It’s always nice to get an inheritance, but inherited properties often come with challenges. How do you turn an inherited house into something you can use? Or is it better to make the decision to sell an inherited house instead?
Find out how you can overcome those challenges and liquify the asset into cash that you can spend on something you actually want.
Why Sell an Inherited House?
Houses can be expensive to maintain. Also, depending on where you live, the taxes required on the house may be much higher than you’re willing to pay, especially if the house isn’t in usable condition.
Older houses, which inherited houses tend to be, may have mild to serious problems that need to be fixed before the house can be used or even put on the market. Furthermore, houses are often inherited by more than one person. How do you split the asset between siblings or other family members in a way that isn’t going to cause additional strain on the family?
The simplest way of dealing with this is to sell the house and divide the cash. However, if the home needs repairs, it isn’t always easy to sell on the open market.
What You Need to Know if You Sell an Inherited Property
Before you can sell the property, you’ll have to wait for the probate to settle, which can take months. Work out amongst the heirs who will pay and how much it will be for upkeep on the home during this period.
You should also be aware of any capital gains taxes or inheritance taxes that you might owe on the property. Your inheritance may not be as much as you think you’ll gain after factoring in all of the fees and taxes that may arise.
The Options of Selling Inherited Property
If you decide to move forward with selling your inherited property, there are a few options to consider. When it comes to family matters, everyone will have an opinion and a certain level of attachment that can affect how family members react. It’s important to make the best decision for you. However, you also need to consider how that decision may impact other family members who may be part of the process.
Sell Inherited Property to Family
One way to handle it is by selling your share of the inherited property to your sibling if they want the house. Selling the inherited property to another family member might also be possible. This can help lessen the animosity that may occur if certain members of the family want to see the property stay in the family.
Sell with the Help of a Realtor
If selling to a family member is not possible, you might consider hiring a realtor to try to sell it. Unfortunately, this is often an expensive undertaking as repairs or updates may be needed to get the home ready for sale.
Deciding who should put up the money to prepare the house for the sale isn’t always easy, and the heirs may not have enough money to get the house in market-ready shape.
Sell to a Cash Buyer
A simple method of selling inherited property is to sell directly to a cash buyer rather than put the home on the market. Cash buyers are often investors who aren’t concerned about the home looking showroom-ready. In fact, they like to buy “project” homes so they can fix them up and resell them.
How to Get the Best Deal
Getting the best deal for your home is as simple as choosing a reputable cash buyer such as Quick Fix Real Estate. We’ll offer you a fair price for your home in the condition it is in. All our transactions are free from closing fees and other responsibilities. You can sell the inherited property to us in as little as seven days.
Sell Your Inherited House Today
Sometimes the simple solutions are the best. If you sell an inherited property, it becomes easy to split the asset amongst several heirs, and everyone gets their fair share.
Selling an inherited property can be complicated, but we make it easy. Selling quickly allows you to focus on moving forward without having the property looming over your head.
Reach out to us today to get started!