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How to Sell An Inherited House in Washington State

6 minute read – If you’ve recently lost a loved one and inherited their home in Washington state, you’ll be faced with many options on what to do next. For many people, holding onto the home can become a source of stress. If you already have a home and the inherited home doesn’t suit your needs, it can become more of a burden than a benefit. Because of this, many people choose to sell their inherited property. Here’s how you can expect the process to go.

How to Sell a House in Probate

Usually, if you want to sell the home you inherited in Washington state, you will have to go through the probate process. The two main goals of this process are to ensure that the debts of the deceased are settled and that the property gets transferred to the rightful owner. If the deceased left behind a will, you’ll have to prove that it’s valid. The property will also need to be appraised and, if there are any unresolved debts or taxes, those will need to be paid first.

The probate process sometimes takes years to complete. The good news is that you don’t have to wait for probate to be finalized to sell the property. You can actually sell during probate. Sometimes you will even have to sell so probate can be finalized if the deceased has debts or legal fees that can’t be resolved yet.

In order to sell the home during probate, you will first need to notify all beneficiaries involved with the estate as well as any creditors that may be associated with the property. You’ll need to submit the written consent of all the estate’s residuary beneficiaries for probate court. The other documents you’ll need include:

  • A copy of the sales contract
  • A copy of the broker’s or appraiser’s letter containing a comparable market analysis
  • A petition for an order authorizing the sale of real property
  • The proposed order on sale of real property

If the probate court approves your documents, the sale can move forward. Once the sale is complete, you will need to use any proceeds to pay off the estate’s debts first. The rest can go to the heirs.

3 Tips for a Smooth Transaction

1.     Get an Accurate Value

If you’re going to sell the home you inherited, make sure you get an accurate estimate of the home’s worth. Don’t rely on a free home value estimator alone since it’s crucial to factor in the home’s condition and the state of the housing market.

2.     Deal with Possessions Efficiently

Preparing to sell an inherited home to sell can be a particularly emotional process if it was a childhood home. The idea of going through every single item and deciding its fate can be daunting. After you’ve cleared out sentimental items, having a yard sale or an estate sale is often the easiest and most stress-free way to part with a lot of items quickly.

3.     Get Help with Taxes

There are some things that are unique to selling inherited property as opposed to your own property. For example, you won’t benefit from a tax exclusion unless you live in the home for at least two years before you sell. Another keynote on taxes is that inheritance tax and estate taxes are two completely separate taxes. Make sure you have a knowledgeable accountant or attorney who can help you navigate the confusion of the tax code.

How to Sell An Inherited Home in Washington State with Expert Representation

If you want to sell the home you’ve inherited, selecting the right real estate agent is crucial. Realblvd knows how to make sure you get top-dollar for the home you’ve inherited. We take the stress out of selling inherited homes. If you know you don’t want to go through this process alone, contact us today!

Learn how we can buy or how we can sell your inherited property without giving it away and with us taking care of all the hassles that come with selling an inherited or probate property. 

How to sell my house fast without giving it away, in 5 ways.

7 minute read –
What do you do when you need to sell your home for cash, fast, but doing extensive repairs to bring the highest price possible is out of the question, either because those repairs and updates are too expensive or will take too much time? Time is money, especially in real estate!

Home sellers have a few options in this scenario, including selling their property “as-is” for cash, or only repairing and updating the expensive, yet needed items around the house most traditional buyers are concerned about.

In this real estate blog article, you’ll learn options for selling a house that needs repairs and updates, in a short timeframe.

1.) Sell as-is

  • Selling the home “as-is”: Selling your home as-is means that you aren’t going to be spending time making any repairs — what the buyer sees is what the buyer gets. Be aware that a traditional buyer using traditional financing may still request an inspection. Of course, when you sell a house as-is, you’ll likely have to accept a lower sale price than you would if you had completed all the important value-adding updates and maintenance before selling.
  • Inspect and disclose everything: Another option for selling as-is is to complete a pre-inspection by hiring a licensed home inspector and disclose everything found on their inspection report. These inspectors vary in costs but are generally a few hundred dollars depending on the sqft of the home and location. Again, you’ll likely have to lower your price, to position your home as a great opportunity for investors, flippers, or people looking for a fixer-upper opportunity.

2.) Perform home improvements and repairs

  • Correct the highest priority issues: Few traditional home buyers are okay with a home that needs some cosmetic fixes, if your time and budget allowance are limited, consider just putting your efforts into the most important home improvement items. Foundation damage, mold, water leaks, or a furnace replacement are just a few examples (more on these big-ticket items included in this article).
  • Attend to minor cosmetic fixes: Alternatively, you can spend your time and money on the most cost-effective renovation tasks. These fall under the category of “sprucing up.” They’ll go a long way toward improving your curb appeal, which can make a big difference with buyers. Read on for more details. 

3.) How do I sell my home fast, as is, without completing any repairs?

Selling to a cash buyer or real estate investor is another way to skip the time-consuming and costly renovations, and even bypass the listing process itself. At Realblvd, we offer Direct Sale; we’ll buy your house directly, with private funds, a.k.a. “a cash purchase”, after you just answer a few questions about your home, and a home evaluation is arranged at no cost to you.

You’ll avoid the time and expense of selling your home the traditional way, and you can close when it’s convenient for you. There’s no commitment, which makes it easy to see how much you could get in cash for your home.

The most important home improvements to complete instead of selling your house fast, in “as-is” condition.

