Steps to Sell Inherited Property and the Professionals Who Can Help
When a loved one passes away, there’s a lot of details that need to be handled. Reading the will, settling accounts, and transferring ownership of assets often takes months to finish. But once it’s all said and done, you might end up owning a new piece of real estate. You could choose to live there or rent it out, or you could decide to sell it.
Selling inherited property is a little different from the traditional process of selling your house, namely because there are often other parties involved. If you’ve recently inherited estate property and would like to sell, there are a few steps you’ll have to take.
How Sibling Inheritance Laws Can Affect Selling an Estate
When a parent passes away, there’s a lot to figure out. You have to make funeral arrangements, find out if they had an estate plan, and work through the legalities of settling an estate. And unless you’re an only child, you’ll have to navigate this entire process with your siblings. You’ll have to determine which parts of the estate belong to your brothers and sisters and which belong to you.
To help with determining how assets are distributed, there are laws regarding sibling inheritance. Their purpose is to protect what’s rightfully yours through the succession of the estate while also preserving the rights of your siblings. In this article, we’ll talk about a few scenarios where sibling inheritance laws might affect how you settle a family member’s estate.
Auctioning a House vs. Sale By Owner
When you’re ready to sell your home, it’s important to consider all your options. You could sell on the traditional market and go through the standard process of listing your home, waiting for potential buyers to contact you, and negotiating a deal. Or you could consider selling your house at auction for a quicker process that’s often less hassle.
These two routes differ in a few significant ways, which is why it’s important to understand both the sale by owner and auction process. In this article, we’ll review both routes for selling your home to help you determine if the traditional methods or a home auction is the best fit for you.
