We Purchased this Inherited House in Taylorsville Utah
Do You Want to Sell Your Inherited House?
When you inherit a house in Salt Lake City, there are a wide range of emotions that go along with thinking about selling your inherited house. It can be a difficult time and you should be thoughtful as you decide how to handle the property. You might feel attached to the house out of sentiment, finding the idea of a sale difficult. All of the emotions that are part of this can be compounded If you have siblings involved. If everyone decides to sell the property, here are a few tips to ensure a smooth transaction.
If you want to sell your inherited house quickly please call or text us at 801-382-9199. If you want to list the house or sell the house yourself after the repairs are done, then please read on.
Prepare The House For A Sale
Do Your Homework
Before you list the house or sell the property yourself, you will want to familiarize yourself with the property. It’s likely that you don’t know all the ins and outs of the home. Review all renovations and repair records and learn about any items under warranty. Many buyers will want you to inform them about major repairs to the house that you know about.
Have The House Appraised
Have an appraisal done on the house so you know what price range you are working with. Research other recent sales in the neighborhood so you can price your home to sell. A listing agent can do this for you, but you have to be a little cautious. Sometimes a real estate agent will “over estimate” the value of the house to help him get the listing. A professional house appraisal can give you a value for your house that should be close to what listing the house will get you less all the costs associated with listing a house.
Even if the house isn’t being used, you will still need to have insurance for it. Talk to your home insurance agent about a policy for a vacant home. Vacant home policies cost more than a typical home insurance policy, but there is more coverage for things that don’t usually happen to an occupied home. For example, a vacant house would be more prone to fire because of people breaking into the house. Don’t get caught without proper insurance on your inherited house.
Clean Your Inherited House
Cleaning the home might be difficult for you. Consider hiring a team of professionals to do the cleaning after you have removed the personal possessions from the home. Decluttering your house will also help with first impressions.
Have an Estate Sale
Before you sell your inherited house, many times people will hold an estate sale to help sell all of the items that are in the house that heirs do not want. This is also a great opportunity to let people know the house is for sale. After the family has kept what items they want and you have had an estate sale, there might be useful items left over. Often times there is a local charity like Big Brother Big Sister or the Deseret Industries that will be happy to take or pick up the items.
Ready to Sell Your Inherited House ?
Here are some other considerations for deciding on how to sell your inherited home.
What If There Are Multiple Heirs?
When there are multiple heirs to an estate, one person will usually be named the personal representative of the estate, and be in charge of the financial transactions regarding the property. There can be multiple personal representatives of the estate too. All will need to sign off on the sale before it is final. Heirs can choose to buy each other out before the house is sold. If the heirs cannot come to an agreement on what to do with the house, the court will likely make the final decision.
Consider Selling The Property Directly
When you inherit a house and decide to sell it, it’s not likely you will want to sink a bunch of money into the home. By selling direct, you will be able to liquidate the house without having to pay for anything upfront. Listing the house comes with many costs. With a direct sale, you can avoid repair, marketing, and listing costs. Plus, you won’t have to pay an agent their commission for selling the home. By selling directly, you will be able to save time and keep your cash in your pocket. It will also help if there are many heirs to a home. Selling direct will provide a quick and easy process for all parties involved. Some professional house buyers will even allow you to sell the house, get the money for the house and stay in the house for weeks or months at a time. We have a program called the Utah Sell Now Move Later Program that does just this.
Be Prepared For The Tax Man
Some inherited properties are still subject to Capital Gains taxes. These taxes are recovered when the property is sold and are based on the value of the home at the time of inheritance. Many properties won’t be affected by capital gains taxes. Talk to your accountant or attorney to find out how it will affect you.