- Verify ownership: this is the first step towards, selling an inherited house in Phoenix. Start by getting some advice from a real estate attorney to make sure you are qualified to sell the house. In the presence of a will, ensure that your name matches the property. This first step will save you the agony of future legal battles.
- Commence the probate process: here the former house owner’s debts are settled, and the legal title of the house is passed on to the inheritor. It is important to note that there are several other alternatives to probate, but they solely rely on particular circumstances and facts and the fact that the family can act in unison. In Houston, you are allowed to do a summary probate that involves lesser legal undertakings and takes a short duration to complete.
- Considerations on tax owing: your inherited house tax basis is its value at the date you inherited it. The money difference from your proceeds from the sale and the value at the time of inheritance are actually what your debt in taxes.
- Selling: having made the decision to sell your Phoenix inherited house, contact the executor, who will petition the court on the issue. The court then gives you the “green light” to commence with the sale. This is important because there can be a rivalry in a multiple inherited house where one inheritor wants to sell the house while the other is of a different opinion.
Having cleared with the court, you now have two options for selling the house you inherited. You can contact a house buyer that will offer you a cash price for a quick closing, or you can prepare your house for sale.
By working with a house buying company, you don’t have to mess with the headaches or rehabs, unresponsive contractors, and the countless other issues involved in getting your home market ready. In Houston, you can sell your inherited house as it is but here you have to settle for a lesser price on HAR. We can help bypass all these issues while giving you a fair cash price for your home. Whatever you decide to do. Happy selling!