How to Sell an Inherited Home in Fairfax

Selling an Inherited Home Terminology 
Executor: Before any action can be taken, those involved must determine who is authorized to oversee the sale of the inherited home. An executor is an individual appointed to carry out the instructions in the will. The role typically falls on a lawyer, accountant, family member, or court-appointed administrator.

Probate: Probate is the process of ensuring the will is both legally and properly carried out. This includes verifying the inherited property for sale goes to the right heirs. An individual with a legitimate claim to a probate real estate can contest the will or file a petition in probate court.

Preparing to Sell an Inherited Home in Fairfax
Option 1 - Selling AS-IS (Low Proceeds & Minimal Time)
The primary objective for the seller is not as much money as it is how soon you can sell inherited property. The home is usually sold off-market, as-is to a flipper or company that specializes in home renovations and will then resell the home for a profit.

• This can be relatively quick and easy for the heir as it's understood that all personal property, and even trash and debris are included in the sale.
• The downside is it produces the lowest financial outcome for the heirs. Flippers purchase inherited homes in Fairfax at deep discounts below market value. They have to in order to cover closing costs on the purchase, repair and improvement costs, hard money financing costs, and costs to sell the home. After all that, flippers look to make a 10 to 20% profit. This usually means they are only willing to pay 65 to 70% of the home's "after repair value" (ARV).
• For the average home selling price of $779,000 in Fairfax, this can mean a gross loss of $305,000 by the heir. US homeowners lose an estimated $40+ billion annually in selling price to buyers when choosing not to perform repairs and limited improvements before selling.

Option 2 - Fix Up Home (Maximum Proceeds & Maximum Time)
The objective here is for the seller to avoid losing substantial equity to a flipper. They make the improvements, put the home on the market, and reap maximum inheritance.

• Most heirs want to avoid losing the $100,000's in hard-earned equity to a flipper. To do this takes time and effort. Home contents need to be sold or donated.
• Contractors have to be interviewed. Renovation scope has to be selected and agreed upon. Sellers must commit to a series of time-consuming decisions that will need to be made on materials, colors and finish selections.
• The heir will operate as a general contractor overseeing multiple trades and timelines. It will be important to know what improvements and finishes are trending with buyers.
• Equal to the time commitment, this option will require a significant investment of money to pay contractors.

Worried about Inherited Home Condition and Your Time?
Option 3 - Preferred Option (High Proceeds - Minimum Time - No Cost) 
There is an option not widely known to sellers of inherited homes in Fairfax, but it's the one that produces the highest financial outcome with minimal time investment. Not to mention, no out-of-pocket cost for the improvements.

• It begins by hiring a real estate agent who knows how to sell an inherited home start-to-finish. Homes that are in good condition and appropriately priced receive maximum buyer interest. These homes also tend to capture the highest price and sell fast for the most cash.
• If you don't have time or know the first step to get the home cleared out of belongings, that's ok. An experienced agent will bring qualified estate sale companies to purchase the items.
• If you don't have the time to work through the improvements yourself, that's ok too. An experienced agent will bring a qualified, Class A contractor that can handle the work. Even better, a contractor that will agree to defer payment to settlement when the home sells.
• If you don't know the specific work needed on the home, that's ok too. The agent and contractor will know exactly the repairs and work that should be targeted for the most money and quickest sale. Paint colors and finish selections often coordinate with recommendations from designers on HGTV.
• If you prefer, there is almost nothing for you to do in this option. In fact, I have often done this for sellers who live in other parts of the country and world!

Final Thoughts on Selling an Inherited Home in Fairfax
There are some situations where it does make sense to sell a home as-is. For example, if the home is a teardown, or you don't have the extra month or two to sell. Selling an inherited home may seem more complicated, but it really isn't when you have help from the right expert.

A Few FAQ's - Selling Inherited Property Fast in Fairfax

1. What is the most important factor when considering an inherited home sale in Fairfax?

The most important thing is understanding the multiple factors that make up your "Seller Success Quotient" like in any sale. This identifies the path to achieving your highest and best outcome.

2. If you're thinking about how long does it take to sell an inherited house?

There is no better place to get that answer than by contacting a full-time Realtor experienced and skilled in the type of real estate services you require. The pros and cons of each option can be easily presented to make sure you select the best one.

Tim Trainum is the owner of Tim Trainum Properties. He is a licensed Realtor serving the Northern Virginia region with 25+ years experience. Contact Tim today to discuss how he can help you implement a custom Seller Success Strategy to achieve your objectives when selling an inherited home in Fairfax!