Selling an Inherited House Fast: All You Need to Know
Coping with the loss of a loved one is one of the most challenging experiences one can have in life. And making tough financial decisions while dealing with grief and sadness can be intimidating.
If you have decided to sell your inherited property, you might be weighing your options about how to sell. Keep reading to learn the fastest and smartest way to sell your inherited home in 2021.
What is a Real Estate Probate?
Probate refers to a legal process following a homeowner’s death. It occurs when a court reviews a deceased person’s assets and distributes them according to the will. The probate also appoints an executor, who is in charge of managing and distributing the assets.
While many consider inheriting a property a blessing, inheritance can quickly turn into a burden if you don’t fully understand the responsibilities that come with it. When you inherit a property, you need to consider these four things:
Financial Responsibilities
Inheriting a property comes with financial and legal obligations. These responsibilities will depend on the house’s condition, maintenance costs, the number of heirs, and existing debts, including mortgage payments. If the mortgage is paid off, you could earn a substantial potential profit when selling.
Tax Liabilities
Benefactors have to take care of all tax implications, including federal estate taxes, inheritance taxes, or capital gains. Tax liabilities vary depending on many factors, including your state of residence and the house’s value.
Multiple Inheritors
If there is more than one heir, they must agree with what to do with the home, including moving into it, renting it out, or selling it. This decision can be incredibly challenging if the benefactors don’t live in the property location.
Personal Property
If there are personal belongings in the house, you’ll need to determine how to clear the property. In many cases, this is decided by the courts or a will, which you need to follow.
Am I Able to Sell the House That I Inherited?
It is common for a property to have many benefactors. The easiest, and most popular choice, in this case, is selling the home and splitting the profit among all heirs. You can list the inherited property on the MLS with a real estate agent, go the FSBO route, or sell it to a home buying company.
Time is Money
Trying to sell a house while dealing with loss is difficult. However, the more time you take, the more expenses you’ll have. Aside from general upkeep, utility bills, insurance, and property taxes are some of the costs you’ll have to deal with even if no one is living in the home.
Foundation cracks, leaking roofs, malfunctioning HVAC systems, and dangerous plumbing or wiring are common problems that unkempt houses tend to have. If your inherited home has any of these problems, and you are unwilling or unable to make the necessary repairs, then listing is not your best choice.
Why is Listing Your Inherited House Not an Option?
When listing your home, repairs and improvements are a must. A fixer-upper will hardly grab prospective buyers’ attention. Besides, the buyer might request specific inspections and certifications. Sometimes, inheritors live out-of-state, or dont have the funds to renovate the home before selling it. In these cases, selling the property to a home buyer is an excellent choice.
Benefits of Selling an Inherited House to Home Buyers
- You can end up with more money to divide among the benefactors since you’re not spending on utility bills, repairs & improvements, mortgage payments, taxes, agent commissions, insurance, and certifications.
- It’s easy to split the proceeds with any other inheritors, reducing strain on family relationships.
- You can get your money right away and in cash. Homebuyers can get you a fair, no-obligation offer in 24 hours and close the sale as quickly as in ten days.
- It’s a clean break free from the property; you’re entirely free from any legal or financial obligations once the sale is complete.
- Homebuyers buy houses as-is; this means that you won’t have to spend time and money decluttering, repairing, or even cleaning the home.
Sell Your Home to Fast House Buyers
Thinking of selling an inherited house?, get in touch with Fast House Buyers. We are a reputable home buying company that buys houses as-is in Texas. Give us a call or fill out our online form to get a fair, no-obligation offer for your home.