Inheriting a house or other property can be a complicated process. In most cases, a house needs to pass through probate before it can be passed onto a new owner. Small estates (those worth less than a certain amount) don’t always go through probate but estate’s that include real estate will most likely need to. Read on to learn more about Selling Inherited Property in Lynchburg VA.
Once it’s passed on, the house’s new owner will take over any existing mortgage and maintenance. They also have the option of selling the house, which can result in a big windfall in addition to a big tax bill. When inheriting a house, especially if you want to sell it, there are some important considerations to take so you can avoid possible issues later on.
We’re seasoned investors in Lynchburg real estate, and we’re looking to buy several houses each month in the Lynchburg VA area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.
Just call us today at 434-390-2906 or Fill out this form now for more information on how we can make you a fair cash offer on your inherited house today.
Can you sell inherited property?
Yes, you can sell inherited property and houses. The process of selling a house that you inherit is mostly the same as selling a house that you bought yourself. You can sell the house to investors or enlist a local Lynchburg Real Estate agent to help sell your home.
There may be different tax implications for an inherited house, so that may influence when you decide to sell. The house may also require extra attention before selling, whether that means cleaning it out or removing liens that are on the house. Repairs may also be necessary, especially if the previous homeowner couldn’t actively maintain the house.
Linken Investments will buy your house exactly as it is, no repairs or cleaning needed, and we pay all cash and close fast, in as little as 7 days in some cases or when it works best for you. Think of all the time and money that can save you. There’s no easier or quicker way to sell your Lynchburg house fast and get on with the next chapter in your life.
When you inherit a house or other property, the exact process depends on where you live and the value of the decedent’s (deceased person’s) estate. Commonly, the house will need to pass through probate before you can receive it as an inheritance. (This can be true even when you inherit a house that is paid off, depending on state law.) In certain cases, the home may transfer ownership through a transfer-on-death deed or according to the rules of a trust instead.
The probate process for a house
When someone dies, everything they own becomes part of their estate. The estate may go through probate, which is the legal process for passing on someone’s property, money, and other assets, after they die. During the probate process, the person overseeing the estate – the executor or the personal representative – will handle all of the paperwork, make sure the estate’s debts are paid, handle any tax returns the estate must pay, and ultimately make sure the estate’s property and assets are transferred to the proper beneficiaries. Depending on the size and complexity of the estate, probate could take months or even years. If there are disputes over who will inherit a decedent’s assets, probate can take longer and cost more.
Once someone inherits the house, the title is transferred into their name and they become the new owners of the house. All responsibility for home maintenance and debts, including the mortgage if the inherited property is not paid off, will shift to the new owner. It’s also possible for a house to pass to multiple people. Learn more about Understanding the Probate Process in Lynchburg VA
Selling an inherited house with other people
Inheriting a house with other people, such as your siblings or family members, can complicate future sales, but the house can still be sold. Learn more about Selling an Inherited House with Co-Owners in Lynchburg VA here.
The easiest situation with split ownership is to have all owners agree on how to proceed. Communication and planning are vital because a lot of work will need to be done before selling. Everything in the house will need to be cleaned out and throwing out the possessions of a loved one can be difficult or contentious.
Having one owner serve as the point person for the sale may help simplify the process. Otherwise, common steps in the home sale process — like choosing and working with a real estate agent, planning around open houses, and scheduling inspections — could take serious time and coordination if everyone wants to be involved.
What if not all owners agree to sell?
If a house passes to multiple heirs and the majority agree to sell but some don’t want to sell, it is possible to force the sale of the house. The owners who want to sell will need to file a kind of lawsuit known as a partition action, likely through the local probate court. The court can then allow the sale if the majority of owners agree. Proceeds from the sale will be divided among the heirs.
If the house has already passed through probate and the new owners don’t decide until years later that they want to sell, the process of forcing the sale is the same, except that it won’t go through the probate court.
Taxes when you sell inherited property
Upon selling an inherited home, you have to report it for the income tax purposes. You should first calculate your capital gain or loss. This is done by subtracting the basis from the sale amount. You should then report that amount to the necessary authorities.
Selling Inherited Property in Lynchburg VA can be stressing given the fact that you have new property to take care of and pay taxes for it at the same time
You can call Linken Investments LLC. now at 434-390-2906 to undertake a smooth and legitimate sale of your inherited property. We are local here in Lynchburg VA and we know the market here better than anyone else. If you are still asking yourself what are the tax consequences when selling a house I inherited in Lynchburg, then we would be happy to discuss it with you in more detail.
Selling an inherited house can relieve you of quite a burden. In addition to that, selling the property to an investor is a basic simple and fast process. Contact us for inquiries on how to go about things when selling your home in Lynchburg and we will be glad to help you.
At Linken Investments we buy houses in Lynchburg, Virginia.
We’re not listing your house… we’re actually the ones buying your house. Because we pay cash, we’re able to guarantee a closing date that works best for you. When you work with us there are no fees or commissions, like there are when you list your house with an agent. What this means to you is you don’t have to worry about extra costs, coming out of your pocket to sell your Lynchburg house fast. You don’t need to clean, paint or fix a thing, we’ll buy your house as-is. An attorney will handle all the paperwork, and any potential legal complications at no cost to you. Reducing your burden and making the process of selling your home as simple as possible for you.
We’ll know very quickly if we can help you, and unlike selling through an agent, you don’t have to wait to see if the buyer can get financing… we’re ready to buy right now! We know the area, which means we can help you sell your house fast no matter where it is or what condition it’s in (and even if there are tenants). We pay cash for Lynchburg houses.
Think of the peace of mind you’ll have when dealing with a reputable local home buying company like Linken Investments! While we pay cash for Lynchburg VA homes, we also offer options to sell your home in the way that suits you best. Including installment sales and listing on the local MLS. Call or Text us today at 434-390-2906 to discuss your options.
Sell Inherited House Lynchburg VA