Debunking Myths: Can You Quickly Sell an Inherited House in Southern California?
In theory, most people believe they’d love an inherited house. After all, the idea of having property land in your lap for free has its appeal!
When it happens, however, many new owners find themselves stressed over a house that isn’t exactly a dream home. Whether they’d rather sell the house for quick cash, want to avoid extensive repairs on an older home, or don’t like the idea of being a landlord, many hope to get the property off their hands fast. However, the legalities of inheriting property seem to make this goal impossible.
Fortunately, there’s plenty you can do to quickly sell an inherited property. Let’s debunk a few myths and cover a few steps for a fast sale.
Common Myths About Selling an Inherited House Quickly
Selling an inherited property can sometimes be different from selling a property you already own. For that reason, a few common myths have sprouted up around this type of real estate transaction:
It Takes Much Longer
Selling an inherited property can sometimes take more time, but this isn’t always the case.
The timeline depends on an initial delay: you have to wait until you have official ownership of the property.
Depending on your situation, this may mean you’ve gone through probate, you’re the trustee of a trust that holds the property, or you’ve been named as a beneficiary. If your situation is simple, you may become the legal owner right away. If things grow complicated, which often happens in drawn-out probate proceedings, the process could take years.
You Have to Go Through Probate
As we’ve hinted above, you don’t always have to go through probate to become the legal owner of a home.
Many states do require probate, which can take weeks to months, but most also have a small estate probate process. This process is fast, and you don’t often need an attorney.
If you’re lucky, however, you can bypass probate completely. This happens when the previous owner transferred ownership with a beneficiary deed or when you’re the trustee of a trust that holds the property. In addition, you can bypass probate if the deed names surviving owners.
You Can’t Sell Fast With Multiple Owners
Disagreements among joint owners can make it hard to sell a home fast. However, this isn’t always true.
If joint owners agree to sell a property, the sale can be as simple as any other. If joint owners disagree, hiring a mediator can often solve the problem without the need for a lengthy court battle.
In addition, it’s easier to force a sale through majority rule in California than it is in most states. This happens through a partition action lawsuit. These lawsuits take time, but they can still be faster than property-based lawsuits in other states.
The Truth About Fast Home Sales in Southern California
The truth is that once you have the authority to sell, an inherited property sale can often be as fast as any other sale. For most people, it’s the drawn-out process to reach this point that takes the most time!
When you have the authority to sell a property, you may be able to speed up the sale process in a few ways:
Know the Details
As with any other property transaction, you’ll want to know a few key details about the property.
Find out where the mortgage stands, first and foremost. You’ll also want to run a title search, which can provide insights into any lines of credit, unpaid taxes, or liens associated with the property. All of these problems become yours until you sell the home, so make sure you’re taking care of them!
Nominate a Representative
If the property is a joint inheritance, nominating a single representative is a good idea. This person can deal with the responsibility of selling the home, communicating with realtors and buyers, and similar concerns.
Consider Selling to Family
This is one of the fastest and easiest ways to sell an inherited property. If one of the house’s joint owners or another family member wants to buy it, you can sell the property to them.
This saves you the headache of going through the traditional home sale process, as you won’t have to list, stage, or show the property. You may still have to negotiate on the price tag and any repairs, so it may help to find a mediator or work with a real estate agent who can help you come to an agreement.
The Role of Cash Home Buyers in Expedited Home Sales
If your goal is to sell a home as fast as possible above all else, your best option is to work with a cash home buyer.
This strategy may not earn you the higher price tag you would have secured by repairing, staging, and marketing your home, but it can save you a great deal of time and effort.
Cash buyers can help you get a property off your hands with less stress. Because they buy property “as-is,” you don’t have to worry about repairs and other hassles. Even better, you can get an estimate within a few days and close on the property in a matter of weeks instead of months or years.
Case Study: A Quick Sale of an Inherited House in Southern California
As an example, say you’ve inherited a property in the state. You’re lucky enough to be named a beneficiary, so you avoid a lengthy probate process.
When you visit the property, you find it’s aging and in disrepair, meaning you’d have to do a lot of work before using it or renting it out. Considering that the property already looks like a money pit, the repair costs seem completely outrageous. You don’t want the property in your hands for long, so you decide to sell fast.
You could sell the house yourself or work with a real estate agent, which can take over two months from listing to closing in the best-case scenario. Instead, you choose a cash buyer for a faster sale.
The buyer inspects the property and makes an offer within 24 hours. Three weeks later, you’ve received cash for a home you never wanted while saving time, money, and effort.
Sell Your House With Us
At Premier Property Buyers, we know that inheriting property can sometimes get complicated and stressful. That’s why our goal is to make every transaction as stress-free as possible.
We’ll buy your inherited house as-is anywhere in Southern California. Contact us and get your quick estimate today!