How To Price Your Inherited Home In Los Banos and Surrounding areas For Sale

If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in Los Banos and Surrounding areas for sale

Did you inherit a property that you’re now thinking about selling? While an inherited property can be a wonderful gift from a loved one who has passed on, it can also (quite frankly) be a costly burden. So selling it makes sense and allows you to use the gifted equity for some other purpose. But selling an inherited property may not come easy to you, especially if you haven’t sold a property in a while. So here’s how to price your inherited home in Los Banos and Surrounding areas for sale…

Tip #1: Price Quick To Sell

Some people price their inherited property at an amount they think the market might pay for the house. However, there are many factors that go into this price and one of the biggest considerations is: how fast do you want to sell? Selling through an agent “on the market” can take months, and you’ll have to pay for the house and maintain the property the entire time. That can be costly and can eat into the higher price.

Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the house but they also pay less on repairs, carrying costs, effort, and time, so it’s ultimately a trade-off that might turn out to be a total wash.

Tip #2: Avoid Pricing Based On Fond Memories Or Emotion

One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. The house might be worth a certain amount on the market but you may have such fond memories of growing up in the house or of happy times in the house that you accidentally use that emotion to increase the price. (This is VERY common.)

A better approach would be to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting… not because the house isn’t worth as much but because your wonderful memories have accidentally inflated the price!

Tip #3: Build In Discounts For Repairs

If you inherited the property from a loved one who had lived in the property for many years then you might find out that the property needs some repairs. You could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially.

If you are going to keep your inherited house these are the things you need to do:

The legal process of inheriting a house
  1. Look into insurance. The homeowners insurance shouldn’t lapse. …
  2. Identify any liens and maintain payments. Contact any lienholders to keep up with the payments on any outstanding debt. …
  3. Address utilities. …
  4. Order an appraisal. …
  5. Research property taxes. …
  6. Find and allocate belongings.
What the first thing you do when you inherit a house?
You should first determine whether there is a mortgage on the house. If there is, you’ll need to contact the loan servicer. Before they can tell you about the loan balance, you’ll need to provide a death certificate and verify that you have inherited the house.
What is the disadvantages of inheriting a house?
The considerations in handling a house inheritance include taxes, financial issues like a mortgage and relationship concerns. While inheriting a house can be a boon financially and emotionally, handling the transaction to best advantage calls for some study and care.
Is it better to keep an inherited house or sell it?
So, is it better to sell or rent an inherited house? Selling the house can be the wisest course of action if it needs pricey repairs or is out of state. However, if you have a strong emotional connection to the house and the mortgage is paid off, renting it out can be worthwhile.
When you inherit a house from your parents?
The first thing to do when you inherit a house is create a short-term plan to maintain the home while the estate settles. You’ll need to provide for upkeep, think through your long-term goals and discuss your ideas with any siblings or other heirs who share a stake in the property.
How do I avoid taxes on an inherited house?
Sell the Inherited Property Immediately
Capital gains taxes can take affect if retain the inherited property for even a short time before selling it. If you sell the inherited property immediately at its fair market value, you will not have to pay even short-term capital gains taxes on the sale.


An inherited house can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These tips will guide you on how to price your inherited home in Los Banos and Surrounding areas for sale.

Why not bypass all the work and cost of selling through an agent and instead get in touch with us today about selling your inherited property to us here at Tom and Nancy Buy Houses? Just call us at 559-715-1651.

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