Can You Sell Property You Inherited?

Dated: September 7 2020

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Can You Sell a Property You Inherited

You can sell property you inherited, but it's a little different from selling a home you purchased yourself. Here's what you need to know.

Can You Sell Property You Inherited?

Inheriting a home from a loved one is a big deal, and if you decide that you don't want it, you can absolutely sell it. However, you'll have to consider a few factors - most of which you're not familiar with because you're not the original owner. You need to:

  • Know exactly how much the home is worth
  • Know how much debt the outstanding mortgage holds
  • Find out whether there are any liens on the property
  • Communicate with other inheritors

Here's a closer look at each.

Selling Inherited Property Tip #1: Know exactly how much the home is worth

Skip online home value estimators in favor of calling a professional REALTOR® for a comparative market analysis, or CMA. Those online tools can be off by as much as 18 percent, and that's a huge amount when you're dealing with home prices. (18 percent of $200,000 is $36,000 - and when you're pricing a home, you can't risk being that far off the mark.)

Selling Inherited Property Tip #2: Know how much debt the outstanding mortgage holds

You'll have to find out how much is left on the home's existing mortgage. After you determine the balance due and have a professional estimate done, you'll be able to figure out what kind of profit you'd make - or even whether it's worth selling. If it's not worth selling, you might consider renting it out for a while.

Selling Inherited Property Tip #3: Find out whether there are any liens on the property

Before you can accurately calculate how much you'll make on a sale, find out whether there are any liens against the property. You'll have to pay them off in full before you can get the title cleared - and you can't sell the property until that's done.

Selling Inherited Property Tip #4: Communicate with other inheritors

If there are other inheritors, you'll have to communicate with them to determine whether they agree with the property's sale. You'll also have to figure out who will be in charge of the sale.

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Chip Boyer

Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....

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