Selling an Inherited Property?
Want to know how to sell my inherited house?
Is someone still interested to buy my inherited house?
What are the other options I have for my inherited property?
Ok, let’s get back to the questions at hand…
Although one sec… I recently talked to a lady who had a really nice story about the house she inherited from her mother. She talked about feelings of guilt that she and her brothers had about selling it. However, in the end, they did and it is a wonderful story. She asked me to share it here.
Here is a short story about me and my brothers selling my mom’s house that she left us.
It was sad for us when my mom passed away a few years ago. The house that she bought, and we grew up in, sat empty for a couple of years. My siblings did not bother to sell the house for sentimental reasons. It stayed with us for a couple of years, but we did not do anything about it. We did not want to take responsibility for the repairs– the house needed a lot of work.
None of us lived nearby the house. As stated earlier we didn’t want to invest in repairs, and none of us were interested to move in. So my siblings and I sat and talked about what to do with the inherited property. We came up with a decision to sell the house.
With its current condition, I had a hard time looking for interested buyers. Luckily, I stumbled across a “we buy houses company,” and I took a shot! To my surprise, they were interested to buy the inherited house from me, as-is. I could not believe my luck. The sale went extremely well. I took my portion of the sale and invested in my daughter’s college fund. Each day my daughter, Sadie, goes off to College (she still lives with me) it reminds me of how my mom continues to influence me and my family in a positive way.
3 Options for Inherited Property: Move In, Rent Out, Sell
Assuming that you have gathered all the important information, assessed the physical condition of the house, and discussed it with the other inheritors or stockholders. You will know what to do with the property you inherited. It is your decision whether you would want to move in, rent out, or sell the property. Your decision will depend on financial, circumstantial, and market decisions.
Move-in the Inherited House
Because we buy houses we know things you need to consider in moving into an inherited house, let’s say it has a financial impact. You have to check on the maintenance, Homeowners Association (HOA) fees, and other unexpected expenses that go with owning a house.
Also, you have to remind yourself about the tax liability in inheriting a home. However, not all instances will give you the responsibility to pay additional taxes, except for the annual property tax that new homeowners should pay.
Rent Out the Inherited House
Just like moving in, renting out your inherited house has a financial impact. You need to have the house rental-ready, so you have to consider some repairs and factors that you need to invest in, such as maintenance, property management, and tenant gaps. Be sure that you could handle the financial responsibility of renting out an inherited house.
Meanwhile, you can’t get away with the tax liability if you decide to rent out your inherited house. You still have to pay property taxes as you own the house. However, you have the option to deduct the expenses related to maintenance on your taxes.
Sell the Inherited House
Meanwhile, the financial impact, if you will sell your inherited house, is you have to pay for listing costs, repairs, agent services, and other expenses that need to be done before selling it. However, if you can find a “we buy houses” company, you might not have any additional costs for selling your inherited house.
Also, your tax liability in selling your inherited house may depend if it falls within a certain tax bracket. You are required to pay capital gains taxes, of which the amount is the difference between the market value of the home and the sale price.
You might still be confused about what to do with your inherited house. Think over the financial impact, tax liability, and other considerations of what you should do to the house– would you sell the inherited house? Rent it out? Or move in? It is up to you!
We want to help you have a clear decision, without regrets and doubts along the way, so we prepared some frequently asked questions about selling inherited houses or properties. We hope it would help you end up with a wise decision.
Why Should You Consider Selling Your Inherited House to Us?
If selling your inherited property is the best option you have, then sell your house to us! I know you’ve read the long process of selling an inherited house,. But with us, you will not feel the hassle of doing so. We will take care of everything for you.
You will be selling the inherited house without any repairs. Watson Buys purchase inherited homes in Denver and covers all the costs it will take– repair, closing, and other transactional fees during the process. We want our clients to rest easy and not worry about breaking the bank for additional payments.
You can sell your inherited house at your timeline without any agents. If you want, we can close the deal today as long as the title is clear. Also, you are not obliged to pay any commissions on the sale of the property. Take note– no repair cost, no closing fee, and no commissions. On top of that, you won’t pay any listing fee!
If you want a hassle-free and fast deal on the sale of your inherited property, then I hope you will consider our offer.