So, you inherited a house in Virginia, now what? Getting a house can feel like a big deal, but depending on your location, circumstances, house condition, and other heirs involved, this can be something of a burden that you want to research and see what will best fit your needs. The first part is getting educated and getting all of your “ducks in a row”. In some cases, you may need to just sell the house as fast as you can. With the proper help from Coastal Edge Homebuyers you can rest assured you will get all the necessary information needed to sell the house. What are some of the challenges in selling an inherited house in Virginia?
Exactly what happens when you inherit a house in Virginia?
Here is the bullet list of items you need to consider when selling an inherited house in Virginia…
• Dealing with the emotional aspect of selling a loved one’s home. Yes, that part is a given.
• The financial cost of making the necessary updates intended to attract buyers. This can be a blessing or a curse. Fixing up an older house can be very challenging – with time, money, contractors, getting everyone onboard with the plan, but doing a full rehab can yield max offers on the retail market.
• Dealing with potential costly liens and other hidden challenges – yes, you are inheriting a house, but possibly also liens, and certainly a tax bill too.
First thing, get ready for a rollercoaster of emotions
We understand that dealing with the death of a loved one is a very draining activity. What happens when you also have to deal with selling the house? The deceased have belongings there, memories… we understand this can be overwhelming. You may have to go through all of these belongings, with other siblings and you all need to come to the same conclusions on the plan and all that’s involved.
When emotions prevail, it’s hard to make smart decisions, we know this, but we all fall for that sometimes. Times like these are exactly when you can benefit with people that are not only emotionally detached from the situation, but also with experience buying and selling probate homes in Virginia to help walk you calmly through the process.
Negotiating and managing the selling process
When liens exist, this will exacerbate the situation and it will make it harder for you and your siblings. This also needs to be accounted for when setting up a selling price of the house. Sooner or later, during the sales process the buyer will find out there are liens against the property.
Besides possible liens, if you want to rehab the property, you will need to account for the costs necessary to do the work, and all of your siblings have to agree. Then you will need to manage contractors for a while. Lot has to be done. There are also legal and tax consequences with or without rehabbing the property. You must understand at least the basics of this so you can make the best decision. For starters, the pricing of the house must reflect its conditions. Buyer of “as is” properties need to take on the risk to buy an older property that needs repairs. They have many costs that are not known to you. Bottom line is, the house would not be sold to even near market costs if it is sold “as is”.
These are the major issues that potential inherited house sellers deal with. Unless you have dealt with such situations before, the process can be tiring and daunting.
Now you know what happens when you inherit a house in Virginia. The reasons above are the ones that would prompt you to seek the help and experience of real estate professionals like the ones at Coastal Edge Homebuyers . If you are considering selling your Virginia inherited house now or in the next few days or months, then you would be at an advantage if you speak to one of our real estate experts. He or she will be happy to help guide you through this process and make it simple for you. Give Coastal Edge Homebuyers a call now at +1 (757) 414-7117.
As a matter of fact, some of our real estate investors will be more than willing to buy your house if it meets their expectations.