Selling a Deceased Loved One’s Home
Losing a parent is painful and heartbreaking. On top of that, you will have to deal with the stress of handling the succession process, which can be lengthy and complicated. You may also need to sell the deceased parents’ house, and that will be a more complicated task for you as a family. Keep reading to learn the steps you should take to sell your family house easily and quickly after the passing on of your parent(s).
Step 1: Know the Status of Your Parents’ Estate
Your parents can leave their estate under a will, living trust or transfer it using a transfer-on-death deed. And here is how you can inherit the estate:
After a loved one passes, you may have to go through probate, depending on how they set up their estate and your estate’s laws. This process allows the will to be contested by heirs and creditors to make their claims against the deceased’s estate. The court supervises the dispensation of your parent’s estate during probate. (1) The process can take months or years, and you will have to spend much money on court costs and legal fees.
Your parents can use a transfer-on-death deed to transfer the estate, including the home, to heirs. You will get the estate almost immediately, and you can prepare to sell the house as soon as possible. But note that a transfer-on-death deed can help the home bypass the probate process in some states, but not all.
A Living Trust
A living trust is created by the estate owner(grantor), who puts the estate, including the home, in the trust. They outline how the estate will be managed and disbursed to the beneficiaries upon their death. A living trust will ensure your parents’ assets (those named in the trust) skip the probate process. And if the home is included in the trust, you can get it almost immediately and proceed to prepare it and sell it to a we buy houses Tampa company or interested buyer.
Step 2: Identify the Executor/Trustee and Notify All Interested Parties
An estate executor manages and distributes the deceased’s estate to beneficiaries according to the will. In contrast, a trustee manages and distributes the deceased’s estate as per the living trust. So depending on the status of the estate, find the executor or trustee. Next, notify all inheritors and creditors about the death of your parent. If possible, pay the creditors. If you can’t, notify them that you will pay them after you sell house fast Tampa.
Step 3: Resolve Inheritance Disagreements
Some heirs may have valid points of conflict about the estate or even selling the home. Ensure those issues are addressed early enough. Therefore, you should sit down as a family and talk things out. Decide who prepares for the house for sale, the house price, how you’ll split the house sale proceeds, and more. This will simplify the succession and the home-selling process.
Step 4: Hire an Experienced Agent to Sell the House
If you want to sell your parent’s home after their demise at the right price with minimal hassle, you should hire an experienced agent who has sold many inherited houses before. The agent will determine the perfect price for the home, list the house and take interested buyers to view the home. They will even handle the paperwork, and in the end, you will give them a small commission.
Alternatively, you can sell the house as is to cash buyers. When you take this route, the house may sell at a lower price compared to when you sell it through an agent. But you can find trusted cash home buyers ready to offer a fair price for the home. The good thing is that you will sell my house fast in Tampa when you sell it to a cash buyer. You can also sell the house yourself, but this route is complicated and time-consuming.
Step 5: Sort Through Your Parents’ Personal Finances
Before selling the house, you must understand your parent’s financial situation. This will help you know their debts, how much money they have in their bank and retirement accounts, and much more. You will need the death certificate and relevant documents to access their financial accounts and records. You should keep an eye on income and retirement accounts, utility bills, credit card statements, insurance policies, mortgage payment records, tax records, and more.
Step 6: Review The Home’s Insurance Policy
First, find out which home insurance policy your parent had and find out what you should do to get vacant home insurance, especially when no one will be living in the house as you wait for a buyer. This ensures you protect the house against vandalism and break-ins.
Step 7: Secure the Property Before You Sell it
Your deceased parents’ house will be a target for burglars if no one stays there. So you should set aside all essential documents and lock away valuable possessions. If possible, upgrade the locks and set up a security surveillance camera. Then ensure the doors and windows are well locked before leaving.
Step 8: Know the Tax Implications
You will have to pay estate taxes when selling your parents’ house. Therefore, know the tax implications of your decision and prepare accordingly to ensure a seamless process. It is advisable to consult a tax professional or experienced real estate agent to guide you.
Step 9: Distribute Your Parents’ Personal Property and Sell Some
It is time to distribute or dispense your parents’ personal belongings in the house. You can share furniture, electronics, decor, artwork, and more. If you have items that no heir is interested in, you can sell them or donate them. This will declutter the house, making upgrading or selling it much easier.
Step 10: Prepare the House for Sale or Sell It as Is
Deep house cleaning and doing basic repairs or upgrades will make the house more appealing to interested buyers. Alternatively, you can sell the house as is to a we buy houses Tampa cash buyer. Remember to make disclosures and set the best price for the house. If you hired an agent, let them handle the process.