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Pros and Cons of Selling your Probate or Inherited Property via Auction

If you’ve inherited property or one has been assigned to you as Executor of the Estate, you now have a big responsibility. While some of the selling options will feel familiar to you if you have ever bought or sold a property, there are nuances with respect to these types of properties in particular. Educate yourself on your options and what to look for with the path you choose.

There are four options you have when selling probate or inherited property:

1.  Auction

2.  Sell on your own

3.  Sell to an investor

4.  Sell with an agent

 

We’re exploring the pros and cons of each path. This post covers selling via an auction. This is a way to quickly offload the property and not have to deal with any of the belongings inside, if you so choose.

 

Pros

» You don’t have to perform any repairs because the property is sold “as-is.”

» You can leave anything you don’t want; simply leave it in the house and it’s the buyer’s responsibility to manage.

 

Cons

» You’ll have to hire an auctioneer.

» The outcome can be unpredictable unless you set a reserve price.

» The entire process from start to finish including the auction itself can be fast-paced and downright startling if someone is still in mourning over the loss of the property owner.

 

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