Selling inherited properties can be a huge headache, not only because it’s usually an emotional and sentimental time, but also because it can be a long and arduous process. Trust us: we buy houses in Oceanside, CA as professional homebuyers, and we’ve come across our fair share of inherited properties and know just how difficult the process it can be.
Fortunately, we’ve learned a lot through our decades of experience, and we’ve simplified the process for you. Here is how you can sell inherited property in Oceanside, CA, and what to expect in every step of the way.
Step 1: Check for a Will
The first step people need to do when selling inherited property is to check for a will. A legal, notarized will is often the best way to show courts the people who are legally attributed to the property. A will can also have detailed, specific wishes about how the deceased would like their estate to be divvied up (within legally reasonable means, of course). It’s also the first step you take to initiate the probate process (more on this later).
Step 2: Start the Probate Process
In layman’s terms, probate is the name of the legal process wherein the court collates and lists down all of the financial assets of the deceased’s estate. This is to ensure that everyone gets their fair and legal share in accordance with both the law and the deceased’s final wishes.
At the start of the probate process, an executor is named by the court (if one is not named in the will). It’s the executor’s job to handle the distribution of the rest of the estate to those who are legally privileged to a share.
The probate process needs to be completed before any kind of sale can be considered: after all, only the person who has legally inherited it can initiate any sale. It’s always best to have a probate lawyer on call to help you through this process.
Step 3: Find a Buyer
Once the probate process is complete, or the person’s will has been carefully studied by the appropriate legal institutions. It’s time to find a seller. Selling your house, especially inherited property, in Oceanside CA can be an easy process if you know who you’re selling to.
Selling to a Professional Homebuyers is the quickest option, as professional homebuyers will often purchase properties with straight cash, and they will try to purchase it at prices as close to Fair Market Value as possible. They are the quickest, easiest way to offload an inherited property; that being said, selling to a professional homebuyer means you’ll have no control as to what they’ll do with the property after the sale’s been made. Still, if that’s not a consideration for you, then a professional homebuyer might be your best option.
Meanwhile, real estate agents can help you sell your property at Fair Market Value, or even higher. It’s one of the best ways to maximize the price of your property and they have the largest index of potential buyers. However, selling to a real estate agent is probably the slowest way to sell a property, as they will take their time to find the highest bidder, not to mention the heavy commissions that the real estate agent is due.
Step 4: Settle the Necessary Taxes
Of course, as with all types of sale, the government needs to have its cut, and selling an inherited property is no exemption. Once the sale of your inherited property is complete, you’ll need to settle your inheritance tax. You’ll also need to settle your capital gains and income taxes, if applicable.
With this process, it will be best to consult with a legal representative that can help guide you through the nitty-gritty of this step. Remember: the sale of your inherited property will go much smoother and without fuss if the right taxes are paid for completely.
Sell to a Professional Home Buyer!
We buy houses in Oceanside, CA, and we’ve seen all types of properties, from flipped houses to inherited properties. As one of the most trusted properties solutions providers in the country, Ignite Property Solutions has the necessary tools and knowledge that can reassure even the most cautious of buyers.
We’ve been buying houses with cash for over a decade, and we do our due research when it comes to finding the Fair Market Value of properties to make sure you get the most bang for your buck. Contact us, today, to learn more about what we can do for you!
