No matter how young or old you are, losing a parent is heartbreaking. It’s the kind of traumatic life event when you’d most like to turn to your parents for comfort and advice, if only they were still with you.
To make matters worse, you must deal with the headaches of settling your parents’ estate while you’re grieving. This process often involves selling their house — a physically and emotionally taxing affair.
“Handling your parents’ estate after they pass away is a very difficult process. If the sale of the house needs to also be taken care of at that same time, it’s easy for details to get overlooked,” explains Ryan McKee, a Los Angeles-based agent and probate specialist agent experienced in helping clients sell their parents’ houses.
“Be ready and prepared emotionally for the process to begin, first and foremost,” advises Greensboro agent Beth Sauer, who also has firsthand knowledge as the seller of an inherited home.
If you need to sell a house you’ve inherited from your parents, you have a long to-do list in front of you. However, you can reduce some of the stress by working through the process step-by-step:
1: Establish the status of your parents’ estate
2: Identify the estate executor and notify all interested parties
3: Handle inheritance disagreements before they become full-blown disputes
4: Hire an agent experienced in selling inherited houses
5: Sort through your parents’ personal finances
6: Review the home’s insurance policy
7: Secure the house
8. Understand the tax implications of selling your parents’ house
9. Dispense your parents’ personal property
10. Prepare the house for sale
11: Set the list price and sell the house
