What to Expect When Selling an Inherited HomeShare this post
An inherited house is a great gift from a departed loved one. If you have decided to sell it, then you should familiarize yourself with the financial and legal steps required to do so. Selling the home and keeping the proceeds may not be as straightforward as you think. Working with Chicago estate planning attorneys can help you navigate any difficulties you may encounter.
Before Selling and an Inherited Home
You should learn the value of the inherited home before putting it on the market. Online home value estimators can help you determine the worth of the house compared with similar properties in the area. You should also de-clutter the house and clean and paint it if necessary. This will give the property a fresh look, which will make it more appealing to potential buyers.
Potential Problems with Selling the Inherited Home
If your departed loved did not own the house outright, you should find out how much is left to pay on the mortgage. Other outstanding bills such as property taxes may also need to be paid, and you may need to use a portion of the proceeds from the sale to do so.
You must also bring in a property inspector. It is the job of a certified home inspector to look for problems that could cause financial trouble for prospective buyers. Once they have completed the survey, they will issue a report which everyone interested in the home will be able to read.
Dealing with the fallout of a home inspection report is part of every normal real estate transaction. When selling an inherited home, you may encounter other hurdles. It is possible for the executors of your departed loved one’s will to keep the estate in probate for years. If this happens, then other beneficiaries will have use of the home and you may not be able to sell it immediately.
How an Attorney Can Help
Anthony J. Madonia & Associates are tax lawyers in Chicago who can help you with the sale of your inherited home. Tax lawyers in Chicago can help you understand the liabilities that come with the inheritance and sale of the house. Before you put the home on the market you should contact the Chicago estate planning attorneys at Anthony J. Madonia & Associates.