I Inherited a House in Las Vegas. What Do I Do First?

Inheriting a house is very different from deciding to sell your own house.

Usually, something happened first.

A parent died.

A spouse died.

A relative left several family members a property.

Maybe you live hundreds of miles away and suddenly you're responsible for a house in Las Vegas you haven't seen in years.

And almost immediately, people start asking:

• Are you keeping it?
• Are you selling it?
• What is it worth?
• Who's paying the mortgage?
• Who's cleaning it out?

Lisa's first advice is:

There are a few things worth figuring out before anyone starts emptying rooms or calling contractors.

First, Determine Who Actually Has Authority Over the Property

Being someone's child does not automatically mean you personally have authority to sell their house.

How ownership and authority are handled can depend on things such as:

• How title was held.
• Whether there is a trust.
• Whether there is a will.
• Whether probate is required.
• Whether another owner survives.
• Whether an executor, administrator or trustee has authority.

This is an area where an estate or probate attorney may need to advise the family.

Lisa can help with the real-estate side once the proper person has authority to act.

Secure the Property

If the home is vacant, practical issues matter quickly.

Confirm:

• Doors and windows are secure.
• Utilities are handled appropriately.
• Insurance remains valid for the property's current occupancy status.
• Mail is being addressed.
• Pool and landscaping aren't being completely neglected.
• Water leaks aren't occurring unnoticed.

In Las Vegas, a vacant home can deteriorate surprisingly quickly if an HVAC, plumbing, irrigation or pool problem goes unnoticed.

Don't Throw Everything Away Yet

Families sometimes begin cleaning immediately because doing something feels better than doing nothing.

Slow down enough to make sure:

• Important documents aren't discarded.
• Family members have communicated.
• Items specifically addressed by an estate plan aren't accidentally removed.
• Potentially valuable property isn't donated without review.

Find Out What the House Is Actually Worth

You do not have to list it to ask Lisa for an initial real-estate evaluation.

Lisa can look at:

• Location.
• Comparable sales.
• Current competition.
• Condition.
• Likely buyer profile.
• Potential repairs.
• Marketability.

She can also request a free Property DNA report on the property.

That gives the family another layer of available property information before deciding what to do.

Do Not Automatically Remodel It

This is one of the easiest ways to waste inheritance money.

Someone walks through Mom's house and announces:

“We need a $50,000 remodel before we sell.”

Maybe.

Maybe not.

Some repairs create value.

Some simply create expense.

Lisa would rather evaluate the house before the family hires contractors.

A dated but well-maintained house may sell very differently from a damaged property.

There Are Really Three Questions

Most inherited-home decisions eventually become:

Can we legally sell it? That is the ownership/estate question.

What is it worth and what condition is it in? That is where Lisa and appropriate property professionals help.

Should we keep it or sell it? That is a financial and family decision.

Those questions do not have to be answered in one afternoon.

How Lisa Helps

Lisa can help the family understand the real-estate piece without pretending to be the estate attorney.

If you inherited a Las Vegas, Henderson or North Las Vegas property, you can send Lisa the address before you've decided whether to sell.

She can help you begin with information.