We Tell You How To Sell An Inherited House Fast
Inheriting a house after someone in the family passes away is like a mixed bag! You are sad about losing a family member and happy to receive a gift. There are two options to choose from: one is to keep it, and the other one is to sell it. Unfortunately, selling an inherited property is not simple and can involve property taxes, lawyer fees, and real estate agent commissions.
Can You Sell The House You Inherited?
If you have inherited alone, you can decide quickly, but if the inherited homes are willed to one or more people, it must be a joint decision. There are some costs when you sell the house.
· General upkeep, including yard work, repairs, heating, etc.
· Real estate agent commissions
· You will be responsible for any mortgage payments
· Unpaid property tax bills and other legal responsibilities
· If it was being used as a rental property
· Major repairs like a new roof, new septic system, etc.?
Selling An Inherited House Fast
If you wish to put up the house for sale after considering all the above costs, read on to learn more.
- How is the house transferred?
There are mainly 3 ways a house is usually transferred.
- Probate: if there is no legal will, then a probate process will take place. The courts will try to find the fairest solution.
- Transfer on death: probate can be avoided if a transfer on death deed and selling the home is easier.
- Living trust: this is the smoothest way to inherit a house. It is a legal document that lays out who controls the selling decision regarding the house.
- Tax Implications
One of the most critical considerations is regarding the tax implications, which can be time consuming. There can be
- Estate Tax
- Capital Gains Tax
- Property Tax
- Personal Representative
Either the deceased or the court will appoint a personal representative who will carry out several tasks
- Notify creditors
- Take care of banking/savings accounts
- Mortgage accounts
- Property taxes
- Pending medical bills
- Take Care Of Disagreements
Sometimes siblings or other family members who have inherited a house may fight over petty issues for years and let the house go into disrepair with this long term discontent. The faster you work out things between warring parties, the faster you can sell the house.
- Prepare The House
Before selling, you must ensure thorough cleaning and repair of the house. Real estate investors keep an eye on such properties. This may require both time and money, and you should calculate it carefully.
- Different Ways To Sell The house
Selling your inherited house by
- Listing it on the MLS with a realtor
- Use the FSBO way
- Selling houses for cash is the fastest way to sell
- As-Is Sale
When you sell the house in the as-is condition, you can sell fast.
- Save time and money
- Sell to an investor
- No strain on family relationships
- Can get a cash offer
- Some cash buyers may even buy houses with no clear titles or have renters
Though you may want to sell fast and with maximum profits, it is not always possible. The circumstances can be challenging while selling a property. One easy way to do this is to contact us. We buy houses and offer great prices. We have a great team of dedicated people who will help you with the whole process, every step of the way. Please fill up the form quickly and leave your details for us to get in touch with you.