage.
The more information you have, the better.
No Stress Step #3 Get Consensus
If multiple heirs own the inherited property, you’ll want to gather your research and then talk to each heir to get a consensus. Make sure everyone who need to sign off on the sale is on board. You don’t want to spend time and money on making repairs and marketing the house only to find that one person refuses to sign when a buyer is found.
We often find that when one heir lived with the deceased person and is still living in the house during the sales process, that they often don’t want to leave and they sabatoge the sale process. So you need to get them on board.
In one case we were buying from 3 siblings and the sister did not want to sign because she was convinced that the brothers were going to keep her share of the proceeds. The brothers had to buy her signatures on the sale, with a cash up front payout of the proceeds.
Nothing is worse than starting the listing process and trying to sell your property only to be stopped in your tracks by an heir who wants to go in a different direction with the property.
No Stress Step #4 Work With A House Buyer
Actually, you can skip a lot of the legwork and hassle by selling directly to a house buyer. Do take the time to talk to a quality Real Estate Agent and get their opinion. Then give someone like kcmoHomeBuyer) a call to see what they might offer. Most home buyers like us can buy the house in a couple of weeks, as it sits, with all the stuff in it. You do no clean out, no repairs, no cleanup, no painting, no staging, no nothing. You sign the sales contract and in a few weeks, you are done.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.
This is the simplest, fastest way to put cash in your pocket because we are experts at dealing with any of the challenges with titles, liens, multiple heirs, etc.
So one call to a company like ours is the best no-stress trick!
These 4 no stress steps for preparing to sell an inherited property in Kansas City will help you finally deal with that inherited property without the hassle and stress!