If you have inherited a house but you do not want to move out of your own home, selling the former is a good alternative to consider. With inherited property, challenges arise if you want to sell the house fast. There are two main aspects to consider before you can get cash for your inherited house:
In most cases, the home is passed on to you from your parents, meaning that it may actually be the place where you grew up. You may have fond memories of your childhood days spent there. Or the home may be the place your parents spent their entire life, which gives it irreplaceable sentimental value. Either way, watching someone else move into it and make it their own can be a heart wrenching experience. No matter how much you want to sell the house fast, take time to let the fact sink in that it will no longer be a part of your life.
There is a good chance that the inherited house comes with all the belongings of your parents (or relatives). These have emotional and sentimental value attached to them too which makes it difficult for you to simply clean them all out or sell them at once. Often, you will need to invest a lot of time in sorting through the belongings, deciding what to keep, what to throw and what to sell and dealing with them in accordance. When the house is cleared of all the belongings you can call a Realtor for inspection. However, cash investor buyers are oftentimes able to view the house and make an offer before the house is cleaned out.
You may want to sell the home with some of the belongings but you still need to go through the property meticulously, catalog all of the items that will be sold with the home and remove the rest.
One of the most critical questions in selling your inherited house is ‘what are the tax implications?’. According to the IRS website, your basis in the inherited house needs to be determined first to figure out if you have to pay taxes on its sale.
Typically (IRC §1014), as on the date of death of the individual from whom you are inheriting the house, the property’s fair market value is the basis. In such cases, you may have to pay minimal taxes, if at all, if you sell the house quickly after you have inherited it. If you are not sure about the tax implications, give us a call and we will help you figure it all out. Remember that it is still necessary to report your inheritance and the sale of the home even if you do not have to pay taxes on it.
Another obstacle that may hamper your attempts to sell the house quickly is the probate process. Inherited properties have to pass through probate before you can sell them. Thankfully, in many states, this is a quick and easy process for smaller estates. If your inherited property includes considerable real estate or other valuable assets, the probate process may be more complex and time consuming, though.
The executor named in the deceased’s Will typically has the legal authority to handle the sale deal. If the home is part of a Trust, it is the Trustee who can carry out this sale. It is important to verify what has been specified in the Will and make sure that the right person is taking charge of the sale process.
If you are looking for reliable buyers for your inherited home, your search ends with us. Our experience in the real estate market enables us to come up with the most convenient purchase solutions that match your needs perfectly. Just call us or fill out the form on the right and we will get in touch with you immediately to discuss how we can buy your property for cash without any hassle.
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