Selling Inherited Property

Here are some helpful pointers to assist family members who take on the responsibility of selling inherited property. Since you may not be able to take as active a role as you would like, work with local professionals to get things moving.

1. Make a list of everything in the house and get a list of needed repairs necessary to get the house ready to sell.  Schedule any work to be done on the house when you plan to be there.
2. If you live far from the property, set appointments well in advance.  Have your weekend visits include a week day to meet with attorneys and accountants. 
3. Hire an attorney to find out where you stand legally.  Who inherited the house under what arrangement?  Who has the authority to sell the house?  Is there an executor who can pay the bills? 
4. Based on your attorney’s advice, get permission in writing from all beneficiaries to sell the property. 
5. Work with a real estate agent or appraiser to establish the true value of the property prior to putting it on the market.
6. Cancel deliveries of newspapers, magazine subscriptions, and non-essential services such as telephone and cable TV. 
7. Keep paying the utility bills, mortgage and taxes.  Keep the lights, heat and water turned on.  Buyers and inspectors want to see the house in working order. 
8. Find out what items are willed and to whom.  Arrange to have those items picked up and removed from the house as soon as possible.
9. Remove clutter and excess furniture before listing the house – but you don’t have to move out everything.  A comfortable home shows best – as long as the furnishings are modern, in excellent condition and in good taste.  Consider putting excess items in storage, holding an estate sale, or calling a charity to pick up the remaining items.
10. Ask a neighbor or nearby relative to keep an eye on the house.  Give a trusted neighbor know your name, address and telephone number.  They can spot if there is a problem and notify you immediately.  Some agents specialize in vacant properties and can handle the details for you. Have someone pickup junk mail and flyers left at the front door.
11. Use electric timers to give the house a lived-in look.  This also helps agents showing the home in the evening. 
12. Arrange to have the yard mowed and trimmed regularly and snow shoveled in the winter. 

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