The easiest way to sell inherited property is to first contact an estate attorney, according to Amy Hoak for MarketWatch. Attorneys can advise the seller about whether he needs a license to sell real estate and if the "creditor claims" time period must pass before he sells the property. The seller should speak to a tax adviser about how both inheriting and selling the property affects him and to see if the property has any liens on it.Continue Reading
The next step in selling the property is for the seller to consult a real estate agent, explains Hoak. This helps the seller learn the prices of other properties to determine a fair price before making any necessary improvements to the property. The agent can advise the seller on the bare minimum of improvements needed to entice buyers and to allow them to secure Federal Housing Administration financing for the home. If the property requires extensive renovation, the site recommends marketing it to investors "as is."
Regardless of how much renovation the seller does, Hoak advises removing any nonessential belongings relatives had on the property. This helps market the property as a "blank canvas" for potential buyers. If the property has older mechanical systems that are prohibitively expensive to fix, Hoak recommends purchasing a home warranty as an incentive for buyers.Learn more about Law