When someone passes away they will most likely (but not always) have a will that will pass their property on to family members. When someone inherits a home they are often time unprepared for that responsibility. What happens most of the time is that the person inheriting the property is left with a financial burden due to the property taxes, cost of maintenance, and mortgage. We’ll cover 5 tips for selling an inherited house in Little Rock.
Inherited properties will most likely have to go through something called probate. It depends on how the property was deeded but most of the time it will involved the probate process. You will have to refer to your local and state laws as it differs slightly depending on where you live. What this means is that if you have completed the probate process at the local level you may still be required to complete it at the state level. Being prepared in advance by understanding your local and stay laws on probate is a good tip for selling an inherited house in Little Rock.
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 Little Rock. You’ll need to understand the added demands of a landlord’s duties, which many have no time or interest in. 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 Little Rock. When selling real estate you must use logic over emotions. Inheriting a family members home is an emotional process and may cloud your valuation of that property. Look around at comparable houses that have recently sold and understand what the market value of the house you inherited is. The results may surprise you, it could be much less or much more than you thought.
Real Estate Agent
If you decide you do not want to rent out the home, live in it, or sell it yourself, then listing with an agent is another option selling an inherited house in Little Rock. This option is not always the right fit. The overall condition of the house will come into play. If the house needs repairs then you will be required to pay for those, as well as cleaning out the home of the items that were left. Lastly, you will need to factor is the commissions to the agent and the closing cost. This could be an expensive option for you.
Direct House Buyers
Companies that buy houses direct purchase inherited properties all the time. They will take the time to listen to your situation and provide a variety of solutions to help you sell your unwanted inherited property. Selling a house you inherited in Little Rock to a direct home buyer is often the best option for the property. This is because direct home buyers purchase with cash and can offer quick closings. Their offer for the house will be less than the market value of the home because they save you from commissions, closing cost, and repairs. They purchase properties in as-is condition which means they do not require repairs, cleaning, or staging. When you are selling an inherited house in Little Rock it may be a good idea to see what a direct home buyer would offer for your house.
Sunny Day Homes LLC all of this effortless you you. We can close on your timeline and your offer is what you actually get (no hidden fees or cost). If you call us at (501) 400-0505 we can provide you the current value of your inherited house. Contact Sunny Day Homes LLC 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 Little Rock, Arkansas. Give Sunny Day Homes LLC a call at (501) 400-0505 today!