Selling An Inherited House
Inheriting a home from someone you love is always a bittersweet moment.
On the one hand, it’s always pleasant to know that you meant so much to someone that they have decided to pass along their most valuable and important worldly possession after they have gone.
On the other hand, it means that the person you love is no longer with us – and depending upon the specifics of the inherited property, you may have more of a headache and hassle to deal with on top of all your other stress than anyone would have expected.
Making the choice to sell an inherited property is never simple or straightforward. But after you come to that conclusion, we here at Dependable Homebuyers have made it our mission to streamline the process as much as possible.
We want to make sure that you receive fair value for the home, that you don’t have to deal with any middlemen looking for their cut along the way, and that you can unload a piece of property faster than you would have been able to otherwise – helping you to put together the pieces after someone has passed a lot sooner than you may have been able to before.
To learn a little bit more about the steps you want to take when you are committed to selling an inherited home, to us here at Dependable Homebuyers or to anyone else, we have put together this quick guide.
Really Assess Your Options
As we highlighted above, you’re going to be under tremendous amount of stress and pressure dealing with the passing of someone that you cared about and adding even more stress and pressure on top of the situation – trying to figure out whether or not now is the perfect time to sell an inherited property – isn’t always the best idea.
Take as much time and get as much space as you need to make the right financial decision.
There will always be a considerable amount of emotions involved in this kind of decision, and when the wound of losing someone is still open and still so raw making a logical and savvy financial decision becomes a big battle.
Take the time to figure out what your options are, what your interests are, and to determine that you do in fact want to move on from a piece of property that you have inherited from someone else. You’ll want to be 100% certain that you want to sell the home, rather than keeping the property for yourself, renting it out to others, or sitting on it for a while to figure out how to make your next move.
When you do come to the conclusion that you’d like to sell this inherited property you’ll want to press forward with professionals that understand how to quickly move through this process, which is where we here at Dependable Homebuyers come into play.
You see, there are always going to be a number of specific details involving the sale of inherited properties that you may or may not be aware of at first that can hang up this kind of sale or have you losing quite a bit of money you would have been able to receive before.
Only professional operations like our own here at Dependable Homebuyers are going to make sure that you get the best deal possible with no headache or hassle along the way.
Understanding The Tax Implications Of Selling Inherited Properties
Right out of the gate, you’re going to have a handful of tax implications that need to be navigated when you choose to sell the inherited property you have received.
A lot of folks are under the impression that inheriting a property they intend to sell is going to equal an unprecedented financial windfall for them. In many cases that may be true, but more often than most people realize the tax implications for this kind of sale can leave them with less money than they expected.
Different states with different rules, regulations, and laws governing how your inherited home sale is taxed (whether you pay taxes on the sale, the inheritance of the property, or both) and that is something that we here at Dependable Homebuyers can help you to better understand before you move forward.
It’s also important that you recognize that inherited properties are not eligible to qualify for the “home sale” tax exclusion.
Most of the time when you go to sell a property that you have lived in for at least two out of the past five years you are able to take advantage of what is called the “home sale tax exclusion”. This allows you to avoid taxes on upwards of $250,000 of the home sale when you file as a single homeowner, and upwards of $500,000 in proceeds when you file as a couple.
Unless your plan is to live in the home for two years before you sell an inherited property, the odds are pretty good you’re going to have to pony up a bit of tax on the proceeds of the sale.
That’s why you want to move forward with operations like our own that cut out the middleman completely, middlemen that always have their hands out for commissions without doing enough work to really justify their payout.
You’ll also want to know exactly where and how to best report the proceeds of your sale, making sure that you do not run afoul of the IRS. Your accountant will be able to best help you with these specific details, making sure that you are in clients every step of the way, but it’s critical that you realize there’s going to be some sort of reporting that needs to be made anytime you sell property – regardless of whether or not that property was inherited.
Inheritance tax and estate tax may not be assessed at the same time or at the same level, either. Again, this is specific to the state you live in in the state that the property exists in it is something that you’re going to want to go over with your accountant.
The tax law in the United States incredibly complex and convoluted (as well as outside the scope of our services), but we do want to make sure that you are doing everything you can to protect yourself, your financial future, and the profit available from the sale of an inherited home as much as you are able to.
