Selling an inherited house isn’t easy. And here is why!
We are emotionally attached to a loved one’s home. We have our own fond memories with it, those precious moment we had while our loved one were alive! Now –when they are gone not only we have to deal with emotional aspect of actual loss, but also with tons of paper work, cleaning that house, going through so dear to us pictures, favourite dishes mom use to fill with favourite foods…etc
On top of all that, you have to deal with financial cost of making necessary updates to attract buyers. Sometimes heirs have to deal with costly liens or other hidden problems, and there may be disagreements among siblings about the sale price.
As you can imagine not all sibling are ready to act in unison. Everyone takes their time to deal with the passing of a loved one. And you need to take the appropriate steps to learn the market, educate yourself and have a Realtor and tax attorney who are reliable — you need someone who is going to be empathic and is there to help.
You have to do it anyway, so better to make one step at the time, than dragging the process for too long!
First, learn about the house’s status and verify your ownership. Heir also should know is there any mortgage, liens, work orders on property. The best way to do so is to get estate lawyer.
In some instances to Sell real estate you might be required to go through the Probate Court. “In addition, there will most likely be a ‘creditor claims’ period, which must pass before assets, including real estate, can be distributed to the heirs.”
Connect with a tax adviser to understand any tax implications of selling the home.
Assess the market
It does not take long to see that Grandma’s kitchen or bathroom might need some major upgrading. But before doing any work, contact me, Alla Tchouiko (416-457-6870), a real-estate Broker to help you weight the pros and cons, understand local housing market, and most important to structure proper plan of action and implement it.
You have to figure out what the other houses on the street are selling for, and get an idea of what the house is worth before improvements are made. In some cases, it is easier to sell AS IS, simply because renovation/updating the house might take too much of your valuable time and it would not worth doing it! Example: I had client who sold very quickly, it was even below market value (it was strictly sellers’ decision), but she was able to put all her energy into her job and, on top of that, the cash she got from sale was used to pay off the mortgage on her house and saved way more than she’d get improving the inherited house. Her tragic past was left behind!
In other case, I was on behalf of the buyer, who did not have neither time, nor cash to renovate, but had great job to pay big mortgage; seller, on other hand, who was selling inherited property, had no job at the time and was happy to improve it, made money doing it and all parties involved in traction were happy!
Every individual story is unique and I make sure to fully understand the situation in order to provide most suitable advice and implement it in timely manner!
Feel free to contact me for no obligation talk about selling your property. I love having all info and freedom of time to make my decisions, so this is exactly the way I conduct my Real Estate business for last 14+ years and have hundreds of loyal clients.
Alla Tchouiko Broker of Record/Owner
Alto Realty Inc. 416-850-5575 (office)