Selling an inherited property is a tricky business. Apart from the special tax rules you have to deal with, letting go of something handed down to you by your parents is usually not easy. More often than not, it’s the same house you grew up in, which is why it’s only normal for you to have some emotional attachment to it in a way. But at the end of the day, it’s no longer your home. It may be sad to sell it, but it’s a practical decision, especially if you could use the money for something better.
So if putting your inherited house on the market is the route you decide to take, take note of the following to make the most out of the sale.
Understand the Sale’s Tax Implications
First of all, you must fully understand how your inherited property becomes taxable, or not. There are scenarios when you’d be eligible for a tax exclusion to ensure the proceed, or a portion of it, will be tax-free.
But regardless of how well you know the law, it’s still best to consult a tax lawyer to know all the nuances and your particular financial obligations that come from inheriting that piece of real estate in your state.
Consider a Cash Buyer
Most of the heirs who wonder how to sell an inherited house only think of traditional buyers – prospects that intend to purchase real estate for residence. However, investors can actually simplify the process and quickly turn your inherited real estate into cold cash.
With a real estate investor, you can skip the usual hassles of home selling. You no longer need to depersonalize the rooms and repair any damages. Cash buyers take houses as is.
Learn to Negotiate the Right Way
When it comes to the negotiation table, selling inherited properties are no different from other pieces of real estate. The rules are the same: realistic pricing is a must, settling for less than it’s worth is a no-no, and getting different offers is paramount.
There’s not one strategy that’s suitable for selling inherited real estate. Know the risks and opportunities in your inherited house to see the best move you should make.