If you are an heir who has recently discovered you own an estate, you may be excited about the prospects of selling an inherited house. However, you will undoubtedly be overcome with confusion when considering the possibility of paying state and federal taxes. In addition to this, family obligations may prohibit you from living in the property and you may be forced into settling estate taxes, capital gains taxes, property taxes and inheritance taxes.
To escape from the adversities associated with selling inherited property, there are some ways to increase the possibility of a sale, without forking out for taxes.
Selling inherited property promptly with a house buying company: Decisions are immediate with these companies and, because people in this industry are accomplished in their profession, their price estimate will be accurate. Regardless of the size or condition of the inherited property, transactions can be completed in less than one week. House buyers also give you the ability to refuse or accept their offer with no pressure, and may even offer to buy your house for cash.
Selling an inherited house to a family member: If you have brothers, sisters or cousins who are interested in the property, it may be worth negotiating a price with them. Going down this route will enable you to fight for a price that you want and, after drawing up agreements, you can sell it at the fair market value. If other family members own a portion of the property, you must determine who has a share of the property, as well as personal possessions.
A last resort is to file a partition action: If family disputes arise and a property seems hopeless after a year or more, a partition will result in a forced sale. This option may be costly, but once sold, all beneficiaries will receive an equal amount of the proceeds.