Steps to Selling an Inherited Property in Chesapeake

3. Select a personal representative (if multiple heirs)

If there are multiple heirs involved, you’ll need to select what’s known as a “personal representative” or executor. In many cases, the deceased Chesapeake homeowner will name a personal representative in their final will. But if not, the heirs must all agree on who this person should be and legally name them as the executor with the authority to make financial and legal decisions about the property.

The chosen representative will be tasked with maintaining the home’s overall upkeep, bills, and security until it is sold. This person should be emotionally and practically equipped to handle these responsibilities.

“They have to do all of this while they are most likely working full-time and managing their job and family,” Hollowell notes, adding that it helps if the personal representative is also skilled at handling disagreements among family members.

4. Open an estate account to manage funds

To streamline the process and add transparency, the personal representative can set up a bank account in the name of the deceased’s estate. This account can temporarily hold all inheritance-related funds, including any proceeds from the sale of the property and other income — expected or unexpected.

This dedicated estate account can also be used to pay off any unpaid bills attached to the property that the deceased may have, such as property taxes, late mortgage loan payments, expenses related to the probate process, or listing preparations.

“Identify upfront if there are cash liquid assets available to help with expenses, which can also include painting or clearing the property out,” Hollowell suggests. “If that [financial] burden moves over to a family member or the executor, challenges can arise if there’s no cash to clean the property out and to do some minor repairs.”

5. Get a property assessment

Hollowell says it’s important to know the value and condition of your inherited Chesapeake home. Once you have legally established ownership, consider hiring a professional appraiser and home inspector. To get an initial estimate of what the home might be worth, you can start with an online value assessment using a free tool like HomeLight’s Home Value Estimator.

For a more accurate value (and target list price) estimate, contact an experienced real estate agent and request a comparative market analysis (CMA). This is a detailed report that uses data from recently sold properties in the Chesapeake area to give you a real-world value estimate. Many agents provide a CMA for free as part of a no-obligation consultation.

6. Select a home-selling method

A common issue heirs face when selling an inherited home is the need for repairs.

“The biggest challenge with an inherited property is usually an elderly family member or parent has resided there for 20, 30, 40, 50 years, which brings deferred maintenance” Hollowell explains. “You need to understand what needs to be done so you can sell the property for the highest dollar.”

As the estate’s personal representative, this can be an even bigger challenge if you are trying to manage repairs and preparations from out of state. In any case, you may be trying to decide between a fast, convenient selling method and a slower but more profitable selling method.

Let’s take a look at the two most common home-selling options:

Sell as-is to a Chesapeake cash buyer: Selling your inherited Chesapeake home on the market typically requires time, effort, and a good amount of patience. You’ll need to plan for repairs, staging, marketing, and the usual back-and-forth negotiations with potential buyers. During this time, heirs are responsible for all ongoing expenses like house payments, taxes, and utility bills.

For a swift, streamlined sale, you might consider selling your inherited house as-is directly to a Chesapeake house-buying company. While this method typically results in a lower overall selling price and fewer proceeds, it offers unmatched speed and convenience.

HomeLight’s Simple Sale platform can connect you with the largest network of trusted cash buyers in the nation. You can get a no-obligation, cash offer in 24 hours, allowing you to skip repairs and close the sale in as little as 10 days.

Partner with a top Chesapeake agent: If you’re looking for a more profitable sale, Hollowell recommends you list your inherited house on the market with a seasoned Chesapeake agent.

“Interview and select a professional Realtor who is experienced with estate and probate sales,” Hollowell advises. “This is a time when you need a professional by your side who can protect your investment and the estate investment.”

This is typically the best option if you are looking to maximize proceeds for all the heirs. HomeLight’s free Agent Match tool can connect you with top local agents who specialize in selling inherited homes and have a high sale-to-list ratio.

A top Chesapeake agent can also help ease the stress of selling your inherited home. While any property sale can be emotionally challenging, the right real estate agent can simplify the entire process and provide you and your family with peace of mind.

7. Consider employing a mediator

When multiple heirs are involved in a home sale, disagreements can arise. If your family is struggling to agree on the method or terms of the sale, hiring a mediator can provide assistance to resolve (or avoid) family conflicts. A mediator can also identify agreeable solutions about which repairs to make, picking an agent, or how to handle tenants if the property is currently rented out.

Along with conflict resolution, a mediator can also save you money and time. For example, some heirs might be reluctant to sell the property due to strong sentimental attachments. Others may disagree over the listing price. An unbiased mediator can help heirs reach an acceptable compromise and move the home sale forward.

8. Donate, discard, or sell unwanted items

Hollowell says another substantial challenge you might face with an inherited property is figuring out what to do with all the accumulated stuff in the house. Consider including an estate sale in your decluttering plan. Depending on the size of the estate, you may want to hire a professional estate sale company to manage and promote the sale.

Although decluttering a loved one’s longtime home can be an emotional task, it’s a vital step if you want a swift and successful sale (and higher proceeds). According to more than 1,000 top agents surveyed by HomeLight, decluttering can help a house sell for as much as $8,000 more, on average.

9. If selling on-market, prepare the house for sale

When preparing your inherited home for sale, experienced agents like Hollowell suggest sellers focus on lighter cosmetic improvements rather than big renovations. A top-rated agent will know what upgrades Chesapeake buyers want and which repairs will increase the property’s value and marketability.

“Once you get [the house] cleaned out, usually a fresh coat of paint is well worth the money,” Hollowell recommends. “Along with that is deep cleaning and then creating a list of minor repairs that will overcome some of the deferred maintenance.”

With the right professional guidance, even small, strategic improvements can make a big difference.

Below are some high-visibility preparations to boost the property’s curb appeal so it might sell faster and for more money:

• Hire a landscaper to clean and beautify outside areas.
• Add fresh mulch and bright flowers.
• Give the front door a fresh coat of paint.
• Clean or replace worn carpet and linoleum floors.
• Remove or replace tattered furniture covers and faded window valances.
• Paint walls in a light, neutral color (a high ROI upgrade).
• Replace any broken fixtures (light switches, knobs, or handles).
• Fix leaks and apply new caulk to showers and bathtubs.

An experienced agent can also provide advice on what not to fix. You can ask about this and other insights when you interview listing agents before hiring.

10. Now you can sell your inherited Chesapeake home

Once the house is fully decluttered, cleaned, and ready to list, it’s time to work with your agent to set a competitive price and get the property sold. Your agent’s marketing plan should include professional photos, virtual walk-through tours, open houses, showings, and listing the Chesapeake home on multiple online platforms.

As you head to the finish line, your agent will negotiate offers and handle all the necessary paperwork. They can also provide helpful insights for you to complete the required Virginia seller disclosure forms.

Ready to sell your inherited property in Chesapeake?

Selling an inherited property in Chesapeake might seem overwhelming at first, but with the right guidance, it can shift from a time-consuming burden to a financial blessing. Closing the sale might also bring you and your family some emotional healing.

Whether you need an experienced real estate agent or are looking for a convenient and quick cash offer, HomeLight can help.

Use HomeLight’s free Agent Match platform to connect with a top-rated Chesapeake agent experienced in selling inherited homes. Or, if you prefer a fast, less complicated sale, use HomeLight’s Simple Sale to request a no-obligation, all-cash offer today.

Header Image Source: (Curtis Adams/ Pexels)