Are you thinking of selling the house you inherited in Chester? We have 3 No-Stress tricks that we have seen sellers take advantage of when selling an inherited property. Chester’s housing market can be challenging but offers excellent options for those seeking to maximize their inheritance.
Selling is a big decision that requires careful planning and consideration. Hopefully, you are in a position that allows you to look at all the benefits of owning an inherited property as a rental, selling for profit, or having a second home. If you are going through the pros and cons of owning vs. selling, you’ll probably be considering the following factors:
- Do you have a budget for expenses and any repairs needed?
- What are the expenses related to an inherited house?
- What if repairs take longer than planned?
- What are your options if the real estate agent can’t find a buyer?
No Stress Trick #1 Be Informed
Getting information about the housing market in Chester from local real estate agents is an excellent first step. They can pull current data on how many days on the market you can expect and the median home price for which homes are selling.
In December 2023, Realitor.com reported On average, homes in Chester, SC, sell after 88 days on the market. The trend for median days on the market in Chester, SC has increased since last month and slightly down since last year.
Having an idea of the overall Chester market will help you determine your holding costs. The longer your home takes to sell, the more cash you’ll need for insurance, utilities, and taxes. Do you know how much time and money it will require? Is this an excellent time to sell? Will the high interest rates make it harder to find a buyer? Who are the potential buyers right now?
With a little research, you’ll get a general perspective of the housing market in Chester. It isn’t likely you will become an expert, but the more information you have, the better.
No Stress Trick # 2 Gather Documents
Selling an inherited house in Chester involves more than staging and opening houses. Proper documentation is crucial to navigate the process smoothly and avoid delays. From proving ownership to understanding your financial obligations, these essential documents streamline the sale and ensure a stress-free experience.
So, what essential paperwork should you have on hand when selling an inherited property? Let’s dive into the four must-have documents every Chester seller needs.
- Title Deed: This is the foundation, proving your rightful ownership of the property.
- Mortgage Documents: If the house has an outstanding mortgage, gather your mortgage statements and payoff information for accurate financial planning.
- Property Tax Records: These documents showcase your tax history and assessed value, which is crucial for potential buyers and closing calculations. Be sure to stay current on property taxes to avoid foreclosure.
- Repair Records: Pull the warranties and service records for big-ticket items like HVAC, plumbing, septic tank, well, and date of last roof replacement. Having repair records will help you maximize your selling price when negotiating with buyers.
- Will and Probate Documentation: The will and probate documentation generally include the original signed copy of the will, amendment documents, petition for probate, death certificate, inventory of assets and liabilities, tax documents, account statements, debt documentation, court orders and filings, and executor’s reports. Additional documents may be required based on your family’s circumstances, state laws, and the complexity of the estate. We recommend consulting with a legal professional familiar with probate law in your area for accurate guidance. It’s important to note that probate requirements vary based on the complexity of the estate, state laws, and individual circumstances. It’s best to seek guidance from a professional familiar with the probate laws for Chester, SC.
- Mortgage Documents: If the house has an outstanding mortgage, gather your mortgage statements and payoff information for accurate financial planning.
- Property Tax Records: These documents showcase your tax history and assessed value, which is crucial for potential buyers and closing calculations. And be sure to stay current on property taxes to avoid foreclosure.
- Repair Records: Pull the warranties and service records for big ticket items like, HVAC, plubming, septic tank, well, and date of last roof replacement. This will help you maximize your selling price when negoitationg with buyers.
- Will and Probate Documentation: The will and probate documentation generally include the original signed copy of the will, amendment documents, petition for probate, death certificate, inventory of assets and liabilities, tax documents, account statements, debt documentation, court orders and filings, and executor’s reports. Additional documents may be required based on individual circumstances, state laws, and complexity of the estate. It’s always recommended to consult with a legal professional familiar with probate law in your area for accurate guidance. It’s important to note that probate requirements can vary based on the complexity of the estate, state laws, and individual circumstances. It’s best to seek guidance from a legal professional familiar with probate law in your area.The South Carolina Bar Association website is great source of information on inheritance laws.
No Stress Trick #3 Get Consensus
When multiple heirs own the inherited property, you will undoubtedly face many challenges in getting a consensus. Every family that inherits property goes through this. Reaching a consensus from everyone will require patience.
Having everyone be informed about market conditions, holding costs, and the home’s overall condition will help everyone conclude whether you sell or how you would sell the house. Nothing is worse than starting the listing process for selling than being stopped by an heir who decides they don’t want to sell or disagrees with the listing price. Part of the consensus should be a timeline for your objectives and potential budget that you’ll need to get the home ready for selling.
While it’s true that selling property inherited by multiple parties can be difficult due to the need for agreement, it’s not an absolute truth that all inheritors must agree to sell the property. Here are the two main scenarios:
1. Unanimous Agreement:
- If all inheritors reach an agreement to sell the property, the process is relatively straightforward. They can agree on a selling price, find a realtor, and proceed with the transaction.
2. Disagreement:
- In cases where inheritors cannot agree to sell, there are legal options available:
- Partition Action: As you mentioned, one or more inheritors can file a partition action in probate court. This forces the sale of the property, with proceeds divided according to each inheritor’s ownership share.
- Buyout: Some inheritors may buy out the other’s shares, allowing them to proceed with the sale.
- Alternative Solutions: Alternative solutions like renting or holding onto the property might be explored depending on the situation.
Therefore, while having all inheritors agree is ideal, selling an inherited property is not mandatory. Understanding the legal options available in case of disagreement is important, as seeking legal advice or mediation can be crucial in navigating such situations.
No Stress Trick #4 Decide On Your Selling Strategy
The crucial question arises: who will guide you through the selling process? Should you handle it yourself, seek the assistance of a real estate agent, or consider alternative options like cash buyers? Each path has pros and cons, and your option depends on specific needs and priorities. The three primary selling strategies for selling an inherited home in Chester are:
- Sell yourself: This requires more effort and expertise in marketing and negotiations.
- Hire a real estate agent: Hire a local agent in Chester to handle the process, provide guidance, and market your home on the MLS and other social media platforms. An excellent real estate professional can help you avoid the common mistake of sentimentality overpricing. Don’t overprice the property based on sentimental value. Research market trends and get objective appraisals to determine a fair asking price.
- Consider alternative options: Cash buyers or iBuyers offer fast closings, typically at a discount.
Summary
To sell your inherited house in Chester quickly and for maximum profits:
- Be prepared and take your time selling.
- Be transparent and disclose any known issues with the home or potential legal problems.
- Seek professional advice from a lawyer, real estate agent, or financial advisor with experience handling inherited property sales.
The fastest way to sell an inherited property in Chester is to avoid common mistakes by being prepared and informed about all your options.
We would love to hear from you if you have an inherited house in Chester and have questions about selling.
Call us at 704-707-6016 or jmshomebuyers@gmail.com.