Losing a loved one is always heartbreaking. Then, you receive a call from the executor telling you that you’ve inherited the family home, or other property your loved one owned. It’s a bittersweet gift. You may want to keep it forever just the way it is, but perhaps you live out of state. Or it needs repairs after decades of habitation, which might mean expenses like a new roof or a plumbing retrofit. What’s the best course of action?
First things first, confirm the heirs.
Before you do anything, it’s important to confirm that you have the right to sell the home. While this may seem rudimentary, but there are actual two ways estates are handled after someone passes away. If the home goes into Probate, the home goes through a process to determine that the home is officially yours and that there are no special circumstances that would prevent you from selling it, such as the home not being worth enough to cover the deceased outstanding debts. In that case, the probate executor can choose to sell the home for cash to finalize the process. The second option is administration in cases where the deceased doesn’t have a will. The estate would then be divided based upon the current laws enforced where the home is located. Typically, if there is no will, the estate will go to the next of kin.
So, you confirm it’s all yours. Now what?
Selling an inherited home is a process that is unique to home selling and buying. While most estates won’t be subject to federal estate taxes, selling an inherited home can trigger taxes. If the estate is sold for a gain, many inheritors can avoid paying taxes on much of the processed. The IRS does allow for the value of the home to be stepped up to its fair market value on the day the deceased dies, so if the home has been continuously occupied for 40 years and is now in the heart of desirable district, the gains could be substantial. With that said, you only owe taxes on the amount received in excess of its perceived value. Thus, if you sell a home valued at $200,000 for $25,000, you would owe taxes on the $25,000.
Is it easy to sell an inherited home from afar?
This is the toughest part about selling an inherited home. Let’s say you live in Chicago. Your work and your immediate family members are all in Chicago. But Mom and Dad moved to Saint. Petersburg, Florida to retire nearly two decades ago and now you need to sell an inherited house in Saint Petersburg. Sure, you could fly in, clean out the house, get it ready for sale, and find a local Realtor to help you. But that’s a process that takes time–time you might not be able to devote. Plus, you might have just come through the disposition of an estate that took months or even years to finalize.
You could sell the home for cash, fast, without a single home tour.
At Property Solutions of Tampa Bay, we buy houses for cash in Saint Petersburg if it meets our buying criteria. We present you with a fair, written, no-obligation offer, and we can close and have cash in your hands in as little as seven days. Just imagine, in just one week you can go from “what do we do now” to taking your inheritance to the bank. Plus, if you work with a Realtor, you’ll be paying out six percent on average as a commission and two percent on closing costs. With Property Solutions of Tampa Bay, you pay no commission and we handle all closing costs.
Working with a local investment company makes all the difference.
The average time for selling an inherited home from the time it goes on the market is 91 days. Add another 30 to 60 days after accepting an offer to get to closing. Florida Property Solutions of Tampa Bay eliminates the nearly five months it can take to get cash for your house in Saint Petersburg the traditional way. Better yet, you don’t have to spend any time cleaning up, making repairs, or staging the home for sale. We make a fair offer based upon the home’s condition and current market conditions and pay cash for a house in Saint Petersburg as is, allowing you to keep those repairs costs in your pocket. The home is never listed on the MLS, so there’s no one other than us that you have to work with.
How do you start the process?
It’s simple, just visit www.wewillbuyyourhouse.com to get started. Or you can call us at 727-528-4687 and we’ll walk you through a few easy steps to sell your inherited home to us–no matter what condition it’s in.