Have you inherited a house in California? Many family members will leave their home or property to a loved one. Once you inherit a house, it is up to you what is going to happen to it. Some people decide to live in a home that they inherit. If that isn’t the case for you, maybe you have decided that you will fix it up and sell it. The truth is that paying for upgrades due to damage that may have been left by your heirs can be quite costly and a huge hassle, as well. Selling it for cash might be the better route to take. With this being said, it is important to know what is involved with selling a home that you have inherited.
Things to Know Before Selling an Inherited Home
As just mentioned, there are a few things that you will need to know before you can just up and sell the home you have inherited. Some of these things include the following:
- Waiting on probate – If the home you inherited is included in the estate, you will have to wait for it to go through the probate process before selling it. In some instances, you can get a summary probate. This means you won’t need a lawyer and the process can be settled more quickly.
- Getting permission for any other heir – If there are other people who have also inherited the home, you will need to have their permission before you can sell it. If you inherited the home on your own, you can sell it whenever you would like (depending on probate). Everyone that inherited the home must agree on selling it. If not everyone agrees, you may have to negotiate more or pay them their share upfront.
- Preparing for sale – If you are going to sell the home you inherited, you will generally need to prepare it for sale. You can either list the home with a realtor. This involves fees for the realtor and lengthy process of waiting to sell the home. In addition, the realtor may want you to make some upgrades to the home before selling it. This is more money out of your pocket. You also have the option of selling the home for cash. This is a much quicker option and you could have the cash for the home within 1 week.
- Tax implications – It is important to also know more about the tax implications when you inherit a home. The value of the home is set on the day the owner of the house had died. If you do sell the home for more than the value of the home, you will owe money on the additional amount. For example, if the home you inherit was valued at $150,000 on the day the owner passed away and you sell it for $170,000, you will have to pay taxes on the additional $20,000.
These are some of the things that you should know about inheriting a home and selling it. While not every situation is the exact same, this information will give a better idea on what you can and can’t do when you inherit a home in California.
Selling an Inherited Home with a Cash Sale
If you have inherited the home on your own or the other people who have also inherited the home are alright with selling, the best way to go would probably be a cash sale. Waiting for a real estate agent takes time. You will also have fees to pay the real estate agents out of the amount the home sells for. When you work with someone, like Valley Cash Offers, you can get a great offer on the home. In addition, you can sell the home for its value or below. This means you won’t have to worry about the tax implications. If you were working with a realtor, they would likely try to sell the home for much more than it is worth. This leaves you owing even more in taxes.
If you have inherited a home and don’t want to live in that home, the best option would be selling the home in a cash sale. This way you don’t need to worry about making any upgrades or remodeling anything. You can sell the home as-is.
Do you want to sell the home you inherited quickly? Selling your inherited home for cash can happen quickly when you work with Valley Cash Offers. In addition, you won’t have to continue being stressed out waiting for the home to sell. Valley Cash Offers can have an offer placed on your home within a day or two and can have cash in your hand within a week, in many cases.
Conclusion
Inheriting a home can be a great thing for most people. Some people will choose to live in the home they inherit. However, others will decide it is best for them to sell their inherited home. If you have inherited the home along with others, you will have to talk with them to see what should be done with the home. If one person chooses to live there, they will usually have to buy out the others. If you inherited the home on your own or everyone agrees to sell, selling the home for cash is often the best option.
If you choose to sell the inherited home for cash, especially if you’re in the Modesto or Turlock area, reach out to Valley Cash Offers today. The sooner you get the process rolling, the quicker you can get cash in hand for the home. The process of selling a home for cash can be quick. As long as the home you inherited isn’t being held up in probate, you can be done dealing with the home in as little as 1 week. After selling the home, you can get cash and from then on you won’t be responsible for the home.
Seth Choate is a Real Estate Professional from Turlock, CA who’s obsession, beyond helping the community find homes and deals that best fit their situation, is becoming his best self. He enjoys challenging himself with 5K runs, and finding news ways to exhibit infinite love for his beloved wife and children. A man of faith, Seth believes that good things come to those who work hard with honesty and put integrity first.
