A study revealed that the average American leaves an inheritance of about $177K to their heirs. A large portion of this normally being property. With this sort of funds waiting to get claimed, it makes sense why people desire to learn more about how to sell land and what that process involves.

So, whether you simply want to learn more about the land selling process or you’re an heir, here are some tips for selling inherited land.

1. Confirm the Actual Heir(s)

The first step to selling land is to verify the identification of the heir or heirs inheriting the property. Although this seems easy, it can be difficult when there are joint-heirs involved.

If there are multiple heirs, they all must work together in the land selling process. Also, if there are any issues, it’s best to involve a real estate attorney when resolving your issues. This ensures that there are no future liabilities in the selling process.

2. Prepare for the Sale

When preparing a property for sale, it’s crucial to ensure that the land is well fenced and you remove all bushes around. If there is a house on the property, ensure it’s well taken care of. Also, if the home’s outdated, consider renovating it to increase the property’s value.

Visit this website to learn more on selling your land.

3. Go Through the Probate Process

Before you can be selling land, the whole property needs to go through a probate process. Depending on the size of the land, this may or may not be a requirement. This process guarantees that the property is ready for sale.

4. Evaluate the Selling Market and Get a Fair Price

The market is a huge determinant when selling land by owners. Knowing what the house is worth keeps you from getting a bad deal hence, you will need to ensure that you’re looking at similar lands to get a fair market price. You can also get an appraisal, or you can ask a realtor for their professional opinion.

However, it’s best recommended to sell to an investor if you want to sell land fast since they offer convenience and sureness of the sale close.

5. Check the Taxes You May Owe on the Home

Sometimes, there are former title problems that come attached to a land, like small liens, taxes, or other complications. Hence, it may be in your best interest to hire a real estate attorney to review the title to ensure it’s cleared of liens or taxes that could disrupt your sale.

Otherwise, the amount required to pay off the liens will come from what you thought you would receive as the seller.

Need Help Selling Inherited Land?

Once you know the official property heir(s), the potential taxes you owe, the market, and what to expect in the selling process, you can start selling inherited land!

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