Selling an inherited home can be a deeply personal and overwhelming experience — both a financial gift and a challenge. From family disagreements to uncovering maintenance surprises along the way, there are many steps that go into selling an inherited piece of property. The below steps will help eliminate the hassles often associated with selling an inherited home in Phoenix and to sell as quickly as possible.
Attorney: Hire a trusted attorney to review all necessary paperwork, such as the deed, outstanding mortgages, outstanding property taxes, or liens against the home. An attorney will also help mediate any family disagreements that may arise during the process.
Tax advisor: Consult with a tax advisor to understand the inheritance and estate tax in Phoenix, as well as any tax implications and how to report the earnings from the sale. Speak with your tax advisor to determine Arizona requires your inherited home to go through probate.
Real estate agent: A Phoenix real estate agent will have a solid understanding of the local market. Consult with a real estate agent to conduct a home appraisal to help you best price the house to sell and to also remove emotions from the process. Listing the home with a real estate agent will ensure you don't out price the home in accordance with the market, but also so you don't price the house too low simply to get it off your hands.
You may view the house as outdated and in desperate need of improvements, but it's important to consult with a Phoenix real estate agent to understand if these updates will price the house out of the local market and result in spending money you won't recoup in the final sale price. On the flip side, smaller updates such as repainting and landscaping can go a long way to attract potential buyers. If there are critical updates that need to be made in order to sell, such as as radon testing, these can be negotiated in the final sale price in the form of a credit.
Prior to listing, depersonalize the entire house. This may include removing all family photographs, personal mementos, religious affiliations, eliminating furniture, or even removing all possessions entirely. To sell quickly, consider moving all items to a storage facility to donate or sell the items at a later date.
Depending on the condition of the home, you may be better off selling to an investor instead of a traditional buyer if your family member was unable to keep up with the maintenance demands. Work with your real estate agent and appraiser to best understand the types of repairs you will need to undertake, and the different types of buyers best suited to purchase your inherited home.
The home you inherited may still have a mortgage that needs to be paid, in addition to the monthly fees associated with home ownership such as electric, gas, water, sewer, waste management, lawn maintenance, HOA fees and utilities. Turning off as many utilities as possible, such as cable and heat, can reduce these expenses when the house is vacant.
These tips will help you avoid an emotionally charged process, maximize your sale proceeds and sell the inherited home quickly.
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