Inheriting a property can be an emotional rollercoaster. It’s not just about financial gains but also involves negotiating with your siblings and other legal heirs to resolve the inheritance amicably. You need to sort out several things before moving into the inherited property or selling it on the market. Let’s walk through the five key steps to take immediately after inheriting property in Phoenix.
1. Wait Until Probate Is Over
Generally, when you inherit a property in Phoenix or elsewhere, you don’t have to make immediate decisions until probate is over. Probate is the process where the will is read and the deceased’s financial affairs are sorted. After the mortgage is cleared, the assets are handed out to the beneficiaries.
2. Discuss the Property’s Future with Other Inheritors
If you’re the sole inheritor of the property, you can skip this step. If you have inherited the property with other family members, you have to decide on how to handle the inheritance. You have to determine if you want to sell the property or earn rental income from it. Alternatively, if one person decides to live in the property, they need to buy it from other inheritors.
3. Sort Out the Insurance and Utilities
It doesn’t matter whether you have decided to sell the house or rent it out. You will need to ensure that it’s properly maintained. Start by checking the home’s paperwork. Transfer the insurance and utilities in your name or the name of the primary inheritor. This way, you can continue paying utility bills and keep the property well-maintained for the next steps.
Remember that when you inherit a home in Phoenix, you also inherit the associated bills, mortgages, and fees. These expenses are why most inheritors decide to sell the house fast in Phoenix to avoid getting burdened with the bills and paperwork.
4. Clear Out the Personal Items
If the deceased was still living at the property at the time of death, you likely have inherited a home full of personal items. Here are a few ways to clear the house:
- First, pass on the items mentioned in the will to the right inheritors.
- Next, call close family members and other relatives to claim things not included in the will. Some family members may take sentimental items like photo albums, while others may choose furniture.
- You can also set up an estate sale to sell the leftover items in the home.
- Finally, donate the items that didn’t sell at the estate sale. Some items may be too worn down to be donated and may need to be thrown out.
5. Sell the Property for Cash
If you and other inheritors decide to sell the home, then reach out to a cash home buyer in Phoenix and say, “I need to sell my house fast. Can you help?” Cash home buyers assess your property and provide you with a no-obligation cash offer. If the price is fair, you can close the deal and receive cash for it. A cash offer is the easiest way to deal with an inherited property and get money from it.