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Selling Inherited Property with a Mortgage: A Comprehensive Guide

Updated: Apr 11, 2023

Selling an inherited property can be a complex process, but selling an inherited property with a mortgage can be even more challenging. Here is how to sell an inherited property with a mortgage. There are several steps you need to take to sell an inherited property, but with the right guidance, it can be done quickly and efficiently. Here are the steps involved in selling an inherited property with a mortgage:

  1. Determine the outstanding balance on the mortgage - The first step is to determine the outstanding balance on the mortgage. You can find this information by contacting the mortgage lender or reviewing the mortgage statement. It's important to know this amount because it will affect the amount you can sell the property for.

  2. Decide how you want to sell the property - Once you know the outstanding balance on the mortgage, you need to decide how you want to sell the property. You have a few options: you can sell the property through a real estate agent, sell it on your own, or sell it to a home buying company like New Limits Homes, LLC. Each option has its advantages and disadvantages, so it's important to consider all of them before making a decision.

  3. Hire a home inspector - Before selling the property, you need to have it inspected to determine its condition. This step is especially important if you plan to sell the property through a real estate agent. A home inspector will evaluate the property and identify any issues that need to be addressed before the sale.

  4. Make necessary repairs and improvements - Once you have the inspection report, you should make any necessary repairs and improvements to the property. This will make the property more attractive to potential buyers and increase its value. Some common repairs and improvements include fixing leaks, replacing broken appliances, and updating the landscaping.

  5. Sell the property - After you've completed all the necessary steps, it's time to sell the property. If you decide to sell the property through a real estate agent, they will handle most of the work for you. If you choose to sell the property on your own or to a home buying company, you will need to handle the paperwork and closing process.

Selling an inherited property with a mortgage can be a daunting task, but with the right steps and guidance, it can be done quickly and efficiently. At New Limits Homes, LLC, we are the go-to home buying company in St. Petersburg, FL, and we can help you sell your inherited property with ease. Contact us today to learn more about how we can assist you in selling your property.

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