How to Sell Your House Quick
If you have recently inherited a home, you are probably looking to sell your house fast. Receiving a home inheritance is nice, however, the home might be ugly, perhaps you are planning on moving, or it might just not be the right location for you. No matter, because we buy ugly houses.
There are a number of reasons you might need to sell your house for cash. You might be ending a relationship with someone (sadly, the average marriage today only lasts seven years), and need to divide assets equally. Whether you need to divide assets or simply sell an inherited home, we buy homes for cash, and here are some things you should know:
A lot depends on if you are the sole person who has a claim on the inheritance of the home. If so, proceed however you wish. If not, there will usually be a single individual tasked with the sale of the property. Here are the first steps in either situation:
Know the Variables
There are many variables when selling homes for cash. First, what is the worth of the home? There are some online tools that can help you get a rough estimate on the worth of the home you have just inherited. You can start by comparing to similar homes in the area, though that isn’t always an accurate measurement of value. The condition of the home itself will play a large factor in the value of the house. Especially if you are looking to sell homes for cash.
Additionally, you will need to know what the outstanding mortgage on the home is. Just because you inherited the home, doesn’t mean that the house is clear of debt. There may still be money owed to a bank or financial institution. This is usually one of the most common reasons to quickly sell an inherited home because unless you are planning on living in it, the home turns into another monthly expense. Once the home is sold, you can use the cash to pay off the mortgage or loan, and then proceed to divide the remaining proceeds between those who had a claim on the inheritance. Be sure to check for other outstanding debts that may be on the home as well as any debt can stand between you and selling homes for cash.
The next variable to consider is how many people are inheriting the property. Depending on the nature of those inheriting, not everyone will be happy with selling the property. Or some might want to sell at a higher price later down the road. Be sure to designate a single person who will manage the process of selling the home and managing the estate sale. This will help end countless hours of back and forth arguments about what should be sold and at what price.
Anytime you inherit a home or other valuable asset, there will be taxes to deal with. Determine how the sale of the home will impact you financially. You may be subject to taxes on proceeds and other capital gain taxes. One of the most common reasons for doing a homes for cash sale is so that you can immediately pay off any taxes that are incurred by the sale of the home. Be sure to check your states policies for inherited properties to understand exactly what taxes you will be responsible for. Typically, inherited properties do not qualify for home sale tax exclusion, unless you plan on living in the inherited home for at least two years. Make sure you understand the differences between an inheritance tax and estate taxes.
Cash Sale vs Broker or Realtor
When selling an inherited home, it can be a bit confusing as to the best method to sell. While some would argue that going through a broker is the best method, brokers come with extensive fees and commissions. Typically the best way to sell an inherited home is by the homes for cash method. This ensures that you quickly get all the cash from the sale of the home, which can be used to pay taxes, pay off any debts on the home, and then put the cash in your pocket.