Getting your hands on new real estate is always a great time — unless you never asked for it, that is. With an inherited property, you never know what you’re going to get. The property might need a whole lot of work, inside and out, or could even be located all the way across the country. In many cases, the tax implications alone are enough to send you running for the hills.
All this adds up to be a real burden, serving as a never-ending time and money sink. Worse yet, the sentimental value could blur your outlook and make it difficult to watch buyers critique every last square inch of the inherited home. You deserve to preserve your memories and leave the burden behind.
We are here to extend a cash offer on your home without worry about its condition or the formalities. You don’t have to market the property, negotiate with buyers, or even wait for the bank to approve the sale. Instead, we listen to your needs and streamline the home sale, giving you cash fast. We even close within seven days to keep the entire process quick and easy for everyone.
Inherited homes do not arrive on your doorstep free and clear. They come with seemingly endless debts and tax implications, arriving as a huge obligation rather than a gift. The many repercussions could leave you reeling, despite never once wanting to be put in this position.
For starters, if the home loan attached to the property is not paid off, you’ll have to take on the debt and make payments each month to avoid going into foreclosure. You might also have to pay an inheritance tax if your state requires it. That’s a lot of money out of pocket from the outset.
And don’t forget about capital gains tax. If you stand to make a profit off the property, the capital gains tax kicks in with a vengeance. You could end up paying up to 15% of the difference between the purchase price and the sales price.
Your only saving grace is the step-up tax basis, which sets the purchase price of inherited homes at fair market value instead of zero as it would be with a gift. But there is a catch, you cannot hold onto the home for a long period of time or it could increase in value and land you with a big tax bill.
If you receive property with a $300,000 stepped up value and immediately sell it for that amount, for example, you won’t have to pay a capital gains tax. But if you hold onto it for a couple of years and try to sell once it has increased in value by $100,000 or more? You’ll have to pay taxes on the profits — and that could really hurt your bottom line.
It’s not just debt, tax implications, and the like you have to worry about either. Family strife can come up, especially if you have to work with your siblings to figure out how to handle the inherited property.
Perhaps you inherited the cottage where your entire family spent the summers going from babes in arms to adults with your own families. Or you ended up with the cabin on the mountainside where all your family reunions were held for as long as anyone can remember.
If that’s the case, some of your family members may want to hold on tight to the property in an effort to preserve their memories. Others might want to let go, so they can start to heal from their loss.
As all your family members state their differing opinions on how to handle things, you could get caught in the middle. If you’re not careful, the situation could start to breed resentment that grows with each passing day. Hard feelings may then start to develop, relationships could break down, and before you know it, no one is talking.
By selling the inherited real estate as soon as you can, you can skip all the drama in favor of results that make all parties as happy as they can possibly be. You can then split the profits and honor the memory of your loved ones in your own special way — and without all the bickering.
By now, you’re likely thinking that it’s best to offload inherited real estate from the get-go rather than wait it out — and you’re right. If that sends you scrambling for a real estate agent, hold on for just a second. You don’t need a real estate agent to sell an inherited house, and in many cases, it’s best to go without one.
By skipping the agents in favor of selling the home on your own, you can enjoy:
If you want to sell fast, you are likely better off going it alone than bringing a real estate agent into the works. And at Onestep Offer, we make it easier than you could have ever imagined.
At Onestep Offer, we know how difficult it is to juggle all the obligations that come with an inherited home. We are here to help make the process of selling that property as easy and stress-free as possible. With us as your buyer, you can skip the hassle and get straight to the good part: getting cash fast.
When you contact our team, we will provide a no-obligation cash offer that promises to free you from the burden of having an inherited property placed squarely on your shoulders. So, don’t wait another minute, give us a call today to get started.
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