How Do I Sell My Parents’ House?
- August 16, 2022
- 0 comments
- Local House Guide
- Posted in Guides
There are many reasons to sell your parent’s house, none of which will make you happy. It is sad to sell a house that you spent your childhood in and have wonderful memories associated with. Possibly you don’t want to sell it because you see your own children owning and enjoying it someday. But it is time to make a tough decision.
Reasons to Sell your Parents’ House
There are two reasons why you would want to sell your parents’ house:
- Your parents are no longer living, and you need to look after their estate. In this case, you could be inheriting the house if your parents had willed it so.
- Your parents are incapacitated and now need someone to take care of their house and belongings. The best people to do so would be their children.
In this article, we will be exploring the first scenario in detail.
Can I Sell my Deceased Parents’ House?
If you were thinking, how can I sell my parents house in Tulsa?
now that the people who own it are not there, you can put your worries to rest. You automatically own the house if your parents had a valid will that named you as the property’s next owner. If there was no will and your parents passed away suddenly, then the court decides the inheritance according to probate laws. On the other hand, if you inherit the house through a living trust that your parents set up during their lifetime, you will be able to avoid all court-mandated procedures and sell the house quickly.
In all three scenarios, selling the house after some formalities is possible.
Steps to Selling a House you Inherited
- Apply for probate: If there is no will, apply for probate to handle the sale of the house. In case you were named in the will, the executor of the will applies for probate so they can distribute the assets mentioned therein. If your parents’ house has tenants, the house will pass on to you if there was a will. However, anyone can contest the will during the probate. Probate is simply going to the court to verify the will your parents made, and in case they didn’t, the court appoints an executor for the property to make sure all the debts your parents owed are paid before the property passes on. However, the process can take up to 2 years, depending on the state you live in.
- Get the house clean and tidy: As the legal side of things progresses, make sure you keep the house neat and tidy and the house doesn’t fall into general disrepair. This can become an emotionally tasking job for you, especially if you must commute long distances just to maintain a house. However, keeping things in order will help you take the house to market much more efficiently and save you money.
- Remove/donate personal items: Before you list to sell, make sure you remove all personal items of your parent’s (and possibly your own) from the house. This process may take you some time as you sift through the plethora of stuff. There might be a lot of things your family might want to hold on to for sentimental reasons. It would be a good idea to take three boxes and label them :
- To Throw
- To Sell
- To Giveaway
Ask your family and friends to help you with sifting through things. This way, they get to take what they want from the house. Do not pack everything up and take to your house only to create more work for yourself.
Hold a yard sale once you are done with this step.
- Pay the bills: Bills will keep pouring in. As the new property owner, pay for the necessary bills, especially utilities. If there are additional services your parents were availing and you don’t intend to keep them running further, ensure there is no outstanding balance that can accrue interest. You may also want to contact banks and other financial institutions to let them know your parents have passed away. Any debts will be personally settled by you or by selling your parents’ properties.
- Check the documents: Make sure you have these documents in one folder at all times:
- Financial documents
- Investment portfolios
- Insurance documents
When selling your inherited house, you will need all the above documents to prove nothing is outstanding on the property and complete the sale.
- Update security: If you are not living in the house till the sale goes through, it is a good idea to update the house’s security system. You may be unaware of who has the locks to your inherited house. It would be a good idea to change all the locks of the house. Additionally, you could install a basic home security system that alerts the police if someone breaks in. You can amp up the system by adding cameras; however, a basic system will give you peace of mind knowing the place is safe. To add more security, you can change the mailing address to yours and contact companies that send advertising material to stop sending mail.
- Make repairs: Your parents’ old house may need dire repairs. If they were old or sick for a while, they probably didn’t pay much attention to leaking pipes or broken fences. It would be much more convenient for you to sell the house if minor repairs were made. If extensive renovation is required, you can evaluate whether selling as-is is better than doing a renovation.
- Contact a real estate agent or sell privately: The last step is actually listing your house for sale. You can ask for the services of a real estate agent or sell to a cash buyer. However, in both cases, you will need to know the market price, and market conditions and decide the price you want to sell at with any discounts you may want to offer.
If you are sure you can do it yourself, you may want to put up an FSBO (For Sale By Owner) sign and proceed to market the house, show the house and handle the offers all on your own. You may not want to disclose that death happened in your house the first thing in the conversation; however, making such disclosures varies from state to state. You may want to check the regulation in your state and be honest with your potential buyers down the line.
Leave a Reply