How to sell inherited property in New York

4. Select the executor (if there are multiple heirs)

If the inherited property has a co-host, you will need to appoint an executive (also known as a personal representative) to oversee its sales. In some cases, the deceased homeowner has appointed the executor in his will. If not, the common people must agree and legally name someone to handle key responsibilities such as paying bills, managing paperwork, and working with real estate agents.

The selected executor should have the emotional and practical ability to handle these trust duties, which can be time-consuming.

5. Open an estate account to manage funds

You may be tempted to use your own (or the deceased) exit bank account to move and allocate currency in the process. However, establishing a dedicated real estate account keeps everything transparent and clearly separated and recorded. This can help prevent family disputes and simplify the process of paying for any debt and home spending.

The same account can also hold the proceeds from home sales and show records of how to allocate these funds after they are finished. This step can help you avoid or resolve some of the most common controversies among family members.

6. Determine the value of the attribute

While this next step will add a small fee, hiring a well-known appraiser can give everyone a sense of the market value of the property and the price of the home. The average cost of a New York home appraisal ranges from $350 to $550.

Another good option for estimating the value of a home is to ask a real estate agent for a Comparative Market Analysis (CMA). This comprehensive report compares recent sales prices for similar properties nearby, called “comps”. Many agents will offer free CMA when you meet them for consultation.

For today’s stadium estimation, try Homelight’s Home Value Estimator. This free tool uses housing market data from multiple trusted sources to predict the current value of a home.