What to Do When you are Willed a Late Family Member’s Home

Posted on by Sean Creedon

Have you been given property from a family member’s estate settlement? Whether it was your parents’ home or another family member who has passed, you have a choice in how to proceed. You can move into the home yourself, rent it out, or sell it. This decision is sometimes difficult due to the emotions associated with a loved one’s home. If you choose to sell it, there are some steps you will need to take in order to do so. Working with experienced real estate agents in Greensboro, NC, will help make the process easier.

Step 1: Find out the tax implications of selling the home. There are specific laws regarding the taxing of inherited property. You can refer to IRS.gov or meet with a trusted tax advisor or accountant who can explain the tax implications that will apply when you sell the home so that you will be prepared.

Step 2: Prepare the home for sale. Clean out personal items and hold an estate sale or yard sale for items you don’t wish to keep. Only the executor of the estate and other family members can determine what items should be kept and what should be sold, donated, or tossed.

Step 3: Wait for the estate to go through probate. This means the court system has to authenticate the will to be sure it is legitimate. The executor of the estate, or the trustee if the property is part of a trust, will then be free to proceed with the sale of the property.

Step 4: Choose the right real estate agents in Greensboro, NC, to sell the home. When it is finally time to put the home on the market, you need experienced, knowledgeable real estate agents to get the home sold.

Step 5: Set a price with the help of your real estate agent. Allow the experts to help you set an official asking price that is not too high or too low.

Step 6: Let your real estate agent do the work. This is the part where real estate agents truly shine. They list the home, get it out on the market and in front of the right people. And it sells.

Selling is Stress-Free with Smith Marketing and Allen Tate Realtors®

It’s not always easy when you receive property in someone’s will, especially when it’s a close loved one. You may have trouble selling because of your emotional attachment to the home or property. But if you decide that the best option is to sell, Smith Marketing’s team of Allen Tate Realtors® will help reduce the stress and anxiety you may feel. Your agent will help you get the home ready for sale, then list it in the most attractive way to draw potential buyers. Once it sells, your agent offers continued support through the final closing.

If you find yourself the benefactor of some property you don’t wish to keep, let experienced real estate agents in Greensboro, NC, get it sold in a timely manner for the best possible price. Call (336) 215-7880 to speak with an agent today.