Selling an inherited property can be a nerve-wracking proposition. With that said, selling one of these properties in Kansas City doesn’t have to be as hard as one might expect.
There are certainly emotional factors at play when it comes to dealing with any property that you might have inherited. It’s tough to go through each room to remove your loved one’s belongings, slowly stripping away what remains of a life well-lived. You’ll also need to deal with the sometimes awkward proposition of figuring out how to market a home in which you’ve never lived, but that might mean a lot to you.
If you are going to sell, though, it does make sense to learn how to do it as efficiently as possible. That’s why there are some very specific steps you can take to make life a bit easier on all involved.
Start by Talking to a Professional
The best way to get started is by talking to a real estate professional. Once you know that you’re inheriting the home, you’ll need to get someone to look at the house and tell you what it’s really worth. Likewise, you’ll need to talk to a real estate lawyer to figure out what rights and responsibilities you may have, as well as to understand what the consequences are of any liens that might be on the property.
Get Probate Started
Now that you know what you’re going to do, you’ll have to deal with probate. In a best case scenario, probate will be quick and uncontested. While it could take longer, you’ll only be able to sell the home once the estate has made it through probate and the home is legally yours.
Get Permission to Sell
Since probate can take some time, you’ll want to go ahead and talk to the executor of the estate about your plans to sell. He or she can petition the court to allow you to sell the house, which should let you get the house on the market more quickly. Note that this is usually the part of the process where those that disagree with the will tend to jump in, so you’ll want to have your estate attorney standing by for any challenges that may occur.
Prepare the Home
The toughest part of this process is often getting the house ready to sell. It’s not uncommon for the homes of the departed to be in disrepair, and even those that are in good shape still need some work to get them ready for the market. This is when you’re going to have to deal with the heart-breaking process of removing personal effects and figuring out what can stay in the home as well as what must be changed.
It’s often a good idea to consider selling your home to a Kansas City house buying company that buys houses as-is. Doing so will not only help you to sell the home more quickly, but it will reduce the emotional burden that comes with selling an inherited property. This can be a great way to allow a professional to undertake the process of getting the home ready to sell while still allowing you to get the most from the sale.
Deal with the Taxes
Finally, you’ll want to deal with the taxes. When you want to sell my Kansas City home fast, you’re usually going to be taxed based on the amount of profit that you make on the sale. Since you’re selling an inherited property, things work a little differently. The tax basis that you have on the property is what the property was worth when the deceased passed away. You’ll be taxed on the difference between what you made on the sale of the house and that tax basis rather than the full amount of the sale price.
Contact Best Offer KC today to get help, guidance and a fast cash offer to sell your inherited Kansas City house today!