Selling an Inherited House
Inheriting a house in Middle Georgia is one of the few big surprises that life brings us sometimes. What happens when you inherit a house in Georgia? Can you keep an inherited house or sell it? How does probating a house work?
Sometimes you may be forced to consider selling a house in probate. Selling an inherited house, even in a small town like Warner Robins or Macon Georgia, can be a demanding task. With the right information and assistance from the Real Estate Problem Solver, you should have no problems selling your inherited house. So where does the difficulty come from in selling an inherited house in Georgia?
Exactly what happens when you inherit a house in Georgia?
When a loved one dies, an executor appointed in their will files to open probate at the court house where the deceased lived. After approval of the will by the judge, bills of the estate are paid off and assets they owned pass to the people specified in the will. If the items are not assigned or there is no will, the family comes to an agreement or a probate judge steps in and decides who gets the remaining items. Most times, if there are more than one person inheriting from the estate, unless the heirs give the judge a proposal that everyone agrees with, the probate judge will order the assets to be sold. Please, get an appointment with a local probate attorney now and learn some of your options. It makes things go smoother when the time does come to deal with the loss of a loved one.
There are a number of factors that should be taken into consideration when planning to sell an inherited house in Georgia. Some of these factors include…
- Dealing with the emotional aspect of selling a loved one’s home.
- What debts of the estate must be paid.
- The financial cost of making the necessary updates intended to attract buyers.
- Dealing with potential costly liens and other hidden challenges.
- Cost of repairs to the inherited house. Is the house local or in another state and hard to get to.
First thing, an inherited house includes a rollercoaster of emotions
Selling a loved one’s house can be such an emotionally draining activity… This really cannot be stressed enough. The activity may involve removing his or her stuff, depersonalizing everything even more.
When our emotions get carried away, we often don’t make the best business decisions. Times like that are when you need people with experience buying and selling probate homes in Georgia to help walk you calmly through the whole process.
The process may require having an estate sale to clear out the house of items the family does not want. This will liquidate many unwanted items to help pay bills left by the deceased. This may also create a flood of memories you are not ready for. There are auction companies that handle this process (We know a few).
Negotiating and managing the selling process
The executor of the will might have to deal with expensive liens or other debts tied to the inherited house that don’t become apparent right away (mortgage, taxes, HOA dues, etc.). Regarding these things, disagreements among your siblings might arise about the selling price of the house. In this case, it is best to have the executor that everyone agreed to assign, make the decisions. Does the house need to be sold and for how much? Do they contact a professional house buyer or list it with a local real estate agent?
Apart from that, your inherited house may require some repair costs if you decide to sell. Can the estate afford to pay for those repairs? Any “we buy houses” company will buy a house in probate as-is, but you will not get top dollar (just like selling a used car). If there is money in the estate to do repairs, it may be worth fixing the house up and selling it retail with a real estate agent (make sure to factor in the agents commission).
There are also legal and taxation aspects of the sale that you must understand to make the sale successful. Again, there are plenty of probate attorneys from Warner Robins and Perry to Macon, Georgia to help with this process. Shop around and find one that works well with you and is local to the probate court your dealing with.
These are the major problems that potential inherited house sellers have to deal with. Unless you are a professional in this area, the process can be tiring and daunting. This is where Real Estate Problem Solver comes in.
If you are considering selling your Georgia inherited house soon, then you are better off speaking to one of our real estate experts. He or she will come in extremely handy making the process as simplified as possible. Give the Real Estate Problem Solver a call now.