Selling Inherited Property Tip #1: Discuss Everything with Your Siblings
When multiple people are inheriting the same property, it’s always a good idea to make sure you are all on the same page. You can find out if everyone is in agreement on selling the home and then start weighing your options for how to proceed with the sale.
Most of the time, everyone simply wants to sell the home quickly before any unwanted expenses accumulate and also just to help move on from the passing of a loved one.
Selling Inherited Property Tip #2: Consider Your Options for Selling
The option that usually comes to mind first is going the traditional route where you compare realtors and hire the best one to sell your home. The problem with this option is that it usually costs more money and requires more time than most people want to spend on their inherited property.
The realtor will want you to prepare the home for showing by making repairs or renovations and staging the home for a great presentation. After all that, there’s still no guarantee that the home will sell quickly, especially if it’s not in brilliant condition or located in a prime location.
The other option is to sell your inherited home to a cash buyer such as Fast Sale Florida.
Selling Inherited Property #3: Sell Quickly to Avoid Capital Gains Tax
Capital gains taxes can take a significant amount of money out of the final sell of your inherited property. If you decide to hold on to the inherited home for a while, you may be subject to capital gains tax if the fair market value of the home appreciates. However, selling the home quickly allows you to get all of the value out of the home without paying the additional capital gains tax.