My blog post “Top Strategies for Selling An Inherited House Fast” outlines the go-to options for a fast sale if you find an inherited house comes with burdens you don’t want to handle. But don’t be in such a hurry that you charge right into disaster! Beware of these 4 pitfalls when you need to sell an inherited house fast.
- Is the title clear? The estate and/or yourself should pay the fee to do a title search. You must know what you are dealing with to be sure you make the right decisions about a sale.
- Mortgages (first and second)
- Property taxes
- Inheritance divisions and/or squabbles
- People living in the house, with or without a lease
- Squattors – What, squattors??? You may be thinking “How could squattors be a problem? It was my late grandmother’s house with just a cousin living with her! Also my nephew moved in shortly after Grandma passed away.” Or perhaps there was an un-related caretaker who has not vacated? Anyone in occupancy, family or otherwise, with or without a lease or other agreement, almost certainly has legal rights that can compromise a sale.
- Visible or hidden defects in the house can become high-cost issues when you try to sell. You may not have discovered them yet, but be assured a prospective buyer’s property inspection certainly will. Do your own due diligence on the property condition so you can make informed decisions.
- You don’t know how to find reputable cash buyers to help you out of this mess, and you are frankly afraid of the auction process. Do some exploring with your local real estate professional’s organization to find recommendations for fix-and-flip buyers who will do an honest job.
These are just 4 of the pitfalls that can cause the most grief when you need to sell an inherited house quickly. Get expert help and be informed so you can deal with the issues, not be run over by them!