Sell Your Inherited House To Us Fast and Simple?“I inherited a house. Now what?” Learn more about selling an inherited home below.
Sell Your Probate House To We Buy California Houses For Cash
Steps To Selling An Inherited House For Cash
Does The Condition Of My Inherited House Affect Your Decision To Buy?
A home’s condition affects the price and how long it would take to sell. But if you contact us, we can buy your home fast, regardless of the condition. That’s why we ask about the condition of your home when you contact us. We also request pictures or an inspection before buying your house to determine the extent of repairs required.
Why do we buy houses as is? Because we intend to renovate or remodel the house either way, so why stress you with renovations? You’d be shocked at how incredibly easy real estate could be when you take out renovations and inspections. If you are wondering how can I sell my inherited house without any hassle? Sell your house to us. At We Buy California Houses For Cash, we specialize in putting effortlessness into the home-selling process. Contact us for a fair cash offer; you won’t regret it!
How We Buy Your Inherited House
Reach Out To Us
We’ll get to know you and ask for details about your property.
Fair Cash Offer
Our offer remains the same till we close. No bait and switch or lowballing.
You can customize the closing to suit your schedule.
Your probate house could be one less hassle to deal with if you sell to us. We’ll handle all the grunt work. But it all starts with you contacting us and connecting with our purchasing agent. We will answer all your questions and guide you through the selling process. Our purchasing agent will take pictures of your home and ask questions to get more information about the house. All information gathered, and the current market value will inform our fair cash offer. You are not obligated to accept our cash offer, but if you do, we’ll close fast.
After closing, we’ll pay you cash. That’s all– no worries or stress. Our process affords you the freedom to do anything you want. Care to find out how much we’ll offer for your house? We are sure you’ll love to hear what we have to say.
Selling An Inherited Home With A Mortgage
Underwater mortgageUnfortunately, inheriting a property with an underwater mortgage is a bummer. It means the loan on the home outweighs the property’s value. We suggest you consult the mortgage lender to determine the most reasonable solution. But a short sale is one of the best solutions you can experience. Short sales means getting less for the house than the outstanding debt. However, if you are stuck with an underwater mortgage, call out the team today. We can’t wait to provide some creative solutions that would benefit you immensely! In most cases, we can provide a competitive cash offer.
Due on sale clauseDue on sale clause is a contract that requires the full repayment of the mortgage loan upon the total or partial transfer of the property used to secure the mortgage to someone else. However, the new owner can’t assume the mortgage. But we recommend that you speak with the bank to be sure of how this works.
Understanding Capital Gains Taxes On Inherited House
We’ve met several clients who decided to sell their inherited homes to avoid taxes. Inheriting a property alone doesn’t trigger taxes (what a relief!). But what you do with the house does.
If you decide to sell the property, you’ll become liable to pay Capital gain tax, especially if you sell at a price higher than the purchase price. You can avoid or reduce the Capital Gain Tax if you live in the house for a minimum of 2 years. Can’t live in the house? Don’t be worried; there’s one more option: the STEPPED-UP BASIS for calculating taxes.
Stepped-up Basis For Calculating Taxes
It’s simple. When you sell an inherited property at the current market value, you will be taxed based on the price difference between the sale price and the property’s market value as of when you inherited it.
“Hun?!” This illustration will give you more clarity.
You inherited a property from Aunt Jenna. She bought the house for $40,000 in 1960. Now, it costs $400 000. Instead of paying a tax on $360 000 profit, you’ll only be taxed based on the gain made from the time you inherited it at $400 000 and sold it. So, let’s assume you sold it for $450 000; you will only be taxed on the $50 000 gain instead of $360 000. Note: This is subject to change by the current administration. Hence, we suggest you consult a real estate expert to know current tax laws regarding an inherited home.
Let’s Ease Your Wories By Buying Your Inherited House
We know how difficult it must be to lose a loved one, and you probably have a lot on your plate. If managing an inherited house will complicate your life, we’ll take it off your hands immediately! Call us at (510) 954-8857 or complete our property form. We’ll buy the house so fast that you’d have enough cash to do anything you want.
What You Need To Know While Selling An Inherited House
At We Buy California Houses For Cash, we are adept at working with family members and executors (in short, all parties involved). We’ll save you a trip to a realtor and thousands in commissions because you don’t need an agent while working with us. This helps speed up the process incredibly! Consequently, we can close the deal in one week! If you are contemplating getting a “sell my house fast” solution, give us a call. Probate or not!
A deceased transfers an inherited house in three different ways.
As the most expensive way to transfer a title, probate is quite a hassle. It’s the administration of a deceased person’s will or a decedent’s estate without a will. Sometimes, the court orders the settlement of debtors (if any) to claim the property. Without a will, the probate court will appoint an administrator, and the state laws regarding inheritance will kick in.
A living trust is the most seamless way of transferring property. A trust is a legal document detailing the distribution of possessions and assets to relatives. The grantor or deceased often names a trustee who would manage the assets and be responsible for any actions regarding all properties mentioned in the trust. For instance, the trustee oversees the sale of the property and ensures the money is split accordingly. In essence, a living trust aids a smooth transition of property ownership.
It’s when a deceased dies testate with a beneficiary will. If you inherit a house through this method, it’s yours, and you can sell or manage it without going through probate.
Are Your Co-heirs Onboard With Your Plans To Sell?
Of course, you need the other co-heirs’ consent to sell the inherited house. The earlier you get them on the same page with you, the better. Afterward, you need to confer with the estate executor. The executors are legally authorized to make decisions affecting the estate. Hence, they need to be involved in every decision pertaining to the property. In cases where the deceased didn’t name an executor, the family or court can elect someone as a representative. In our experience, this unanimous vote falls on someone with enough time and emotionally ready to manage the property.
We’ll Buy Your Inherited House The Fast And Easy Way
Can’t afford to manage a house at the moment? We understand. Sell your inherited home to us in California and get fair cash for your house. Regardless of your property’s current condition, we can handle it. We’ve bought the worst houses in the past and repaired and cleaned them to make them market-worthy.
Do you have tenants or squatters in the house? It doesn’t matter. We buy rental properties often, and we’ll deal with the necessary paperwork.
Selling your inherited home to us means you won’t deal with home upkeep, mortgage, taxes, and other housing duties. Whether the house is probate or not, selling it for cash to a cash home buyer might help a lot.
Ready to save yourself some time and money? Our property specialist is at the other end of the line, waiting to check out your inherited home.
There Are Other Cash Home Buyers; Why You?
Of course, the real estate market has boatloads of cash home buyers promising to buy your home as is. However, there’s a reason we are one of the top real estate investors in California. Most cash home buyers make initial offerings that they can’t keep, only to reduce it at closing. While some outrightly cancel the deal due to financial contingencies.
At We Buy California Houses For Cash, we can guarantee that we’ll make you a firm cash offer which doesn’t change until we close. Since we can finance the purchase, we’ll close the sale without any catches.
We Buy Houses As Is. Fast!
We all could use one less stressful task in our lives. So, selling your inherited house doesn’t have to be a hassle. Let’s make this one of your most effortless experiences. Oh, let’s not forget that it would be swift as well! Fill out the form below to get started.