If you’re looking to get a price for your home that’s better than an “as-is” price, consider tackling the large-ticket repairs and updates that most traditional buyers are the most concerned about. Keep in mind, for most traditional buyers, a significant portion of their available cash reserves goes to their down payment (between 5-20% of a home’s price), so a home that requires immediate work may be out of reach to the majority of traditional buyers in the market looking for a home to move into or do some fixes and updates to.

4.) Home improvements worth doing

These are the most common expensive items buyers and their inspectors could flag as safety issues that can prevent them from obtaining traditional (conventional) financing:

  • Replacing old or damaged siding
  • Repainting the exterior and interior of the house.
  • Replacing the roof and other issues with the ceiling in the home.
  • Replacing old flooring with new flooring/carpet
  • Removing the asbestos-filled ceiling by hiring a certified company
  • Updating the older windows
  • Updating the electrical panel
  • Installing a new water heater
  • Addressing termite, mold, or water damage
  • Repairing pipes, sewer connection, or septic system
  • Updating the galvanized plumbing to copper.
  • Updating the HVAC system

See how our home improvement program, Turnkey Sale, can do all these items by our team, without you dealing with any hassles, and paying anything upfront!

5.) Easy upgrades to sell your home fast and for the most value possible.

Beyond any critical updates, think about the following easy things to do before selling your house. Many of these items can be tackled over a weekend before putting your house on the market through a real estate broker.

  • Caulking in bathrooms and kitchens
  • Improving lighting by adding fixtures or replacing bulbs
  • Having the carpets professionally cleaned
  • Decluttering the entire house
  • Painting interior walls neutral colors

BONUS: How to sell a house that’s a “fixer-upper” and avoid the pitfalls, expenses, and time needed to sell the old-fashion way

If you want to know how to sell your home fast and for top dollar, your best move is to enlist the help of an experienced local real estate broker that can provide you with resources to obtain the most value for your home sale (and pocket)
Make sure to find an agent who has experience with marketing fixer-uppers. At Realblvd, we have over 16 years of experience focusing on working with these exact types of “fixer-upper” home sales!
We’ve partnered with innovative companies to provide you an advanced listing option with concierge services to get your home updated to maximize its sales price! See Turnkey

Selling For Sale By Owner (FSBO)? Here are a few tips to make the most of your fixer-upper sale:

  • Focus on the positives: Even if your house needs improvements, things like the location, lot size, and floor plan can be big selling points.
  • Price it appropriately: Pricing your home is a bit of an art form. Make sure the price accordingly. Compare your home to other comparable homes in similar conditions and neighborhoods. Enlisting a real estate appraisal may be a great idea to see what your true market value is currently as it sits!
  • Contact Realblvd: You can sell your property in its current condition without doing any repairs or updates. We pay the typical closings costs, and you choose the closing date that’s convenient for you. Get the certainty of a done deal with favorable terms and a fair-priced all-cash offer!  Learn more by visiting our website page with an exclusive offer to purchase your property! Click here

 

The Difference Between an Investor and a Broker/Realtor®

5 minute read – Many people do not understand the distinction between licensed brokers (real estate agents or Realtor®) and real estate investors since they both deal with real estate.

However, there is a world of difference in what they do and how they operate, and it is important to understand these differences when you are selling or buying a piece of property.

Let’s look at what makes them different.

The Real Estate License

A real estate agent/broker and a real estate investor both make money from the properties they work with. However, the way they make money is different. A broker will earn a commission off of the sales that they make.

The percentage of the commission can vary and is generally between 2% and 6%*. The agent will make more money on higher sales prices, naturally.
*Commissions are negotiable.

The investor, on the other hand, does not make a commission. Instead, they will make a money/a profit margin by finding deals where they are able to buy the properties at a good price and/or at good terms.

They will then find ways to make money from the property. Depending on the type of property, they have several options.

They could sell the property for cash at market value, they could flip the property for a quick sale, finance the property to a buyer, or even bundle the property with several others for a larger sale to other investors.

Their goal is to generate cash flow and/or a profit margin when they purchase real estate.

Helping You Sell or Buying from You

When you work with a real estate broker, they will help you sell your property. They will coordinate and implement the marketing, staging the home, and showing it to others for you.

They strive to make the process of selling as easy as possible. The real estate brokers will try to get you the highest amount possible for your home.

Real estate investors will want to negotiate with you to get the lowest possible price for the home you are selling since they need to make a margin on the purchase with enticing convenience and certainty benefits.

Real estate brokers tend to market differently than most real estate investors. The brokers have an office, business cards, and advertisements.

While there are several investors who market that way too, their approach tends to be different.  

How They Work

A real estate broker works under a brokerage firm, also known as a realty office, and the investors tend to work on their own or in teams/investor groups. The investors do not have the same amount of regulation and oversight that the real estate brokers have since they are working on their own behalf.

Agent Investors – The Best of Both Worlds

As you can see, even though they are both working with real estate, there are many differences between real estate brokers and real estate investors. However, some brokers are also investors too. This gives them a distinct advantage when working with sellers.

Not only do they understand both the broker and investor side of real estate, but they are able to offer sellers more options to meet the seller’s needs.

Realblvd – Agents and Investors

As always, it is important to do your due diligence when deciding to work with someone regarding selling your house. As a licensed broker with 16 years of experience and an investor, Arnold Camps and his brand of Realblvd provides professional, and friendly service to everyone.

For more information about how we can assist you, please check out our resources here on Realblvd.com We will be happy to talk to you about how we can buy your house for all cash and close at a time that is convenient for you or maximize your home sale with our advanced listing program.

Contact us to get started

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