Family members or close friends commonly enact a will leaving their property holdings to their next of kin or people who meant a lot to them. Inheriting a home is quite common, yet the property is often unwanted. Leaving a recipient holding what is often an unaffordable property, due to upkeep, property taxes, and any homeowners or property owner’s association fees. We’ll cover 5 tips for selling an inherited house in Nashville TN.
Prepare for Probate
An inherited property will likely have to go through the process of probate, depending on how the property was deeded. Local and state laws vary in the matter of inherited property. For those who have completed probate, there may be additional probate required within the county or state of the property, especially if it differs from your location in order to gain full legal rights to the property.
Research the probate laws where the inherited house is located. Being prepared in advance to handle probate improves your success in selling an inherited house in Nashville. Our article What You Should Know About Dealing with Probate Real Estate in Nashville will be a great start to researching and understanding Probate in Nashville.
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 Nashville. 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 improvements and 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 Nashville. Often our emotions put an added value on a property, which has little to do with the realities of real estate valuation. Start with a little research to see what similar properties to yours are selling for a good idea of what a fair market value is, that way you are not shocked when you realize the current market value of your home. To fully understand the full scope of selling a house by yourself, read our article “Can I Successfully Sell My House as a For Sale By Owner?“
Real Estate Agent
If you do not want to be a landlord or live in the house you have inherited, listing it with a real estate agent is an option to sell. Listing your house on the real estate market with an agent usually means prepping to bring the home to market, which may include upgrades or serious repairs, covering professional photography fees, marketing, and staging the home. Add in real estate fees, commissions, and closing costs.
Did you know many home sales today happen because the seller pays for the buyer’s closing costs? You will probably want to read our article on this aspect of selling as well as using a real estate agent, 7 Reasons To Avoid the MLS When Selling Your Middle Tennessee House.
Professional buyers will take the time to listen to your specific circumstances and help you decide which of the possible options of selling your unwanted inherited property is best for you, even if that means listing with an agent. Selling a house you inherited in Nashville, Smyrna, or Murfreesboro to a professional buyer is often the best option for the property.
Keep in mind, cash buyers with quick closings will probably offer you a bit less than average market value when selling an inherited house in Nashville. This is because they save you from all the costs involved with listing a property. There is no prepping, upgrading, repairs, marketing, or any other of the costs associated with other options. Many inherited homes are very out of date in styling and in need of repairs. These homes are more difficult to sell on the open market with a real estate agent.
Still not sure what to do? You might benefit from our article, I Inherited a House, What Do I Do?
Southern Homes Investments makes the process easy for you, with guaranteed quick closings with a firm offer, and no surprises at closing. Please call us at 615-235-0612 to discuss the market value of the property. Contact us at Southern Homes Investments 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 Nashville TN. Give Southern Homes Investments a call at 615-235-0612 today!
Disclaimer: David Wright is a licensed real estate agent in Tennessee and this article is not a solicitation to list your house.