The complexity increases manifold when there is more than one heir and they can’t reach a consensus over whether to sell the property or keep it.
Here are a few tips for you to follow if you are planning to sell an inherited property:
Inheritance laws are state-specific, so the answers to the questions – ‘how to sell a house I inherited in New York’ and ‘how to sell a house I inherited in any other state’ can’t be the same. What it basically means is that you can’t just blindly believe in generic advice on this complicated subject from the internet or other unqualified sources.
These resources can give you a good start, but when you want consultation specific to your individual situation, you should always approach a qualified professional before taking any step.
You have lost someone very close to you and have inherited his or her assets. You must be grieving and going through a period of emotional crisis, but some assets such as properties are so valuable that you shouldn’t take any step or decision in a hurry. Always consider the pros and cons of whatever you are planning to do.
If an executor has been named in the will, he or she manages the estate under the guidance of an attorney until the will is executed. The court handling the probate hearings can also appoint an executor. Keep in mind that there are many costs associated with the maintenance and ownership of the inherited house, for example real estate taxes, utilities, mortgage payments, home insurance and home owner association fees. As an heir, you should get these payments in order as soon as possible because any delinquency can put a lien on the property’s title and it can go into foreclosure or repossessed by tax authorities. It will make it a lot harder for you to sell the house with any liens or unpaid payments showing up on the property’s title.
In case you are wondering – “Can I sell a house I inherited in New York” without the will going to probate, the answer is – NO. Most wills are prepared under the supervision of an attorney, so they name an executor of the will. Make sure the probate process begins as early as possible. If the will is not contested or disputed by anyone, the probate process doesn’t take a lot of time. A judge will start the process of the transferring the title of the house to heirs in the exact proportion outlined in the will. The judge also empowers the executor to manage the maintenance, mortgage and tax payments and other liabilities.
Once the will has been settled and the title has been transferred in your name, you need to decide whether you want to sell the house as-is or go through the traditional way of selling. If you opt for the second option, you will need to make repairs, stage the property, hold an open house and do a lot of other stuff to get the property sold. Here at E2F Properties, we buy inherited properties as-is and for cash and for this reason, we are able to close the deal within seven days.
Disclaimer: The advice given in this article is based on our knowledge and experience from working with people who sold inherited properties. This should not be taken as a professional advice. Consult with a qualified professional in case you want any consultation with regard to legal and other issues associated with selling an inherited house in New York.
E2F Properties is Westchester County’s premier real estate redevelopment company. We would love to help you sell your home anywhere within Westchester. If you have a home that you need to sell or if you know of a property in your neighborhood that you think needs renovation, please call us to discuss your options! We are a solutions company and are available to help! (914) 999-2293