Mikhail is a seasoned real estate writer who helps sellers maximize the value of their properties. He has a deep understanding of market trends, pricing strategies, and the intricacies of the home-selling process.
Find Mikhail Here Carol Coutinho Edited By Carol Coutinho Editor, HouzeoCarol C. is a versatile editor, expertly refining real estate content with precision and creativity. When not exploring market trends, she is immersed in the enthralling world of the theatre.
Find Carol Here✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in commission, compliance and litigation risks have significantly increased for sellers throughout the nation. Learn how NAR’s settlement affects home sellers.
While an inherited property comes with a lot of perks, selling it also has additional costs. The biggest expense is real estate agent commissions. Home sellers in Louisiana pay around 5% to 6% in real estate commissions. Add to that 4% to 5% for repairs, 8% to 10% for seller closing costs, and property taxes, and the total can exceed $10,000. These costs can quickly add up. But if you want to sell your property for a profit, now is a great time. Home sales have increased by 3.0% indicating high buyer demand in Louisiana. This means you can sell your house fast for a profit. To maximize your profit, consider going FSBO and listing your house through a Flat Fee MLS service like Houzeo. With Houzeo, your home can be listed on the MLS in 48 hours. You save up to $10,000 in listing agent fees, reach a wider audience, and earn maximum profit.
Inherited property refers to assets or possessions that are passed down by a deceased person to their heirs. It is outlined by a legal document such as a will. Inheriting a property in Louisiana often involves a probate court. This court validates the will and distributes assets to heirs, overseeing the process. Selling an inherited property involves legal complexities such as tax implications or any outstanding debts, for a smooth transaction. Understanding legal and financial aspects is crucial for a smooth and well-informed selling process.
Understanding how long after probate can a house be sold is crucial, as you must wait until the probate process is finalized before you can list the property for sale. However, skipping the probate court saves time and cuts legal costs.
In Louisiana, property owners can use these methods to transfer assets directly to you:
Once you get complete ownership of the property, you can start the selling process. Selling an inherited Property in Louisiana is just like selling any other house. Here are ways to sell an inherited property:
In For Sale By Owner, you can sell your inherited property without a real estate agent. It gives you full control over the sale process. By avoiding the agent fees, you can save up to $10,000 or more on an average home sale.
To boost your chances of success in FSBO, you can list your property using a Flat Fee MLS service. This service allows you to list your home on the MLS giving it the same exposure as agent-assisted properties.
Moreover, Flat Fee MLS companies in Louisiana like Houzeo help you get on the MLS, within 24-48 hours. Once listed, your property appears on Zillow, Redfin, Realtor.com, Homes.com, and local Louisiana real estate websites.
Discount real estate brokers charge lower commission rates than traditional brokers. They offer similar services as full-service agents, like listing on the MLS and handling paperwork. As a seller, you can save more through these brokers.
Listing with a Louisiana discount real estate broker lets you control the selling process and keep more profit. For example, instead of paying the 5% to 6% commission, you only pay 1% to 2% with a discount real estate broker.
iBuyers purchase homes from sellers and provide quick cash offers. However, iBuyers have strict purchase criteria. Louisiana cash companies buy homes with cash in as-is condition without requiring additional repairs or renovations.
You also avoid the listing, staging, and showings by selling your inherited property to a cash buyer or iBuyer. Another perk is that you get to sell your house fast without waiting for a buyer financing approval. But depending on the condition of your house you could get a lower value for your property.
However, cash companies often pay just 50% to 70% of your home’s value. You can use a fair market value calculator to find the FMV of your home. This free tool gives you an accurate estimate in few seconds. It helps you make informed decisions and get the best possible price.
Real estate agents are well-versed in changing market conditions. They provide a comparative market analysis to help you set a competitive price, and maximize your profit. Realtors also market your property to buyers via the MLS for a wider reach.
Moreover, they can also advise you after you start receiving offers. But, they do charge hefty commissions from 5% to 6%. This can significantly impact your profits from the home sale resulting in lower net proceeds.
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