It’s a common occurrence for family members or close friends to establish a will, designating their property holdings to be inherited by their next of kin or individuals with significant meaning in their lives. The inheritance of a home is a frequent scenario, yet it often presents a predicament where the property is unwanted by the recipient. This situation leaves the inheritor grappling with the challenges of managing what can often be an unaffordable property, burdened by the responsibilities of upkeep, property taxes, and potential homeowners or property owner’s association fees.
We buy houses in Toledo, Ohio and as professional Northwest Ohio home buyers we recognize the complexities associated with selling an inherited house. In this context, we aim to provide valuable insights by offering five essential tips for navigating the process of selling an inherited property in Toledo and throughout Ohio. Whether you find yourself in the position of inheriting a property or are contemplating the sale of such a property, our expertise as home buyers can guide you through the intricacies of this unique real estate scenario.
1) Prepare For Probate
When dealing with an inherited property, it’s crucial to acknowledge that the property may need to undergo the probate process, and the necessity for probate depends on the manner in which the property was deeded. The intricacies of probate can vary significantly based on local and state laws governing inherited properties.
Upon completion of the initial probate, there might be a requirement for additional probate proceedings within the specific county or state where the property is located. This becomes particularly pertinent when the property is situated in a jurisdiction different from your current location, as securing full legal rights to the property may necessitate additional probate processes.
A valuable tip for those considering the sale of an inherited house in Ohio is to be well-prepared in advance to navigate the complexities of the probate process. Understanding the legal requirements and being proactive in addressing probate concerns can streamline the selling process and contribute to a smoother transition of property ownership. This proactive approach ensures that you are equipped to handle any probate-related challenges that may arise during the sale of an inherited property in Ohio.
2) Owner Financing
If you can afford to sit on the property for the typical three-year period of a lease to own agreement, you may wish to investigate this avenue when selling an inherited house.
You’ll need to understand the added demands of a landlord’s duties, which many have no time or interest in.
Unless your inherited home is brand new or in like-new condition, you may be spending thousands on repairs before ever selling the property.
Ohio Probate Attorney Summary For Selling House
3) For Sale By Owner
For sale by owner, or FSBO, is another option to consider when selling a house you inherited in the Toledo area. Often our emotions put an added value on a property, which has little to do with the realities of real estate valuation. Do a little research to see what similar properties to yours are selling for a good idea of what a fair market value is, that way you are not shocked when you realize the current market value of your home.
4)Real Estate Agent
If you do not want to be a landlord or live in housing you may have inherited and had no use for listing with an agent is another option to sell your inherited property in Toledo. Listing your house on the real estate market with an agent usually means prepping to bring the home to market, which may include upgrades or serious repairs, covering professional photography fees, marketing, and staging the home. Add in real estate fees and commissions, as well as some closing costs.
5) Professional Buyers
Professional buyers like Homesmith will take the time to listen to your specific circumstances and help you decide which of the possible options of selling your unwanted inherited property is best for you, even if that means listing with an agent.
Selling a house you inherited in Ohio to a professional buyer is often the best option for the property. Keep in mind, cash buyers with quick closings will probably offer you a bit less than average market value when selling an inherited house. This is because they save you from all the costs involved with listing a property. There is no prepping, upgrading, marketing, or any other of the costs associated with other options.
Sell My House In Toledo OH
Homesmith makes the process easy for you, with guaranteed quick closings with a firm offer, and no surprises at closing.
We are your local homebuyers in Toledo and we offer cash for houses in Ohio. We purchase homes in as-is condition throughout the Buckeye State, and we specialize in speed and convenience. There are NO repairs, appraisals, banks, agents, fees, or commissions for homeowners to deal with, and we can close on your schedule.
If you are ready to sell your house in Ohio directly to us, get in touch today!