If a loved one has passed away, and you were their next of kin; you could find that you are left with their home as inheritance. This isn’t always parents who leave their property to their children, sometimes distant relatives who don’t have much close family place you as the new owner of their property.
In some circumstances you may jointly inherit a property, which is particularly complicated, especially if there are family fall outs and feuds. During this stressful enough time of dealing with the death of a loved one you may also have the added stresses of dealing with disgruntled family members. This is far from an ideal situation.
There are a few routes you can take with inherited property, but the easiest route is to generally opt for a fast house sale. This could be via an auction, or even with a cash buyer like ourselves. If there is a mutual agreement in place as to who gets what share from the sale of the property, this can be divided up once the sale has gone through.
It is important to bare in mind that any outstanding debt on the property will need to be settled before any kind of sale can take place.
Selling at auction
Auctions are a great way to sell property fast, and we do often encourage our sellers to make full use of the auction room. However, in certain circumstances, especially surrounding inherited property, auctions won’t work. The auction is not private for a start, meaning everyone will know the asking price, buyers will be looking round the property, and all parties will be aware of the sale price. This can cause further added stress, and sometimes further fall outs within families.
The other negative issue with selling inheritance property at an auction is that you are guaranteed the property will sell, or achieve the price you require. Remember, you must cover all your costs and outstanding debt, so a price that reflects this must be achieved.
Selling on the open market
Selling on the open market is too slow for an inheritance property sale for most people. Open market sales are again not private, and again not guaranteed.
Selling inheritance property for cash
As mentioned earlier, the safest and easiest way to sell an inherited property is for fast cash. We can assist you with this route to sale, and can advise you every step of the way. Please feel free to get in touch should you wish to discuss our sell house fast options that are available to you.