As attorney John Kopp, who recently sold his late mother-in- law's and mother’s homes, advises, it is often wise to make decisions quickly when it comes to inherited properties. “Selling the property early can prevent ongoing costs, like maintenance and property taxes, from adding up,” he explains. With an empty property, additional expenses such as vacant home insurance may apply, further draining the estate’s finances until the probate process is complete and the executor is formally appointed. Given the complexities of selling an inherited home, it’s advisable for heirs to seek legal counsel, preferably from a lawyer experienced in both real estate and estate law. While finding the right attorney can be stressful and expensive, it’s crucial to avoid costly legal mistakes that could complicate the sale even further. In many cases, inherited homes have been lived in for decades and may require significant updates or repairs. Elderly homeowners sometimes neglect home maintenance, so a house that was once pristine may now be in need of attention. Issues such as outdated plumbing, heating systems, and old carpets can make it difficult to sell the home, especially if major repairs are needed. For example, a leaky underground oil tank could result in a costly repair, which would need to be factored into the sale price. In such situations, a thorough inspection is essential. However, this process can be time-consuming and costly, especially if the heirs live far from the property. Once the necessary repairs are made, the total costs can mount up quickly, potentially impacting the final sale price. Sellers may find themselves in a difficult position, having to price the property higher to recoup repair expenses, which can make the home less attractive to potential buyers. In some instances, the house may be cluttered with a lifetime’s worth of belongings, further complicating the sale process. Heirs
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