Selling An Inherited House?
If you recently inherited a house in Tucson, you are doubtless encountering a whirlwind of emotions. If you are like most Tucsonans that I have met who are selling an inherited house in Tucson, then it can be overwhelming. To make matters worse, unknown complications can make selling an inherited house in Tucson an absolute nightmare. As a Real Estate Broker as well as Investor in Tucson, I have seen both the good, the bad, and the ugly truths when selling an inherited house. Hopefully, this article will help save you some of the drama, and the trouble associated with this process. It is my hope that you can save yourself any unnecessary pain in this already tough process!
The Probate Process In Arizona
While I am not a qualified attorney to give you great advice; I can tell you a few things about the probate process in Arizona. When it comes to selling an inherited property in Arizona, not every home must go through probate, depending on how title was held. If the title was held in a Revocable Living Trust, or as Joint Tenants with Rights of Survivorship then the property automatically goes to the surviving spouse or person on the title.
The probate process largely depends on if a person dies testate, or intestate. That is, with a Will, or without a Will. If the homeowner passed on without a will, then the probate process will need to occur and depending on the speed at which the executor is able to complete the required tasks, it can take up to six to eight months to complete. If you are trying to sell your inherited house in Tucson, this can be an ugly surprise… especially if you weren’t prepared for it!
Selling an Inherited House To A Sibling
Over the years, I have seen family members inherit a property and decide to “keep it in the family.” This is definitely admirable! I always appreciate seeing families build generational wealth and have the ability to pass it on to their heirs. However, this isn’t always a blessing! Sometimes, the inherited home needs a lot of work. A LOT more work than the family member is able, or ready to do!
Sometimes, when you are selling an inhertited house to a sibling, the question comes up about sale price. Oftentimes, a family will inherit a home and obtain an appraisal to determine the fair value of the home. This is done in an attempt to determine a fair market value to sell the home for. This process can also be problematic if there is a dispute over the value of the home .(which there often is). The best advice I can give to families making this tough decision is to make sure you all agree in advance on price, and terms. I can’t tell you how many times I’ve seen families split over this very item. Family love, and peace, isn’t worth a few extra bucks for the estate.
Selling an Inherited House Full Of “Stuff”
Another common ugly truth I see when selling an inherited house in Tucson is trying to decide what to do with all the “Stuff”. A lifetime of memories can add up quickly over the years. If your parents were anything like mine, then they collected all sorts of things! For them, they were comforting, and useful. For us as those who were left behind, it can be problematic, and emotional to dispose of. I understand how difficult it can be to dispose of a house full of stuff! One of the things I do when I buy a house directly from homeowners who are selling an inherited house is to let them leave whatever they want behind. Meaning, when you sell your house full of stuff to me directly, you can take whatever items you want of value from the home, and I will dispose of the rest for you. This eliminates the emotional problem of sorting though a lifetime of memories.
Should You Fix Up or Sell “As-Is”?
After you have determined what you are going to do with the property that isn’t related to the house, you now need to decide if you should fix up the house before you sell it, or sell it as is. This question isn’t easy, and it largely depends on the level of work that needs to be done. For example, if you have a property that is in need of updating and remodeling to get into current selling condition, you may not have the resources necessary to complete the repair.
See Related Article: Which Home Improvements Add The Most Value?
If you are trying to sell an inherited house in Tucson, and deciding if you should fix it up or sell it “as is, where is” then you aren’t alone. I typically buy 3-4 inherited homes a year where the home has been lived in by one family for over 30 years. Times change, styles change. If you have a home that you are trying to sell in Tucson, it can be difficult knowing which repairs to make, and which to leave off.
Selling An Inherited House
If you are selling an inherited house in Tucson, then it doesn’t have to be overwhelming! By taking your time, getting advice, and information; you can make good decisions for the estate. One of the biggest concerns that I have always heard from the representatives of families that I have worked with over the years is the ability to make the right decision for the family. This has to be the biggest priority. After all, oftentimes the executor of the estate has to sit down and have Thanksgiving and other holiday dinners together with the surviving members.
Because of this, I have tried as a Realtor who Invests in Tucson to be sensitive and empathetic to those who have lost family members and are now dealing with the properties that they have left behind. If you are looking for information, have questions, or are wanting to get a fast, fair offer on an inherited house in Tucson, then contact me at (520) 403- 6227.
I buy properties across Tucson in their current “as-is, where-is” condition, and I pay all closing costs! There are no commissions, and you can close the day that is convenient for the estate!