While no one really wants to have to worry about finances after losing a loved one, the truth is it is a fact of life. If you have inherited property that you intend to sell, you first should look into whether there are any mortgages or liens on the property, or probate problems that need to be paid. Before beginning the process of the sale of inherited real estate, you also should research the current value of comparable properties in the area.
The first step in a sale of inherited real estate is to pay off any existing mortgages due on the house, as well as any outstanding property taxes and then keep them current. There may be other bills, which will need to be paid out of the sale of the property, or by a loan to trust. Remember that unfortunately, not all properties inherited come free and clear. If you are in need of some assistance, you can apply for inheritance advance loans or loan to trusts in order to help you fund the bills.
Before you officially begin your sale of inherited real estate, you may want to consider having an estate sale or auction. If you are not attached to the items in the home, an estate sale may reduce the length of time you will be responsible for continuing to maintain the home.
Finally,contact a real estate agent to sell the property for you. Selling real estate in probate in probate can be difficult, so it is best to leave it to the professionals. Aligning yourself with a probate real estate company who has experience with loan to trusts and fiduciary loans is your best bet to ensure that your property and case will be handled the way that it should be. The sale of inherited real estate can be relatively overwhelming, but if you follow these steps you will eliminate a ton of the stress typically associated with the process. If you are struggling with the process, or obtaining loan to trusts, there are many forums available for your future research.