How To Sell An Inherited Property?
How To Sell An Inherited Property?
Selling an inherited property can involve a more complex process. If it is not handled properly, it can result in waste of time and money and cause a lot of frustration. The following points will take you through the process to sell an inherited property in a smooth way.
Probate ď Ź
ď Ź
ď Ź
Depending on the size and value of the property, a legal counsel may or may not be required during the process and how long it takes can vary. Once the property has gone through probate, the executor of the will gets the authority to distribute the assets and settle the debts. That process gives you the permission of the court, and the siblings to the executor, to sell the property.
Choose Your Real Estate Agent
Then you should choose the right real estate agent, who has experience in handling transactions involving inherited property. We at HelpFindingMyAgent can help you find the best realtor who has relevant experience in the local market. Once you have everyone's permission, you should prepare the property for sale. This will start with cleaning out any of the belongings in the property and carrying out any repairs.
Choose Your Real Estate Agent
It will be best to hire an inspector to identify any problems that need repairs. Your real estate agent can also offer suggestions on what you need to do to make the property more marketable. This can involve doing more than some repairs - upgrading the kitchen or bathroom. If you want to sell the property on an as-is basis, be ready to accept lower prices if it requires lots of repair or cleaning.
Tax Reporting
Tax is calculated on inherited properties in a different way. The tax basis is taken as the value of the house on the day the person who willed it died. The tax will then be calculated on the difference between this value and the sale amount of the house. The gain on the sale has to be equally divided by the siblings and reported.
Call us at HelpFindingMyAgent now at 1-844-434-6324 and we can help you find the right agent who is experienced in inherited property sales.
Find me an agent for Selling & Buying