How to effectively sell an inherited property

We acknowledge that receiving a house through inheritance can bring both advantages and challenges. Along with the newfound benefits and obligations that come with an inherited property, some individuals simply prefer to sell it and proceed with their lives. Considering the numerous questions we receive regarding the process of selling an inherited home, we have compiled a comprehensive list of frequently asked questions to provide you with the necessary answers.

Is it possible to quickly sell the property I inherited?

Many individuals who come into possession of inherited property often choose to sell it to Jeremiah Buys due to our compassionate understanding of the situation. We strive to simplify the process of selling your inherited house for cash, making it as effortless as possible. Given our extensive experience in purchasing properties, we can promptly assess whether we will buy your inherited house and ensure a speedy closing.

At what point am I able to sell an inherited house?

Prior to the actual sale, the estate must undergo the process of succession. However, it is possible for the heirs to reach an agreement to sell the property before this stage. In such cases, the title attorney can assist in facilitating the succession as part of the closing procedure. This means that you won’t have to cover the costs of succession from your own funds. Instead, you can utilize the proceeds from the sale of the inherited property to cover those expenses. Essentially, the title attorney will handle the succession process to transfer the title to the heirs and subsequently execute the sales agreement. The heirs will receive the proceeds after deducting the cost of succession.

Is it possible to sell an inherited property even if the title has not been transferred to my name yet?

If you haven’t gone through the succession process yet to officially transfer the house into your name, it’s perfectly fine. As part of the sales process, we can coordinate with the Title Attorney to take care of the succession. This ensures that you won’t have to personally cover the legal expenses and can instead use the proceeds from the sale of the inherited property.

Can I sell my inherited house without removing the belongings inside?

Certainly. When it comes to buying inherited houses, this is a frequent scenario. We empathize with the emotional and physical strain of cleaning out the entire house. You can be assured that we are open to purchasing the inherited house with any items you decide not to keep. Our commitment involves donating usable items to charity and properly disposing of the remaining possessions.

Are repairs or staging necessary for the inherited house I own?

As part of our house buying process, we accept properties in their current condition, meaning there is no requirement for you to make any repairs. Our purchase agreement specifically states that you are not providing any warranties regarding the property’s condition. Moreover, there is no need to clean up or stage the property. As investors, our primary considerations are centered around the location and the repairs we may need to undertake, rather than the cleanliness or staging of the house.

Are there any tax obligations when selling an inherited property?

In Louisiana, there is no estate tax for deaths occurring after December 31, 2004. However, it’s important to note that federal estate tax regulations may vary. To understand your unique circumstances, it is recommended to consult with a CPA. It’s crucial to consider that inheriting a house involves additional financial and legal responsibilities, including existing mortgages and liens, annual property taxes, and the overall maintenance and adherence to code requirements.

When faced with an inherited house, which yields better results: selling or renting?

Determining whether to sell or rent an inherited house is primarily a matter of personal choice. Renting the property can offer a reliable source of long-term income, which appeals to individuals seeking steady cash flow over time. Alternatively, some people prefer to forego the responsibilities of being a landlord, including dealing with repairs and other issues, and instead choose to sell the property outright. There is no definitive right or wrong decision; it ultimately depends on your own preferences and circumstances. If you inherit a house with tenants and prefer not to assume the role of a landlord, it is possible to sell the property while it is occupied.

Is it possible for me to sell my portion of an inherited property?

In the event that you have inherited a house alongside your siblings and are considering selling your share, rest assured that it is a viable option. You hold the right to sell your interest in the property. It is worth noting that selling a share of a property typically involves a smaller pool of potential buyers compared to selling the property as a whole. Thus, it is generally advisable to work collaboratively with your siblings to sell the inherited property, whenever possible. This approach ensures that all parties involved can achieve the highest possible value. Alternatively, your siblings may express an interest in buying out your share. Another option available is to file for a partition action in court, which entails seeking a legal order to sell the entire house. In such cases, the proceeds from the sale would be divided among the heirs. However, it is important to bear in mind that there are legal costs associated with this course of action, which would be deducted from the proceeds of the sale.

If you have made the decision to sell the house you inherited

If you believe that selling your inherited house is the appropriate decision, feel free to reach out to Jeremiah Buys for a no-obligation cash offer.