Selling a home you’ve inherited can be a more complex process than one might initially assume. We understand the emotional aspects of preparing a loved one’s house for sale, which involves depersonalizing their rooms and clearing out belongings. Additionally, there are costs associated with marketing the house to attract potential buyers, and heirs often have to deal with liens and other financial issues, leading to potential disagreements.
At Cape Coast Investments, we empathize with your situation and want to provide helpful guidance to navigate this challenging process with ease. Below, you’ll find some friendly tips on how to sell an inherited house in Metro Atlanta without undue stress.
Seek Professional Advice:
Our first recommendation is to seek professional advice. It’s essential to fully understand the status of the inherited property and verify your ownership rights. A consultation with a real estate attorney and other experts can prove invaluable. Feel free to utilize our resources on this site as well. We may even be interested in offering you a fair deal for your inherited house in Metro Atlanta if it meets our qualifications. Just fill out the form provided to get started.
Initiate the Probate Process:
Before you begin the selling process, the inherited house must go through probate. Fortunately, in Metro Atlanta, there is often the option for a summary probate, which is a simpler and quicker process involving fewer legal complexities. Once the probate process is successfully completed, you’ll be ready to list the property for sale.
Consider Tax Implications:
The tax basis of the inherited property is the value of the house on the date the deceased passed away. When you sell the house, you’ll owe taxes on the gain, which is the difference between the sale price and the property’s value at the time of inheritance. Make sure to consider this tax aspect in your selling plan.
Obtain Agreement Among Heirs:
Before proceeding with the sale, ensure all heirs are in agreement. Sometimes, disagreements can arise, especially if some siblings prefer to sell the house while others have different ideas. In such cases, it’s crucial to find common ground and involve an estate lawyer to facilitate a smooth resolution.
Prepare the House for Sale:
An inherited house, particularly one owned by an elderly individual, may require repairs and updates before being ready for the market. It’s advisable to take care of any necessary fixes and thoroughly clean the property. While it is possible to sell the house “as is,” you may receive a higher offer if you address any significant issues.
At Cape Coast Investments, we believe in providing fair deals and helping you get the best value from your inherited house. We often purchase local houses in Metro Atlanta, renovate them, and either rent them out or offer them for sale to prospective buyers looking for excellent opportunities.
If your Metro Atlanta property meets our simple qualifications, we’re here to assist you in selling your house quickly and efficiently. Feel free to reach out to us for more information.