Have you recently inherited a house from a deceased loved one? While inheriting a property usually brings good tidings, certain issues can arise. After all, increasing your finances by selling an inherited house is not exactly as straightforward as inheriting a bank account. For this reason, you may be wondering whether you should sell your inherited property at all and if so — where to look for information.
In this article, we will cover all the relevant details regarding the process of selling an inherited house. Moreover, we will also tell you why selling your inherited property to us is the right choice.
What to Keep in Mind When Selling an Inherited House
To prevent any unpleasant outcomes when opting to sell your inherited house, you would do well to keep the legal aspects in mind.
1. Legal Sale Executors and Types of Ownership
Knowing who the authorized sale executor of the inherited property is can help speed up the process. That is to say, the deceased may have appointed a real estate agency or a legal aide to take charge of distributing the assets.
However, if the property in question is in a Trust, the trustee is the one who is authorized. On the other hand, if the heirs are siblings, one of them can take on the role of a legal sale executor. Either way, the executor is responsible for managing all the matters concerning the inherited property, as well as organizing the sale if it is written in the Will.
With that in mind, different types of ownership can also affect the sales process. More often than not, multiple people are named as beneficiaries in a Will. In that case, several people end up as owners of a single asset. Unless you are the sole owner of an inherited house, you need to consult with the joint-heirs about your preferred course of action.
2. Going Through Probate Process
Before you can sell an inherited property, you need to go through the probate process. Simply put, it is a legal process in which the inherited assets are settled in accordance with the Will of the late owner. In general practice, the court appoints a legal executor if there is none.
With that said, every state has a different probate process and we would advise you to learn more about the one that applies to Missouri if you are not familiar with it already.
3. Taxes on Inherited Property
Most inherited properties are not subject to federal estate tax. Nonetheless, if you sell your house for a gain, taxes will be applicable. To further elaborate, if the house was worth less when it was originally bought, it is eligible to be stepped up to a fair market value. However, if you sell the inherited house above its fair market value, you will owe taxes on the amount of gain earned.
In other words, capital gains taxes apply to any type of gain on an inherited property. Capital gains comprise long-term and short-term gains. While short-term gains are taxed in the same manner as your ordinary income, long-term gains can go up to 20%.
Why You Should Consider Selling an Inherited House to Us
Unexpected ownership of a new property can be perplexing. Moreover, your finances may end up taking a hit when you need them the most. After all, we spare no expense when parting ways with our loved ones. To that end, getting a cash offer for your inherited house could be just what you need.
● We put you first
This can be a difficult time for you and we understand that. Rest assured that we will cater to your current situation accordingly. You get to choose when you would like us to view your property. We’re ready to purchase your home as fast as possible so you can move on with your life and put this behind you.
● Cash Offer in 24 hours
Our fast cash offer will ensure that your house is not subject to federal estate tax.
● Purchase Your Property As-Is
You do not need to worry about having to invest in cleaning or repairing your inherited house. We will buy it as-is at a fair market price. We also don’t require cleanouts of any kind!
● No hidden costs, commissions or fees.
Our cash offer comes with no hidden fees or commissions, and we offer a quick close. No strings attached. Your finances are important to us and we would like to contribute to them with our transparency.
● We Work on Your Timeline
Whether you are the legal sale executor or the rightful beneficiary of the inherited house, we work with you on your timeline to sell your property fast for cash. The satisfaction of everyone involved is our mission. Here are a few other reasons as to why selling your home fast for cash to us is the right solution
All things considered, we understand that an inherited property comes with its own set of challenges. However, there are times when fond memories can only do so much. Although financial expenditure is unavoidable after the death of a loved one, Integrity Cash Homes is here to support you in your endeavors. Countless homeowners have sold their home to a cash buyer in Kansas City like us and have had a very pleasant experience.
In the long run, selling an inherited house can help you address other facets of your finances. We hope that our quick guide will have contributed to your final decision. If you’re ready for your free, no obligation, all cash offer, give us a call at (816)599-3624 or contact us today!