You have recently inherited this property in New Jersey which held tons of memories throughout the years of living there. The thought of upgrading or shifting to a newer environment might have you wanting to sell your current property. Putting up an inherited house for sale is not the same as simply selling a home. There will be a mix of emotions, stress, and frustration during the decision process.
For that reason, below are some guidelines to help you ensure a smooth sale of your inherited property.
Prepare Your Property
- Review all the ongoing renovations and repairs to ensure they are completed and determine their warranty timeline.
- Have your house appraised by an expert and look out for other home sales that are within the area to estimate a better offer.
- Engage professionals to remove all personal belongings and do an entire cleanup of your property.
- Hold an estate sale to sell the items left behind in the property as well as letting people in the neighborhood know that the house is for sale.
Once you have prepared the property for sale, you will have eliminated all the stress and hassle of knowing what to do or where to start.
Multiple Heirs
When a property is inherited by more than one person, the estate will be divided accordingly to the multiple heirs based on the market value on the property. All parties involved in the inherited property will need to sign off the agreement on the sale before it is closed. Heirs can choose either to sell the property and divide the value among each other or buy out each other before the house is sold. If all parties cannot agree, a court will be likely to have the inherited property up for auction or sale.
Selling Directly
After you have inherited a house, you might want to consider selling it directly to other family members, friends, or those around the neighborhood. By doing this, you can avoid having to pay the upfront cost of repairs, renovations, agent fees, marketing, and listings. When you are selling the property on your own, however, you will be required to do the market research, showcasing the house as well as negotiating the final price with your buyer. If you are not familiar with the process, it is highly recommended to seek help from a professional realtor instead.
Choosing the Right Realtor
Selling your inherited property through a realtor might be a better option for those who have no experience in transacting a home before. An experienced realtor will help you set an asking price, based on the market value of the house, and assist you in negotiating a sale with a potential buyer. Engaging a knowledgeable and committed real estate agent will ensure a quick and simple process for the sale of your property.
Inheriting a property in New Jersey can be time-consuming and extremely difficult. By going over the necessary practices as mentioned above, you will be familiarized with the steps and the choices you will need to make. A good understanding of selling your property will ensure a quick and hassle-free process. If you are looking to sell your property today, feel free to contact us at NJLux today!
