Selling an inherited home in KY is not as easy as people think! Read on to learn how to sell a house you inherited in Louisville KY…
First of all, it can be very emotional when preparing a loved one’s house for sale – depersonalizing his or her rooms and clearing out all the belongings can be difficult. There is also the financial costs of updating/repairing the property and marketing the house in order to attract potential buyers.
Heirs of the property also have to deal with the high costs of liens and other issues that may come up, oftentimes unexpectedly. Disagreements may arise amongst family members as you determine the best next steps for the property and the asking price.
We at FairSquare House Buyers have compiled a few points that should help steer you in the right direction if you ever find yourself in such a dilemma. Here are a few tips on how to best sell a house you inherited in Louisville.
Making the probate process go smoothly
Get some advice
The first step you should take is to get some professional advice. You need to understand the current status of the property. Make sure you verify your ownership. Seek advice from a real estate attorney. Get info from other experts as well. Check out our Probate Solutions Center here. We can also give you a fair deal for your inherited local Louisville house if it qualifies. Fill out the form here to get started.
Next Step: Begin the probate process in Louisville
Before you embark on the selling process, your house must go through a probate. Once your house passes the probate process in Louisville, you can then put it on the market.
Tax consideration
The tax basis of your property is the house value on the date that the person who willed it to you died. The difference between the amount you realize from the sale and the value is basically the gain on which you owe the taxes.
How to sell a house you inherited in Louisville
Agreeing to sell
If you are ready to sell your house in Louisville, you can inform the executor to petition the court in order to get the “go ahead” sign and proceed with the sale from the there. Problems always arise when siblings who share the inheritance have different views. For instance, others may want to sell the house while others may not. It is very important to involve your estate attorney in this stage. If you do not have an estate attorney, we are happy to make a recommendation. Please give us a call: 502-289-6166
Preparing to sell
A house that belonged to an elderly person may require repairs and a bit of updating before you can put it up for sale. You will need to get rid of everything! You can choose to hire an inspector to note down potential issues and recommend possible repairs. Although you can sell a home in Louisville “as is” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning.
Here at FairSquare House Buyers however, we will always give you a fair deal and help you get as much value from your inherited house as possible. We often times buy local houses in Louisville, repair and fix them up and either rent them out or sell them to someone else looking for a great deal.
If your local Louisville house meets a few simple qualifications, we can buy your house fast.