Generally speaking the largest asset in an estate is the property. It is often the most controversial part of dealing with the estate.
There are usually a number of beneficiaries entitled to the proceeds of an estate ranging from siblings to distant perhaps unknown relations.
If there is a Will directing what is to happen to the estate matters are more straightforward. However, if the deceased is intestate things are often more protracted and complicated.
The key to reaching agreement is open and clear communication between all parties from the start. It sounds simple but emotions may be running high particularly if the deceased was a close relative and perhaps the inherited property was the “family home”. It is wise to establish what each party needs and reach a clear collective agreement as to selling an inherited property and if so at what price and what the ideal timescale should be. This discussion will avoid discord further down the line and help to resolve matters smoothly and amicably.
In the current market many families are keen to “get the money out” by selling an inherited property quickly to help them with their own financial affairs. This is difficult to achieve with properties not selling or selling very slowly on the open market. Consequently monies are “locked in” to the estate. This coupled with declining property prices causes anxiety and battles within families.
Selling an inherited property to a cash buyer could be a good solution. True there will be a compromise on price but a guaranteed quick sale will often outweigh any shortfall.
