Did a close family member recently pass away, and you’re left with an inherited house that you don’t know what to do with? Well, you can sell it and divide the proceedings with your siblings. However, most people dread selling a property because it always takes longer and is more expensive than anticipated. There is also the factor of letting strangers into the house with no guarantee that they are even interested in making an offer. For this purpose, we have put together this comprehensive guide about selling an inherited property. Read till the end so that you can avoid all the pitfalls associated with it. Here are eight things you must know:
- Involve a Mediator
After the death of your parents, you and your siblings will be overcoming grief. However, you’ll need to make a few critical decisions. First of all, it is necessary to clear things out with your siblings and see if you all are on the same page. You might not be able to think without emotions, so it’s a better idea to involve a mediator.
- You Need to Apply for Probate
Before you can sell a house, you need to establish your relationship with it. Legally, it is called applying for probate. Different rules apply to different kinds of properties, so you can consult a legal advisor before applying for it. Remember that you may need to wait as it can take 6 to 12 months for probate to be granted.
- Get the Basic Repairs Done
You might be thinking about what’s the quickest way to sell a house. Well, it most certainly isn’t putting a house that needs a lot of repair work up for sale. Even if you sell to an investor for cash, you can increase your chances of getting a better offer if you do the necessary repair work. It may cost you a small amount of money, but it surely will worth the cost. Don’t do anything that’s going to take too much time or effort. Just the basics!
- Clean Out the Old Stuff
Selling your old family home can bring about countless old memories and make you and your siblings overwhelmed with emotions. However, in the best interest of selling property, you need to clean out the old stuff in the house. If you don’t feel like throwing away things, you can always have a yard sale so that other people can buy and use them.
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- Pay Inheritance Tax
All the siblings who inherit a home must also divide and pay inheritance tax. The amount is usually calculated by subtracting the market value of the house on the day of the last owner’s death from the value for which the house is sold. In short, the tax you owe is only based on the increase in the value of the house while it was in your ownership.
- Check if You Need to Pay Estate Tax
Depending on where the deceased person lived, their property might also be subject to estate tax. As of 2021, the federal estate tax only applies if the total assets of the deceased person are equal to or greater than $11.7 million. Tax laws vary from state to state, and it is vital that you seek legal assistance while deciding whether or not you need to pay it.
- Consider Your Options
Once you have probate, made all the necessary changes in the house, and paid the taxes, you need to consider your options. One option is that you can ask for a price for the house in the market. Take advice from a real estate agent for listing your house at the optimum price. Learn a few negotiation tactics that will take you towards earning a fortune. However, we recommend selling the house to an investor for cash. This option is much quicker, safer, and hassle-free! You just need to follow three simple steps. Read till the end to find out.
- Choosing the Right Buyer
Ask yourself, will someone buy my house for cash? The quickest way to sell a house is to find a buyer who makes a fair cash offer keeping in view the current market situation. Find a buyer who will help you skip the hassle of selling. Are you wondering, “who will make a cash offer for my house and buy it quickly?” Cash My Real Estate provides you with the best solution.
The Bottom Line
We at CASHmyRE help you sell a house in three simple steps. Contact us, schedule a visit, and get an offer within 48 hours! So, what are you waiting for? Get an incredible and realistic cash offer for your house today and say goodbye to all the stress that comes with selling property. Moreover, we also provide repair services to our clients who want to renovate their homes before putting them up for sale.