Many people find themselves in a position where they have inherited property from a deceased friend or relative. Inheriting property can result in a substantial financial benefit for the recipient; but, if the property is unwanted, it must be sold before any profit can be realised.Do you want to learn more? Visit SELLING INHERITED PROPERTY IN LOUISIANA
In order to sell the land on the open market, the owner of the inheritance will usually hand over the keys to a nearby estate agent with the instruction to sell it as soon as possible. The estate agent will advertise the property in the free market as normal, although there might be concerns that the beneficiary should be informed of.
To begin with, inherited property is often left in a bad state of repair. This will make it impossible to sell the property through an estate agent.
The inherited property would compete with other assets on the estate agent’s books, the majority of which would be in better condition. This could enable the inherited property to languish on the market for a prolonged period of time, with the actual sale price being considerably lower than the initial asking price.
In addition, after the house is sold, the estate agent may owe the recipient a fee. Additionally, the vendor can incur costs such as council rates and electricity when the property is on the market. It’s likely that the house will need to be refurbished and redecorated.
The one who inherited the property is responsible for all of these costs.
Another factor to remember is that the land will not be in close proximity to the beneficiary. This could lead to the seller making many long-distance visits to the property and the estate agent whilst it is on the market. This is especially true in the case of assets that need repairs and upkeep before they can be sold.
When the property is sold, all of the time and money expended dealing with these problems will eat into the beneficiary’s inheritance. As a result, selling the property privately at a discount as soon as it is in the beneficiary’s hands might be a better choice.
Although this would entail giving up part of the inheritance right now, it might save time and expense in the long run.