Are You the Only Heir or Are There Many Legatees?
If you are the sole inheritor, then the process will be far more straightforward. You will be the only party making decisions and won’t have to divvy up the proceeds of the sale in any way.
However, if the property was bequeathed to a group of heirs, a consensus will have to be reached. Is the residence to be kept or sold? Issues typically arise when one person in the group wishes to hold on to the house. In this case, portioning the estate to the satisfaction of all involved is more complex.
There is one advantage to this situation: you can avoid the hassle of putting the home on the market. Plus, you can reconnect with cherished memories anytime you want simply by visiting.
With or Without a Real Estate Agent?
If you have decided to sell the inherited property—the most common scenario—it will be far easier for you to do so with a real estate agent. This reduces the potential for conflict between the parties.
Indeed, without an agent, who will oversee viewings and negotiate the final price? If one of the legatees is mandated to carry out this task, will they ask to be compensated, and if yes, how much? Hiring a real estate profession can avoid many a misunderstanding and much frustration!
But What About When You Want to Acquire Such a Property?
If you are a buyer looking to purchase a home in an estate sale, be aware that the property will be sold without a legal warranty of quality. This is because the initial owner is deceased and no longer able to confirm or deny certain facts about residence. This type of acquisition does entail a certain level of risk (especially as the declaration by the seller will no doubt be incomplete).
For this reason, and because the sellers are usually in a hurry to get the property off their hands, it is normal for the house to be listed below market price. This is a good opportunity for you, and you should grasp it.
Nevertheless, occasionally, an inherited property is found to not have been renovated, or even maintained, for several years. If this is the case, before submitting an offer to purchase, review your budget to include any future work needed.