Alt tag: The miniature of a home
6 Tips for Selling an Inherited Property in Ohio
Losing a family member is never easy. And when you end up inheriting their property, you will likely experience mixed feelings at best. It is only natural, under such circumstances, to want to sell the property in question and move on. However, this can be somewhat complex a task. To help out, we’ve prepared six tips for selling an inherited property in Ohio!
Always look for a realtor
When you consider purchasing or selling a property for the first time, it will become apparent that you are likely out of your depths. The first of our tips is to look for a real estate agent to help you out with it. A realtor will have an abundance of experience with both the law related to property sales and the process of selling a property itself. They will be able to draw on their connection and ensure that you get the best possible price for the property you are putting on the market. At the same time, they can probably help you find homes that are not even on the market if you are looking for a new place to settle down after you’ve sold off your inheritance.
Caption: Selling an inherited property in Ohio online on your own is viable but challenging.
Alt tag: Listing your property online
You probably need to go through probate
One of the essential tips for selling an inherited property in Ohio is always to check whether you can go ahead with trying to secure a sale. In Ohio, the law states that every property needs to go through probate before it can be sold. However, there are some exceptions to this:
- The property is held in a living trust
- It is held in joint tenants that pass to the other surviving asset’s owner
- The property has a designated beneficiary
- The real estate has an OH transfer-on-death designation affidavit
Additionally, if the property is valued at under $35,000 or under $100,000, it qualifies for a simplified probate process. Finally, an exception is made if the will for the estate has a power of sale clause or if the executor can get the consent of all possible beneficiaries of the deceased’s will.
Learn about the home’s condition
Even if you’ve visited the property plenty of times, trust us when we tell you that you do not know its condition. If you want the sale to be successful, you will need to have a home inspection at the very least. And, if anything is revealed by it, you will naturally need to fix things up to make your property competitive on the market. At the same time, keep in mind that you will probably want to move most of the current furniture and items out of the property before organizing tours and online viewings. Take the chance to decide what you want to keep. And, if you are planning on moving out of Ohio after the sale, then it is smart to start organizing a long-distance move at this point. You will need to hire movers to have a helping hand during the process. You may also need to rent storage. There will be a lot to think about, so you must start planning early.
Look into whether the property is under mortgage
A mortgage can seriously mess with your plans, depending on what type it is. You can encounter one of four kinds:
- Mortgage paid off by the estate. It means the estate paid off the mortgage after your relative’s passing.
- Reverse mortgage. This mortgage allows the owner to access their home’s equity without moving. Often in preparation for purchasing a new home. You, as a beneficiary, will likely have around six months to pay off this mortgage. It can help you buy your first home.
- Due-on-sale mortgage. This mortgage means it’ll come due when the property is transferred to someone outside of the family. In some states, you may be asked to pay off the mortgage upon inheritance. In Ohio, you can assume the payments instead.
- Underwater mortgage. This mortgage is higher in value than the cost of the property itself, the least desirable outcome.
Make sure you want to sell
Naturally, you must make sure you want to sell an inherited property in Ohio. Inherited homes often come with plenty of memories and emotions attached. Hurt by someone’s passing, you can easily make a hasty decision to sell. This will not only result in emotional suffering later down the road. It can also mean a lot of expenses if you live on the property yourself. The experts affiliated with the Verified Movers database like to remind us that a move is very costly with plenty of hidden expenses. So, before you do anything rash, take the time to calm down, overcome your loss, and rationally think things through.
Caption: Moving can put a lot of stress on your budget if you are not careful.
Alt tag: Paying for a move
Stakeholder concerns
The final aspect of selling an inherited property in Ohio has to do with shareholder concerns. After all, you may not have inherited the entire property. It is not uncommon for several family members to share ownership of a property. In this case, you should seriously consider selling your house to a relative rather than trying to sell it elsewhere. Of course, this does mean you will likely face some unpleasantness. Often, mixing business and family does not go well. And the family member may feel miffed if you ask them for the total worth of your part of the property. If you are unsure whether you can end things amicably, it is still better to sell off your part of the property separately to an outside party. Just be careful that this does not end up upsetting them even more.
Caption: Selling your part of the property and looking for a new place to live can be exciting.
Alt tag: Looking through home listings
Final word
Now that you’ve gone through our six tips for selling an inherited property in Ohio, you should know what you need to do. Just take things slowly, plan thoroughly, and treat every part of the process with the care it is due. We are sure you will overcome the task ahead of you successfully!
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Check out our 6 Tips for Selling an Inherited Property in Ohio and make the entire process much smoother and easier than it would have been!
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