If you want to sell inherited property in Covington, Louisiana, you have a lot to think about: assessing the value of the house, paying taxes, and finally, deciding what to do with the property.
Deciding what will be done with the inherited property is called the “probate process.” It begins when the court appoints a representative to handle the estate – determined by the will, if there is one.
If property ownership falls to you, it may be the case that you’d like to sell the house. Most home inheritors do in Covington. If you decide to go this route, there are several necessary steps you should know about to sell your inherited property:
Validate The Will
First, you’ve got to verify the will in court so that it can be recognized as a valid public document. This officially begins the probate process. The probate court also gives authority to the executor (usually the spouse or a close relative) to carry out the will.
Determine The Value Of The Inherited Property
Determining the value of your home is a simple, but important process. Get advice from real estate professionals, and take a look at other comparable properties that have been sold (not just put up on the market) to get a realistic idea of how much you can sell for.
Get The Advice You Need From An Attorney
Unfortunately, getting an inheritance can come with its own set of complications. Finding a good probate attorney in Covington will be invaluable.
For example, the deceased may have owed money at the time of death, which could delay the probate process by giving creditors time to prepare their claim. It must be the priority of the executor of the will to pay back creditors.
Or, there may be disputes between multiple heirs – such as siblings – over what to do with the property.
In both of these cases, a real estate attorney can step in to help you to legally distribute the inherited property.
Hire a Tax Professional
A tax professional can help you to determine how much you owe in taxes – depending on the value of the home, and how much you sell it for. During this “holding period” of determining what kind of taxes you must pay, you can still sell your home.
If you choose to sell the property immediately, you won’t need to pay any capital gains taxes. If you choose to retain the home for a period of time before selling it, you will need to pay taxes on the sale value, and the value of the home when you received it.*
Sell Your Inherited Property In Covington, Louisiana
Once the probate process is over, you are read to sell your inherited home! This is the exciting part of the process, but still requires a number of necessary steps. First, the executor of the will must get a “green light” from the court to sell the house. Then, you must prepare the property to sell.
Your inherited property may need a number of updates and repairs in order to sell. This may require hiring an inspector to evaluate the safety of the home, performing significant deep cleaning, and undertaking pricey renovations.
If it’s the case that your property is in poor condition – and can’t be conventionally financed – selling it for an all-cash offer may be your best option.
That being the case, it may be best to sell it directly to an investor. Typically, an all-cash offer made by an investor won’t necessarily be lower than an all-cash offer made on the market. Plus, you’ll have to pay an agent an extra expense to put the house on the market.
You can sell your inherited property in Covington, Louisiana directly and save time, money, and extra headaches of paperwork and administrative tasks. It simplifies the selling process, so that you get an all-cash offer quickly and conveniently.
If selling your inherited property in Covington directly sounds like something you would be interested in, please contact us. We’d love to talk to you about your options for selling your home. We buy homes in Covington for cash, making the process fast, easy, and profitable for you.