When you inherit a house, you have several different options regarding what you can do with the property. You can keep the home and live in it, or you can keep the home and use it as a rental property or even a vacation property if you like. However, you may find that the best option for you is to sell the house. Selling an inherited house is different than selling a house that you live in, at least in the beginning. The following guide will provide you with the information you need to know when you are getting ready to sell.
Before you can start to sell the house you inherited, the entire estate needs to go through the probate process. Depending on the value of the estate, it may be possible to go through a summary probate process. Since most estates containing real estate are worth more than $50,000, this will not generally apply. Larger estates will need to go through probate. If a will and testament was left behind the probate process is typically smoother.
After the house goes through the probate process, the courts will then let you sell the property. There are still some things you need to consider before you sell though.
Something that you need to consider when selling an inherited house is just who owns it. Was the home left solely to you, or was it given to you and siblings or another family member? Many parents who pass away will want to leave the house to all of their children rather than one. If this happens, you will need to have a discussion with your siblings about what you should do with the house.
These discussions can often become emotional, especially when one of the siblings wants to keep the house. It’s important to try to look at the situation from both points of view and come to an agreement where everyone is happy. For example, maybe instead of selling the home, you decide to rent it out. This way, the house is still in the family, but if managed correctly it may provide extra income for everyone.
With inherited properties, there is a good chance that it will need some repairs before you sell it. While this isn’t always the case, if you are going to sell the house, you might want to hire a home inspector to look it over. They will let you know if there are any apparent defects that need to be repaired. Completing repairs will help to increase the value of the home before you sell, and it will help to entice buyers as well.
You can also consider some of the smaller repairs around the house that you could do on your own, as well as some simple upgrades. Painting the house and changing out the cabinets and the flooring can help to improve the value of the house. If you have extra money for upgrades, kitchen and bathroom updates are great rooms to consider. However, it may not be needed depending on the condition of other houses that sold in the area.
In addition to the major and minor repairs, you will need to remove all of the personal belongings of the former owner. This can be difficult, but cleaning out the home is essential if you want to make it appealing to potential buyers.
Before you sell the property, you need to consider the current state of the market. How are similar houses selling in the area? Check to see what some of the comparable homes in the area are selling for, as this will give you a much better idea of what you could get for the house. Even when you look at the comparable homes though, it can be difficult to come up with a good and feasible price for a house.
One of the other things you have to think about when you are selling a piece of property is the amount of taxes you will have to pay. They will base the amount of tax you have to pay on the value of the home on the date the owner passed away. You will be paying taxes on the amount of money you receive after selling the home. In the event that you sell the home for less than or equal to the value the house had on the date you were named as the beneficiary, then you may not have to pay any taxes.
In some cases, the house might be in a trust, which means you will need to work with the trustee to sell it. You have two different options when selling in this manner. You could have the trustee handle the sale, and then the proceeds from the sale will go into the trust. In addition, it is possible to request the trustee to transfer the title of the home to you. If you choose this second option, you will be able to sell the house on your own.
Keep in mind that trusts tend to be complicated affairs. You will want to consult with an attorney before you sell or try to have the title transferred, just so you can be sure you are doing everything correctly and according to the letter of the law.
If you need to have any help when it comes to selling the house that you inherited, talk with the professionals. They can help you understand exactly what you need to do to sell your property.
If you decide that you would like to sell your inherited house give us a call or fill out the short form. We can explain how everything works and, if we come up with an agreement, we’ll pay you cash and set a closing date that works best for you. Best of all, we buy houses in “as-is” condition, so you will not have to make any repairs.
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