Selling Inherited Property In Delaware Basics
Inheriting a property is sometimes both a blessing and a burden depending on the situation. This is mostly true since you are not only deciding what is best to do with the property but also navigating through a loss. Often times you may already have a your own house or you don’t want to deal with the financial obligations of a whole separate property.
To Sell an inherited house in Delaware you should first determine some variables like its current market value and if there is debt or mortgages owed against the property. Once the numbers are collected you can choose to sell your inherited house in a few different ways. You can sell with a Realtor, For Sale By Owner or to an Investor.
Variables To Consider When Selling Inherited House in Delaware
Property Value
This can be found in several different ways. Often times people will order appraisals, hire a real estate agent or even do some research themselves. You can get a relatively accurate market value on websites like Zillow or Redfin but keep in mind these are not always 100% accurate. But they are a good starting point.
Mortgage or Debt Owed
There is a very good chance the property that you inherited in Delaware has an outstanding mortgage or debt left on it. This is is not unusual and pretty easy to determine. You can often check the mail or recent bills to find this information. You can then call the mortgage company directly, explain to them what has happened and they will more than likely help you.
How Many People Inheriting the property
In a lot of cases when we work with inherited property sellers, we see that there can be several people involved. This is usually siblings or other family members. Usually the family members are on the same page and this helps tremendously with the process.
Type Property Inherited
Most of the time we see properties inherited its usually an actual house, townhouse or condo. But once in a while we do see vacant land and other types of property. Its important to note that this process is very similar in all cases but especially similar when dealing with Residential property.
What To do before Selling an Inherited Property In Delaware
Clean and Sort Belongings
After many years your inherited property probably has accumulated many items such as personal belongings and it can be hard to go through and determine what to throw away and what to keep. This is especially true if you inherited the property after a love one passed away. This is often the most emotional part of inheriting a house and requires help. Ask siblings, family or friends if they can lend a helping hand. Offer to let them keep things you would otherwise throw away as inventive.
Determine If work is Needed
If you have inherited a house in Delaware and want to sell it you are going to have to not only determine its market value but also how much work it needs to get to this value. You need to then decide if you want to tackle this work yourself, hire a contractor to do the work or just sell it as-is. Your decision will be based off of how much time and money you want to put into the property. The good news is you do not have to fix up your house to sell it.
Decide How Fast You Want To Sell
This is going to depend on several factors some of which we mentioned above. Does the house need work? Have you had the time to go through everything and take what you want to keep? How much is the monthly expenses for the house with upkeep and mortgages and utilities? The last thing you want is to put yourself in a hole because you are paying for two homes at once. There is no set time limit on when you can or cant sell your inherited house in Delaware.
Is The House In Probate?
When someone in Delaware passes away and you inherit a property in Delaware it will most likely go through the process known as probate. While this process is a lengthy process that usually takes around 9 months, you Do Not have to wait to sell your property. You can sell your property while its in probate but often times some of your proceeds will be held in escrow until the probate process is complete.
3 Ways To Sell Your Inherited Property In Delaware
Real Estate Agent
This is a good choice if your house is in excellent condition and market ready. Hiring a Real Estate agent will get you top dollar for your property in most cases if your house is market ready. If your house is not market ready you should be prepared to make the repairs necessary in order for it to sell for top dollar on the open market.
FSBO For Sale By Owner
I often tell people to only choose this option if they have some knowledge or background with Real Estate. If that is you than this could be a great option. When listing the house yourself you can avoid paying some agent fees but prepared to offer some sort of commission to a potential buyers agent. Due to the nature of the business many buyers will want to have a licensed real estate agent represent them when they are making possibly one of the most important purchases of their life.
Real Estate Investor
If you do not fit into either of the above categories this option can be a great choice. When you sell your house to a Real Estate Investor you can skip paying both closing costs and agent fees. You can also skip the repairs, showings and inspections. Most house buyers will buy your house as-is and pay you in all cash for your property. Not only that, the process can be extremely fast and smooth.
Selling an Inherited Home Does Not Have to Be As Stressful As You Think
When it comes to selling your inherited property you don’t have to panic. Working with a Professional Real Estate Solutions Company may be in your best interest. A company like Dynamic Property Solutions can not only make you a fair and hassle free offer on your unwanted property but also guide you in the proper direction if a cash offer isn’t the answer. This is a company that has helped countless sellers in this exact situation so rest assured you will be well taken care of.