When you inherit a property, there are many advantages that come with it. However, selling the property also comes with extra expenses. The largest cost is the commissions paid to real estate agents. When selling a home in Connecticut, the typical amount that sellers pay in real estate commissions is between 5% and 6%. In addition to that, you should budget an extra 4% to 5% for repairs, 8% to 10% for seller closing costs, and property taxes.
This means that the total amount you need to pay can be more than $10,000. The expenses can accumulate rapidly. Now is a great time to sell your property if you want to make a profit. Home sales in Connecticut have gone up by 2.6%, which shows that there is a strong demand from buyers.
This means that you can quickly sell your house and make a profit. If you want to make the most money, you should think about selling your house on your own (FSBO) and using a Flat Fee MLS service like Houzeo to list it. Houzeo can help you list your property on the MLS within 24 to 48 hours. This can save you money on Realtor fees, help you reach a large number of potential buyers, and increase your profit.
What is an Inherited Property?
Inherited property means that when someone dies, their belongings and assets are given to their family members. A legal document, like a will, provides an outline of it. If you inherit a property in Connecticut, it usually means you have to go through a probate court process. The court makes sure that the will is legally accepted and then gives out the deceased person’s belongings to their family members, while making sure everything is done correctly.
When you sell a property that you inherited, there are legal complications to consider. These complications include things like taxes and any debts that still need to be paid. Taking care of these issues will help ensure that the sale goes smoothly. It is important to understand the legal and financial aspects in order to have a smooth and well-informed selling process.
Steps to Take After Inheriting a Property in Connecticut
After receiving a property as an inheritance, there are certain legal and financial responsibilities that you need to take care of:
- Finish The Probate Process: Probate is a legal process that confirms the validity of a deceased person’s will and distributes their assets. The process of probate usually takes between 6 to 9 months to finish.
- Get A Property Assessment: Once you own the house (after probate), you should have a home inspection or appraisal done to check for any foundation, structure, or wiring issues on your property.
- Clear Debts and Liens: Before selling your home, you need to make sure you have paid off any remaining debts, such as outstanding mortgages or property taxes.
- Begin The Selling Process: After you finish all the required legal and financial tasks, you can start selling the property that you inherited.
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Ways to Sell An Inherited Property in Connecticut
Once you have full ownership of the property, you can begin the process of selling it. Selling an inherited property in Connecticut is similar to selling any other house. Here are some ways to sell a property that you have inherited:
For Sale By Owner (FSBO) Method
You can sell your inherited property without a real estate agent in For Sale By Owner. You have complete control over the process of selling. You can save up to $10,000 or more on an average home sale by avoiding the agent fees. If you want to increase your chances of success in FSBO (For Sale By Owner), you can use a Flat Fee MLS service to list your property.
This service lets you put your home on the MLS, which means it will get the same exposure as properties listed with an agent. In addition, Flat Fee MLS companies in Connecticut, such as Houzeo, can assist you in getting listed on the MLS within 24-48 hours. After you list your property, it will be visible on various websites including Zillow, Redfin, Realtor.com, Homes.com, and local Connecticut real estate websites.
Opt for a Discount Real Estate Broker
Discount real estate brokers charge lower fees than traditional brokers. They provide similar services to full-service agents, such as listing on the MLS and taking care of paperwork. If you are a seller, you can save more money by using these brokers.
Sell Your Home to an iBuyer or a Cash Company
iBuyers are companies that buy houses from sellers and give them fast cash offers. However, iBuyers have specific requirements for purchasing properties. Connecticut cash companies purchase homes with cash in their current condition, without needing any additional repairs or renovations. If you sell your inherited property to a cash buyer or iBuyer, you can avoid the process of listing, staging, and showing the property. Another benefit is that you can sell your house quickly without having to wait for approval from a buyer’s financing.
Hire a Local Real Estate Agent
Real estate agents are knowledgeable about how market conditions can change. They offer a comparative market analysis to assist you in determining a competitive price and maximizing your profit. Realtors use the MLS to advertise your property to potential buyers, which helps to reach a larger audience.
In addition, they can also provide advice to you once you begin receiving offers. However, they do charge high commissions ranging from 5% to 6%. This can greatly affect the amount of money you make from selling your home, resulting in less money in your pocket.