Selling an inherited home in VA is not as easy as most people would think! Read on to learn how to sell a house you inherited in Roanoke VA…
Cross Properties, Inc., lead by Patrick Wilkinson, has been helping families deal with and sell inherited homes since 1996. Here are some great tips that will relieve you of your stress, and help your family recover.
First, there is always the emotional side of preparing a loved one’s house ready for sale, often including the de-personalization of the rooms and clearing out all of the belongings. There’s the difficulty of having to relive happy memories when cherished items are found. Then there are the costs of marketing the home in order to attract potential buyers.
Usually the heirs have to deal with the high costs of liens, mortgages, taxes, insurance, property owners associations, and other issues. Consequently, disagreements may arise about who should pay, and how much to pay.
To help you deal with these realities, Cross Properties, Inc. has compiled a few pointers that will help steer you in the right direction, if you ever find yourself in such a dilemma. Here are a few tips on how to sell a house which you inherited in Roanoke, without having to wake up in a cold sweat (much).
Making the probate process go smoothly
Get some advice
The first step is to get professional advice. You must understand the home’s status; if it is free-and-clear of all liens, or if it is in danger of foreclosure. Make sure that you verify your ownership through the will or the courts. Seek advice from a real estate and/or probate attorney. Get information from property experts as well. And, of course, completely utilize this website. Once you have the knowledge of home’s status under control, we can help by giving you a premium offer for your inherited local Roanoke house, as long as it qualifies. Fill out the form here to get the qualification process started.
Next Step: Begin the probate process in Roanoke
Before you embark on the selling process, your house must go through probate. Most counties allow for a summary probate – which is just a simple process that takes a very short time and involves less legal processes. Once your home passes through the probate process in Roanoke, you can then put it on the market, or sell directly to a cash buyer, like Cross Properties, Inc.
The tax basis of your property is the house value on the date that your loved one passed away. The difference between the amount you realize from the sale and that basis value is the “gain” on which you owe the taxes.
How to sell a house you inherited in Roanoke
Agreeing to sell
If you are ready to sell your inherited home in Roanoke, you can inform the executor (or personal representative) to petition the court in order to get the “go ahead” to sign and proceed with the sale from the there. Problems always arise when siblings who share the inheritance have different views – for instance some may want to sell the home while others may not. If this happens, it is important to “agree to disagree” and attempt to move on with the sale since it is often in the best interests of everyone to do so. It is important to involve your estate lawyer at this stage if anyone needs convincing that a sale would benefit everyone.
Preparing to sell
A house that belonged to a person who could not care for it may require significant repairs, and a bit of updating before it can be put on the market for sale. You can choose to hire a home inspector to make note of potential defective issues and recommend possible repairs. Although you can sell a home in Roanoke in “as is” condition, you may be forced to accept a lower price, especially if the home requires extensive repairs and cleaning.
You will also need to get rid of everything! Many heirs have estate sales, but others choose to obtain a trash dumpster and throw a lot of the belongings out. This is not easy to do, but is a must if the home is to sell.
We stand ready to help you
At Cross Properties, Inc. we have seen it all now that we’ve been buying inherited homes for over 24 years. We’ll always give you a premium cash offer and help you get as much value from your inherited house as possible. We often buy local homes in Roanoke, repair and fix them up and either rent them out or sell them to someone else looking for a great home.
If your local Roanoke house meets a few simple qualifications, we can buy your house fast, for cash, and close in 30 days or less.
DISCLAIMER: While we do have a real estate broker in Virginia on our staff, we at Cross Properties, Inc. are not attorneys, CPAs, financial advisors, or tax experts. It is always best to consult competent professional advice prior to making any decisions with regard to a decedent’s estate, or disposing of any real estate.