5 Common Mistakes to Avoid When Selling Property You’ve Inherited
When you inherit a property, it can be hard to know what to do next, especially if it’s unexpected. Inheriting real estate is not the same as being given a sentimental keepsake; it’s an investment and subject to various rules and taxes.
With that being said, it’s good to know what mistakes to avoid when selling a property that you’ve inherited. Here are five common mistakes worth knowing.
1. Don’t skip the probate
Probate is something that you’ll need to go through to legally sell an inherited property. You cannot legally sell the property until the estate has gone through probate. This establishes your right to sell it, and until then, it’s best to attempt to put it on the property market until you have an end date in sight, where probate is confirmed.
The reason for this is that some probate applications can take a while, depending on the circumstances of the deceased and the various paperwork that needs to be processed through the courts.
2. Setting the wrong price
Setting the wrong price can be a problem. You don’t want to set the wrong price because pricing the property too high will turn buyers away.
That’s why it’s best to consult with a real estate agent and to also do your own research to see what’s sold nearby.
Market analysis is good to conduct so that you’re setting the right price for the property.
3. Picking the wrong agent
The right realtor will be able to provide you with the best advice when it comes to selling the property. Some realtors will overprice your property to get your listing, so you want to be wary of being swayed to price the property inaccurately.
At the same time, you want a realtor who has experience to sell your property. You want to take the time to interview the agents you’re interested in so that you know which ones are legitimate and which ones might not have your best interests at heart.
4. Overlooking costs and taxes
Various costs and taxes come with selling a property, and more when it’s a property you’ve inherited. Therefore, you want to understand the potential taxes that might be incurred and to know how to sell a deceased relative's NY property from overseas, as this can lead to additional costs, too.
It’s important that you’re setting a budget for these costs so that you’re not underbudgeting and losing more of your profit.
5. Ignoring necessary repairs
There are necessary repairs that are likely needed when it comes to selling a property. Buyers may notice any deferred maintenance and, as such, may avoid buying the property as a result. Therefore, it’s good to address anything that might have its issues like cracked tiles or a broken heating system.
These common mistakes are something you want to follow when it comes to selling a property you’ve inherited. Use these tips to make sure you make the process of selling an inherited property an easy one.
