What is a Probate Process?
The first process in order to sell a house that was recently inherited, it has to go through what is called the “probate process”. If you inherit a house that is valued around a few hundred thousand dollars or less, you can pursue what is called Summary Probate. If the inherited house exceeds this threshold, it is recommended to go through the general probate process in which the court will authorize you to act in any way you wish.
What if the House is held In A Trust?
In some cases, when homes are inherited they are often held in a trust, that requires individuals to work with the trustee in order to sell it. It is recommended to consult a lawyer on these matters, since trusts are governed by complex legal documents.
How Much Taxes Will I Pay?
The calculation of taxes for an inherited home is simply the value it had on the date on the Will that was passed on to you. The Taxes that you are responsible for come from the the difference between the house value and the profit/gain from selling the home. However, if the house is worth less than or the same as the value it had on the Will, you do not have to pay taxes.
How to Price an Inherited Home
Selling an inherited house is one of the hardest and complicated decisions you can make. There are many factors that come into play that will affect the final outcome. Situations like if the house has an existing mortgage, how best to deal with remaining debts as well as current real estate market conditions.
How to Contact Us
You can contact us easily by either filling out our Contact Us or calling us at (267) 884-0447. Any information that you give us will remain confidential. During our 1st conversation, we’ll ask you some basic questions regarding your home. We’ll schedule a time to meet with you to look at the home and within 24 hours, do our research and prepare your offer.