What to do with an inherited property?
Inheriting a property comes with a whole range of emotions. Most executors express feelings of overwhelm and concerns of wanting to do the right thing. Sometimes family dynamics can further complicate the process.
We always advise executors to deal with the property one step at a time. Here's a general outline of the process:
Meet with an Agent
Things to discuss would be:
Suggested Potential Repairs/Renovations
Plan for clearing out the house so you know which items can stay and which should go. Sometimes a house can be sold with personal items to remain. That will most likely be to an investor for less than an empty home.
Clear Out The House
Allow friends/family first choice at items in the house that they would like to keep. Make sure to set a deadline for picking up items.
Estate Sales (We recommend Pennies In Your Pocket Estate Sales!)
Donate whatever you can that is left over (Buy Nothing Groups on Facebook can be excellent ways to pass along your loved ones items to people who will truly cherish them)
Hire a clean out crew to remove the remaining possessions
Collect Offers from Investors. Be prepared for most investors to offer an initial sales price and then once you're under contract, they will ask for an additional 3-5% price reduction for repairs. This is pretty standard and to be expected.
Compare Options between selling to an investor and on the open market with a Realtor.
Once you make a decision about how to sell and clear out the house, the bulk of your hard work as executor is done. The hardest step is always the first step of getting the process started.