Recently Inherited A Home That You Dont Need Heres How To Get It Sold Without Too Much Stress

Dated: 02/16/2018

Views: 204

Recently Inherited a Home That You Don’t Need? Here’s How to Get It Sold Without Too Much Stress

Recently Inherited a Home That You Don't Need? Here's How to Get It Sold Without Too Much StressHas a loved one or family member recently passed on and left you with their home? Inheriting a house can be a delightful gift, but it can also present a significant number of challenges that you must navigate.

Let’s explore how to deal with an inherited house and, should you decide to, how to sell it without incurring too much stress.

Are Emotions Involved?

The death of a family member or other loved one can be a trying time emotionally. Depending on how the deceased left the property, you may also have to deal with cleaning out personal belongings and reviving old memories. A battle over a will or the proceeds of an estate can compound the situation, making things worse.

If you are emotionally involved, it is best to work with a real estate agent who can do much of the heavy lifting. That way you can focus on supporting your family and keeping your stress levels down.

Understand Your Legal Obligations

Although real estate inheritance is common, there are still some legal issues that must be considered. As such, you will need to understand what your legal obligations are regarding the will or estate process. Are you the executor of the will, or is someone else? Is the property included in a trust, or is it free-standing and gifted directly to you? Has the probate period passed, or can a family member or relative still challenge the will? If you haven’t already, it is best to speak with a real estate professional or experienced lawyer to get their advice.

Consider The Tax Implications

As with any financial windfall, there are going to be tax implications that need to be considered when selling an inherited home. For example, it’s unlikely that you will qualify for the home sales tax exclusion unless you have been living in that house as your primary residence. Once you sell the home, you will also need to report the proceeds of the sale to the IRS. There are also a variety of different taxes that need to be factored in, including estate taxes, inheritance taxes and more.

Consult An Experienced Real Estate Agent

Selling a home that you have inherited in a will or as part of an estate can be an emotionally draining process. Before you make any moves, it is best to speak with a real estate professional. Contact our office at your convenience and we will be happy to meet with you and share our guidance.

For More Info Visit: http://www.bondstreetloans.com

Want to Advertise on this Site?

Latest Blog Posts

Dont Let A Renter Assume Your Mortgage Payment As A Landlord

Don’t Let a Renter Assume Your Mortgage Payment as a Landlord When it comes to a property that’s been financed with a mortgage, homeowners can experience the need or desire to live elsewhere

Read More

Whats Ahead For Mortgage Rates This Week May 7th 2018

Last week’s economic releases included readings on inflation, construction spending and private and public- sector payrolls. Weekly readings on mortgage rates and first-time jobless claims were

Read More

Financing Your Solar Roof

Going solar can make life sunnier for some homeowners. In addition to reducing energy dependence by “borrowing” energy directly from the sun, purchasers may also enjoy a 30 percent

Read More

Understanding The Basic Interest Rates Difference Between Fixed And Variable

Understanding the Basic Interest Rates Difference Between Fixed and Variable Home loans are available in an assortment of lending packages, but the big difference that consumers need to pay

Read More