We Buy Houses In Vancouver WA and have a lot of experience helping people selling an inherited house Vancouver Fast, so we are going to share that with you here. Selling an inherited property comes with a mix of emotions. The house can be a valuable asset for you and your loved ones, but you need to be ready to make an array of tough financial decisions. After the passing of your loved one, these decisions can be hard to think about, but ultimately, you will have to decide what to do with the inherited home.
Typically, you will have three options: move into it, rent it out or sell it. Out of the three, the best and simplest is to sell the property and share the proceeds among the beneficiaries. But what about the selling process? What option do you pick and which one is the best if you wish to sell fast? Let us take a deeper look.
Options for Selling an Inherited House Vancouver
- List with a Real Estate Agent
An agent is likely to give you the most possible money for the property using their knowledge and experience to market to potential buyers via real estate markets like the MLS. Also, a real estate agent can provide solid advice when the offers start rolling.
- For Sale by Owner (FSBO)
If you choose to sell the house on your own, you will not have to pay commissions to the agent. However, taking this route means you’ll have to handle all the marketing and closing aspects yourself. You may be able to save on the initial costs, but ultimately, it is hard to sell the property for as much as a real estate agent would.
- Sell Fast to Cash House Buyers
Basically, cash house buyers are real estate investors who purchase homes at a reduced price, handle the repairs and renovations and then flip them for a profit. This can be an excellent option if you are looking at a distressed property or do not care about getting top dollar for the house. It’s also an option worth considering when you are looking to sell fast.
Why Selling an Inherited House Vancouver Fast Makes Sense
There are many reasons why you may want to sell an inherited house as soon as possible. Here are some primary ones:
(i) Probate is Expensive and Time-Consuming
When an individual passes away, their property is put into a legal process known as probate. This is a legal proceeding that’s used to settle an individual’s estate after they pass away. The problem with probate is that it’s expensive and time-consuming, involving a series of administrative, legal, and tax work. Even with a valid will that specifies the beneficiaries and executors, it could take between 3 and 6 months before a Grant of Probate is provided. And even after this notice, it could take up to 12 months for the executors to administer the estate.
If the will is disputed or unclear, this process could take even longer, not to mention that you have to locate missing beneficiaries and pay the inheritance tax. At His Hands Properties, we are well aware of the legal proceedings that come with inherited property. By doing business with us, you do not have to lift a finger. We will handle every aspect, including the closing formalities.
(ii) Capitalize on Huge Tax Breaks
If you sell the inherited property fast, even if it has substantially increased in value since the dead loved one bought it, you will not pay capital gains tax. The home’s tax basis is brought to the present-day market value at the time of the individual’s death. This means that you inherit the property at the fair market value, and when you sell it, any tax you owe will be based just on the increase in value when the property is in your hands.
Inheriting tends to be filled with both emotional and financial consequences. Most people can’t handle the stress that comes with the property and often end up doing nothing, which can be very costly. Do not allow your inherited property to cause stress or cost you money.
(iii) Inherited Houses Involve Costly Repairs
Most inherited properties tend to be in disrepair, either because the previous owner was either too ill or old to handle proper maintenance. The house could be infested by mold, appliances may not have been updated, the roof might be leaking, it could have sustained water damage and as a result, become unhabitable. Keep in mind that as a beneficiary, you’re liable for all repairs and renovations before moving in, renting it out, or selling it. These repairs tend to be costly and time-consuming. Renting it out is particularly risky as, without the necessary repairs and maintenance, you may end up in legal trouble.
His Hands Properties buys properties on an as-is basis. This means you do not have to spend a cent on those costly and stressful repairs.
As you can see, selling an inherited house Vancouver fast is quite advantageous. You don’t have to deal with the stress of repairs and can benefit from massive tax breaks. Fill in this contact form to get an estimate for your inherited house today!