If you own inherited land or property, I am sorry for your loss. Whether recent or in the past, the word inheritance implies a loss which can complicate the process when the time comes to sell inherited land.
Selling land that has been inherited rather than purchased in Missouri can be a challenge and requires unique knowledge to ensure that it goes smoothly. Understanding these challenges and finding the right agent to guide you through the process is a key factor in selling your inherited land in a manner that is as stress free as possible for all parties involved.
While inheriting land might feel like something out of your control, the selling process does not have to. The most effective action sellers can take before selling inherited land is to work with a great real estate professional.
Finding The Right Agent To Sell Your Inherited Land
Land we inherit is, by definition, land we did not choose to purchase on our own. This simple difference can lead to many complicated situations when selling the property.
This is where an experienced real estate agent comes in.
A reliable inherited land specialist can help you find answers to many of the questions you have about selling your inherited land in Missouri.
They can explain the rapidly growing area of selling by internet auction versus traditional listings, and how each would work for your needs in the current market.
A Real Estate Agent Can Help Identify Your Selling Needs
When it comes to inherited land, there are often multiple family members involved that are concerned with the sale of the land. Perhaps you wish to sell but another relative like a brother or sister, son or daughter that has grown up on the land or is attached to it does not wish to.
A skilled real estate agent who has managed inherited land sales in the past will have the skills and tact to help you navigate these issues.
From family farms to land, I have personally experienced buying from and selling for devisees (a real estate term meaning “folks that inherit land”) and have found that it is very common for multiple family members to be concerned with the sale of inherited real estate. In many cases, I’ve learned that sons and daughters have moved away and lost touch with the land. Each case is as unique as the individuals involved.
A real estate agent worth their salt will help you navigate these waters and come to an amicable solution that makes everyone happy.
A Real Estate Agent Can Help You Time The Sale Of Inherited Land
When the sellers and their needs have been identified, “When should I sell?” often becomes the next focus. Is there any tax advantage to selling before the devisor’s estate is settled? What is the best way to maximize value if the family members need to liquidate the asset for cash? How long will the seller be willing to keep the land listed for sale before a price adjustment?
The many questions to answer mixed with the emotions of family can provide for a challenging experience.
A real estate agent will help you determine the value of your inherited land by researching the market and evaluating similar properties. That way, they can give you the most honest assessment and help you time the sale of the property.
Inheriting land doesn’t have to disrupt our lives and should be considered a blessing. Considering the potential variables, people involved are the most important of all.
A knowledgeable agent is one of the most helpful people you can bring to the table. They can help make your ownership transition smooth and get you back to enjoying the best family heirloom there is, your land.