The passing of a loved one is rarely easy. It can be especially difficult when it’s your parents. Part of what can make it so hard is the prospect of sorting through and dealing with their affairs after their passing. Few parts of this will be as difficult as deciding what to do with their home. Does it make sense to sell it as-is after they pass away?
Are There Debts That Need to Be Paid Off?
Not everyone has the chance to get all of their debts settled before they pass away. If your parents have outstanding debts, selling their house after they pass away could be the best way to get the funds necessary to cover them. This depends on a variety of factors, of course. It may be possible to liquidate other assets instead, but chances are that the house itself is the most valuable physical asset your parents have. That alone could mean that selling it is the best option.
Are Liquidated Funds Meant to Be the Inheritance?
Sometimes a home is meant to be inherited by a single individual upon the passing of another. If there are multiple beneficiaries, however, parents may decide that the house should be liquidated with the proceeds being distributed as the inheritance instead. If that’s the case, selling the property is undoubtedly the best move to make. If you do choose to sell the home, be sure to consider selling to a home buying company so that you don’t have to worry about all the hassle of a property sale.
Does Selling As-Is Make Sense?
Selling a house as-is means that it’s going to be sold in its exact condition. No repairs or renovations will be done by the seller. If the priority is to get the home sold as quickly as possible, or if the home is damaged enough that trying to get it fixed would be especially burdensome, selling it as-is may make the most sense. If, however, the priority is to get the best price possible and getting it all fixed up is no issue, it may be better to spend some time and money getting it into the best shape possible. Ultimately, whether or not selling as-is makes sense depends entirely on priorities and circumstances.
Your parents’ home probably holds a lot of precious memories. That alone can make it difficult to part with. Still, sometimes the best thing to do for the good of everyone involved is to sell it. Whether you choose to sell it as-is or tackle some home improvement projects first is up to you. Just know that you have options regardless of what path you choose to take.
Dealing with a house in probate? Click here to learn some of the basics of probate from Hapa Homebuyers.