April 25, 2019
Inheriting a home can be both a gift and a challenge. The gift is acquiring a new asset, but the
challenge can be determining what to do with it. If you don’t want to move into the property or
rent it out, then you are probably looking to sell the home
. Selling an inherited home is often a
serious time commitment, and you’ll need to be mindful of certain obstacles and potential
problems that you want to avoid.
Figure Out Who The Heir Of The Property Is
One of the biggest issues with inherited homes is figuring out who is the heir and rightful owner
of the property title. In some cases, the previous owner had a will where the new ownership was
legally defined. In other cases, multiple heirs may all make legal claims to the property. Most
real estate professionals advise talking with an attorney to resolve heirship and title questions.
The sale can only begin once those questions are answered.
Don’t Forget Maintenance And Insurance
After taking control of the property, you’ll need to make sure you have a vacant home insurance
policy to protect yourself legally. You’ll also need to make sure you keep up interior and exterior
maintenance, handle any necessary repairs and pay the necessary property taxes.
Have Your Home Appraised
In order to conduct the sale of your home, you’ll need to figure out its fair market value. You may
work with an appraiser, but the truth is that the home is worth whatever someone is willing to
pay for it. More homeowners are opting to sell to investors in order to receive cash quickly and
avoid the lengthy process of handling repairs, massive updates, or going through open houses.
You Still Need To Pay Taxes After The Sale
Sold your inherited home? Congratulations! You still need to pay taxes on the proceeds.
Individuals who sell a home after inheriting it are able to benefit from what is called the
steppedup tax basis. This means that the beneficiary’s pay less in capital gains tax.
If you want to read more about this, here is a good article https://www.realtor.com/advice/sell/profitssaleinheritahouse/
There is a wide range of other variables that you will need to consider when inheriting a home.
There could be liens on the property that you didn’t know about, or there could be errors or
mistakes in the local public records. You may discover that the previous owner had a will or an
heir that were previously unknown to you. It is important to recognize that these variables,
however unlikely, could occur and complicate the selling process.
If you are looking to sell an inherited home quickly without unnecessary stress and frustration, click here
to get a free, no-obligation quote from 4 Brothers Buy Houses. We buy houses in Woodbridge
, VA, and we help homeowners sell their properties quickly without issues such as
requests for repairs, long escrow periods, or open houses. We make sure homeowners who
want to sell quickly get a fair price and avoid the traditional hassles that come with selling their
property. Here is a bit more information on how 4 Brothers Buys Houses, can buy your inherited