Selling an inherited property in Winston Salem can be a daunting process. First of all, there’s the emotional part of dealing with losing a loved one. Also, there’s complicated paperwork and legal responsibilities you need to take care of. So it’s normal to feel overwhelmed and have many questions regarding the sale. This is why you will need to do your research. Selling a house handed down to you won’t be easy, but not impossible either. Luckily, we have created the ultimate guide for selling an inherited property for you to follow and get a successful close.
Variables of having a property handed down
● Possible scenarios
Typically, four possible scenarios might happen when trying to turn an inherited house into money. These are:
- The Probate Process – Whether you have the official will or not, estates often go through this legal process. This process controls the assets the person who died left and makes sure their wishes are followed.
- The title transfers to you – After the probate or other procedure is over, the title transfers to you and makes you a new legal owner.
- No probate – If the property is held in a trust, the trustee can sell the house and transfer the profit to you.
- Shared inheritance – Sharing the inheritance with others makes the process more difficult. In this case, you will need to discuss and agree on different aspects of sales with others.
● The worth of the house
When evaluating the worth of the house you got, the best option is to get a professional opinion. A trusted real estate agent will have your best interests at heart and be familiar with the current real estate market situation.
Therefore, if you want to hold an open house and get a good deal, it’s worth hiring a real estate agent to help you through the process, from the beginning to the end.
Caption: A real estate agent will give you the best evaluation of your house’s worth.
Alt-tag: A wooden house and three piles of coins.
Also, if you want to save the possessions of your loved one who has passed away, you can keep them safe in a storage place. Then, you can later decide to use or sell them.
Also, if you want to save the possessions of your loved one who has passed away, you can keep them safe in a storage place. Then, you can later decide to use or sell them. Just remember to do research on the storage company and know what good service should look like. This way, you will be able to access those belongings any time you decide. You will also be able to focus on important legal stuff until the process finishes.
● Mortgage – how much is it left?
This step will affect a lot of further decisions you will need to make. First, it is essential to determine if the mortgage was paid off or some of it left. If it is, you should find out how much you still owe. Additionally, it would be good to find out if any debts are left, like bills or taxes.
Likely tax implications
Here’s what you need to know if you end up having to pay some taxes.
● No tax exclusion
If you are about to sell a primary property, you can exclude up to $250,000 or $500,000 for a married couple from the sale revenue. Unfortunately, this doesn’t apply when selling inherited properties.
● Capital gains tax when selling an inherited property in Winston Salem
Many people worry about owing this type of tax. This is because the property has increased its value since being in the hands of the previous owner. However, there’s good news. You will only have to pay for the gains of the value that started from the day of death of the previous owner. This also means you will have to pay capital gains tax on any profit you make if you decide to rent it out, which results from selling the property later.
Before selling
There are a few steps left when trying to sell an inherited property in Winston Salem. First, you will need to sort out the legal stuff before you can sell the property. Here are the steps you should take.
● Wait for the probate process
Before you can sell the house that has been handed down to you, make sure it’s finished with the legal probate process. After that, you will legally be allowed to sell it.
● Designate a person responsible
If you are sharing the inheritance with your siblings or cousins, you should all agree on who will be the primary contact. This person will also be the decision-maker.
● Hire a reputable real estate agent
It would be best to find an agent who specializes or has experience with this type of sales. They will help you with a ton of stuff, from interacting with potential buyers to negotiating the sales to dealing with the paperwork. Real estate agents usually have a commission of 5-6% of the full price of your home.
Caption: When selling an inherited property in Winston Salem, it’s important to hire a trustworthy real estate agent.
Alt-tag: An illustration of two pairs of hands, one holding a bag of money and the other holding a house.
Prepare for the sale
No matter if you are selling a house of your own or an inherited one, preparing it for the act of sale is an essential step. With almost always necessary extra work, you can ensure getting higher offers and meeting your selling goals.
● Clean the house
A tidy and clean house is what every potential buyer wants to see. By this, we don’t only mean clean floors and new bedsheets. This step involves deep cleaning your home and depersonalizing it. In other words, making it clutter-free and free of any personal belongings. A bright, clutter-free home adds elegance to the look and allows your buyers to imagine themselves living in it.
● Hire an inspector
Many homes, especially inherited ones, might be in great need of repair and updates. So, this is an important step to take when selling an inherited property in Winston Salem. However, if you skip this step, a potential buyer might notice some problems in their inspection and want to negotiate a lower price. This is why it’s important to get ahead of any potential issues.
● Stage the house
For this step, you can hire a professional home stager or follow tips from the Internet to make sure your house becomes a model home. Home staging means making your home look the absolute best for your potential buyers, and there are many online resources out there to help you decide which option to go for.
If the sale of your inherited house is overwhelming and more than you want to deal with, AIP House Buyers will make you a fair no oblication CASH offer and if you accept the offer we can close in as little as 10 days.
Negotiations and different offers
Once you list your house for sale, you will probably get some offers and buyers willing to negotiate the price. Here’s what you should be aware of.
● Know your home’s value
If you did your research and had the help of your agent, then you most probably are aware of your property’s worth. You will most certainly encounter different buyers who will want to negotiate and make lower offers. If you are in a rush to sell, don’t accept the lower offer. Instead, make a counteroffer, which is closer to the price you listed.
Caption: Knowing your home’s value will ensure you won’t accept much lower prices.
Alt-tag: A person handing over the keys to the house.
● First offer
Should you accept it or not? The research says it might be better to have patience and wait for the right offer. If you accept the first offer you get, you might end up losing significant amounts of profit.
Final thoughts on selling an inherited property in Winston Salem
If you had a property handed down to you, there are a couple of steps you will need to follow to successfully sell it and close the deal. We know that selling an inherited property in Winston Salem can spark strong emotions. Therefore, we believe each step of the process should be well thought out and that you as a seller deserve clear communication along the way. If you need assistance during the process, feel free to contact us. We can help you sell your property with minimum effort and in record time.
Call or text AIP Hosue Buyers at 336-707-5223 for more information on the sale of your inherited house.