Preparing The Property For Sale Can Get Pricey
There are a couple of different ways you can sell an inherited home or property, but almost all of them outside of working with an operation like our own here at Dependable Homebuyers will have you jumping through all kinds of hoops, spending a lot more money to make a lot less money, and wasting a lot of time rather than putting cash in your bank account ASAP.
The traditional route of selling inherited property involves you spending a lot of time assessing the value of the home, hiring people to knockout upgrades and maintenance, bringing the property back up to code, addressing the property the home sits on itself, tackling landscaping and curb appeal projects, and then paying traditional real estate agents and listing agents to handle the actual heavy lifting of selling the home for you – professionals that will take a nice big cut of the sale as part of their commission at the end of the day.
This kind of approach usually has you spending anywhere from a few thousand dollars to tens of thousands of dollars to move an inherited property in the first place, and then you might run the risk of having the property sit on the market for months and months on end – chewing away at your finances while you try and find the right buyers at your price point.
Let Us Make This Easier For You
Of course, an easier way to sell your inherited property is to move forward with operations like our own.
All you have to do to sell your inherited home to us here at Dependable Homebuyers is to fill out a quick questionnaire that gives us some basic information about your property to get the ball rolling.
As long as the details match up with our buying criteria, one of our home purchasing representatives will contact you directly – almost always inside of 24 hours of receiving your fully filled out the questionnaire.
Things move quickly from here.
We will do our best to set up a quick appointment at your earliest convenience, connecting with one another to see the property in person and to go over our quick inspection protocol.
This process usually takes just a couple of hours, and then within 24 hours (almost all circumstances) we will fire over a 100% cash offer for your property. There’s absolutely no obligation for you to receive this offer, and our services are 100% free of charge to take advantage of – with no tricks and no strings attached.
Should you choose to take advantage of our Dependable Homebuyers service, we move quickly through the closing process – closing in as little as seven days after you have accepted our 100% cash offer. Obviously, you will always be in complete and total control of the process, dictating when, how, and whether or not you accept our offer as well as how quickly we move forward with the close.
We have even been able to put a check in the hands of home sellers of inherited properties the very same day that they accept our offer, getting them the cash that they are looking for while helping them to avoid a pretty significant financial burden. This is a burden that can grow out of hand if your inherited property sits on the market for months on end.
At the end of the day, we here at Dependable Homebuyers are a national homebuyer of properties and are perhaps the most motivated buyers you will ever come across.
For quite a few years now we have been eliminating all the headache and hassle that home owners have to deal with when they sell their properties through the traditional process, and instead have been speeding things up and streamlining things significantly while offering fantastic value – and 100% cash – for properties that motivated home sellers are looking to unload.
Our track record, our reputation, and our ability to help homeowners sell properties that they aren’t interested in holding any longer things we take very seriously.
We want to make sure that you get every opportunity to receive fantastic value for an inherited home you are interested in selling, without having to cough up any extra cash to middlemen looking for a commission.
If you’re interested in learning a little bit more about how we can help you sell an inherited property, or just want to “go through the motions” of figuring out just how much you might be able to get for an inherited property, contact us at your earliest convenience.
You can use the online tools provided on our website to give us a little bit of information about your property (with your contact information included), or you can call us directly at 410-779-4622 if you’d like to speed things up.
Again, there’s absolutely no obligation to move forward with a home sale when you choose to reach out to us here at Dependable Homebuyers or choose to receive our 100% cash offer after a quick home inspection. You are always in the driver’s seat when it comes time to sell (or not sell) the property that you have inherited.
Our mission here has always been to make this process as simple and as straightforward as possible for those already dealing with plenty of other stress, pressure, and challenging emotions. We do our level best to give you the top cash offer possible, without any middlemen, without any delay, and without any surprises throughout the home sale process.
You risk nothing by reaching out to us at your earliest convenience. Fill out our quick questionnaire or call us at 410-779-4622 and we will help get the ball rolling. At the very least will can provide you with detailed information about how much cash you might be able to receive should you decide to move forward with our services.