Selling An Inherited House

Keeping or Selling an Inherited House.

In most cases, getting a home from a family member is good thing. You have a physical reminder of the time you spent with them, or a new found way to finance the dreams you discussed with the family member before they passed away. Sometimes selling an inherited house is in the best interest of everyone involved. It could have been a kind thought or something out of the blue, but no matter how the fact is you now have ownership in a property. You may be sharing the cost of clearing the title, taxes, repairs or even a tenant with another family member or all by yourself.

We can help you decide whether to keep the home or sell it and split the proceeds with all involved. If you are from out of the region or right down the street from the property, we can really help you decide with an offer to purchase your home. If you have questions about the tax implications of selling, we do not offer tax advice but can tell you that the basis for such events are stepped up to minimize capital gains. You can read more about it here from the IRS Publication 551, Basis of Assets and then contact us to discuss.

We believe in having a smooth and transparent purchase with you. That’s why we want you to know that we intend to fix and sell the home at a retail price and for a profit. In some cases we will sell the home to another investor who will complete the necessary repairs or it may be sold to another investment company and placed in their rental home inventory.