When you are in a situation in which you have inherited property or a home that you are not interested in keeping or moving into, you may wonder what you can and should do to properly sell the inheritance you received. This can be a somewhat complicated situation to deal with. However, if you take the proper steps, you can quickly get your inherited home on the market and sold as smoothly as possible. Get to know some of the steps that you should take so that you can get the process started.
Go Through The House Thoroughly
Before you put the house you inherited from a loved one on the market, you will want to go through the house and perform a thorough walk-through. This walk-through serves a few purposes for you.
First, you will be able to determine if any of your loved one's possessions were left behind in the house. Secondly and more importantly, you can walk through the house to get an idea of the exact condition it is in. By getting an up-close view of the house, you can decide whether or not you want to have any repairs done before you try to sell the house.
Hire a Real Estate Attorney
Because the transfer of the house deed to your name through your inheritance as well as the subsequent sale of the house can be tricky, it would be a good idea for you to hire a real estate attorney to help you with all of the ins and outs of the process. The real estate attorney will be able to handle the transfer of the deed to your name as well as communicate with your real estate agent to get your inherited house sold at no hassle to you.
The attorney will help to ensure that everything is done properly and that the sale of your inherited house is completely legal and above board. They will also protect you from any real estate agents that may be looking to take advantage of a person who is grieving.
Talk to an Accountant
What you may not realize is that, when you inherit a home, there are certain tax implications. There are estate taxes, inheritance taxes, and property taxes that may be due immediately when you inherit the home or when you sell it.
As such, you will want to talk to an accountant before you commit to the sale of your inherited property. You may want to consider another option such as keeping the house for yourself or renting it out depending on the exact laws regarding property taxes in your state.
With these factors in mind, you can better handle the process and ensure that you get the house you inherited taken care of as quickly and efficiently as possible.
For more information and advice, talk with a real estate attorney or visit websites like http://valentineandvalentine.com.