HOME BUYERS IN OMAHA
Selling Your Inherited Home
Are you looking to sell a recently acquired or inherited property? McCright Properties will be happy to work with you to close quickly and get a fair cash offer for your property. No matter the condition of your home, Mccright Properties will give you a fast and fair cash offer to sell your home. We will always close free of charge as our way of saying Thank You.
When you inherit a home, there are a few things you'll need to consider. There are quite a few aspects you'll need to consider before making any decisions. These can include tax obligations to what your overall plans are for the home. Majority of people will decide what to do with their home based upon their current finical situation. Below we will explain the monetary impacts an inherited property bring upon you.
Inherited Taxes and Debt
Based on the Fair Market Value the IRS asses the home at will determine how much you will be liable for when it come to property taxes. Additionally if you decide to sell your home, you will be responsible to pay taxes on the profit you make from the sale. In other words if the FMV for the house is $200,000 and you sell the property for $250,000 you will be required to pay capitol gains tax on the $50,000 profit you made from the sale.
Another potential inherited cost is an open mortgage on the home. There are multiple aspects to a mortgage but the most important is knowing if the remaining debt is due upon acquisition or on the sale of the home. Assuming the mortgage is due upon receiving the home, you will responsible for the existing mortgage payments, often times on the original loan terms.
However, some mortgages, most commonly reverse mortgages require that the seller pays the remaining balance on the loan at the time of the sale.
Upkeep and Repair Costs
If the home you've inherited hasn't been well maintained, there will likely be many repairs that need to be made to either prepare the house for sale or occupancy. In order to know what fixes are needing to be made, an inspector can be hired to assess the state of the home and offer recommendations on what needs to be repaired or replaced.
Depending on the age of the home, these repairs can add up quickly. In turn this can limit the options you have when dealing with the property. Let's assume the home needs a new roof, windows or driveway in order to prepare it for sale on the market. You might not have the necessary resources in which to get this done, hindering your ability to make a sale.
If you're planning on keeping the home, any reoccurring costs will needs to be considered such as utilities and property taxes.
Moving Into The House
Moving into the home can be an alluring idea, especially if it's in relativity good shape and a good location. But, this should be done with caution and all of the costs should be taken into consideration.
If the home has an outstanding mortgage, you will want to find out if it is more than the value of the house. If so then paying into that mortgage won't make financial sense there are some option you have such as refinancing, a short-sale, walking away or renting out the home.
Selling Your Inherited Home
If the acquisition of the inherited is simply too much financial or emotional stress. Consider taking a cash offer for the property. The process is fast and simple, we begin through touring the property and making your a fair cash offer within 48 hours. Contact McCright Properties today to schedule an appointment to sell your inherited home now.