How to sell an inherited property
We understand that inheriting a house can be a blessing and a curse. There are new responsibilities and benefits that you get with our inherited house and for some people they just want to sell the house and move on. We get a lot of questions about how to sell an inherited home so put together the answers to the most frequently asked questions about selling an inherited property.
Can I sell my inherited property fast?
Lots of people who inherit property end up selling to Home Buyer Louisiana because we are understanding of the situation and make it as easy as possible to sell your inherited house for cash. We buy houses all the time so we can make a quick decision about whether we will buy your inherited house and we can close fast.
When can I sell an inherited house?
Before the act of sale can happen the estate must go through succession but the heirs can agree to sell it before this happens. If the heirs agree to sell the house before the estate goes through succession and the title attorney can help facilitate succession as part of the closing process. This way you don’t need to pay for the succession out of your pocket but instead can use the proceeds from the sale to pay for the succession. Essentially the title attorney will do the succession work so the title transfers to the heirs and then execute the sales agreement. The heirs will be paid the proceeds minus the cost of the succession.
Can I still sell my inherited property if the title isn’t in my name yet?
If you haven’t gone through the succession process to transfer the house into your name that is alright. We can organise the Title Attorney to do the succession as part of the sales process. This means you don’t have to be out of pocket for the legal expense and can use the proceeds of the sale.
Can I sell my inherited house with the stuff in it?
Yes. This is fairly common when we buy inherited houses. We understand that cleaning everything out of the house can be emotional and draining. We are fine to buy the house with whatever you don’t want left behind. We will donate what we can to charity and dispose of the rest.
Do I need to make repairs or stage the house I inherited?
We buy houses As-Is so won’t ask you to make repairs and the purchase agreement states that you are making no warranties on the condition of the property. You also don’t need to clean up or stage the property. As investors we look at houses all day and whether it is clean and presentable doesn’t matter to us. We are just concerned with the area and what repairs we will need to make.
Do I have to pay taxes when I sell an inherited property?
There is no estate tax in Louisiana and you do not pay capital gains tax on an inherited property. You should consult your CPA to discuss your specific situation because an inherited house has other financial and legal responsibilities such as existing mortgages and liens, yearly property taxes along with general upkeep and code compliance that you should be aware of.
Is it better to sell or rent an inherited house?
This is really a matter of personal preference. Rental properties can be a great source of long term cash flow. This may be more attractive to some people than a one off lump sum payment. Other people just don’t want the headache of being a landlord and fixing toilets etc and would just prefer to cash out of the property. There is no right or wrong answer, it just depends on what works for you. If you inherit a house that has tenants and don’t want to be a landlord it is possible to sell a house with tenants.
Can I sell my share of an inherited property?
If you have inherited a house with your siblings and want to sell your share then this is possible. You have the right to sell your interest in the property. Obviously the pool of buyers for a share of a property is less than when you sell the whole property, so where possible it is best to work with your siblings to sell your inherited property. You will all get the highest amount if you sell the whole property. Alternatively your siblings might want to buy out your interests. You can also file for a partition action in court which asks for a legal order to sell the house. In this instance the whole house would be sold and the proceeds split up among the heirs. Obviously there are legal costs of this action which will come out of the proceeds of the sale.
If you are ready to sell your inherited house
If you think selling your inherited house is the right move then contact Home Buyer Louisiana for an obligation free cash offer.