Selling an inherited home in Pennsylvania is not as easy as people think! Read on to learn how to sell a house you inherited in Philadelphia, Pennsylvania.
First of all, there is the emotional aspect of preparing a loved one’s house for sale, which often includes depersonalizing rooms and clearing out belongings. Then there is the cost of marketing the house to attract potential buyers.
Heirs usually have to deal with high costs of liens and other issues, which can lead to disagreements.
At Mike’s Cash for Homes, I’ve compiled a few tips to help guide you in the right direction if you find yourself in such a situation. Here are some tips on how to sell a house you inherited in Philadelphia without much hassle.
Making the Probate Process Go Smoothly
Get Some Advice The first step is to seek professional advice. Understand the status of your house and verify your ownership. Consult a real estate attorney and gather information from other experts. Utilize this site fully, and if your inherited Philadelphia house qualifies, we can give you a fair deal. Fill out the form here to get started.
Next Step: Begin the Probate Process in Philadelphia Before selling, your house must go through probate. Most states allow for a summary probate, a simplified process that takes a short time and involves fewer legal steps. Once your house passes the probate process in Philadelphia, you can put it on the market.
Tax Considerations
The tax basis of your property is the house value on the date the person who willed it to you died. The difference between the sale amount and the value is the gain on which you owe taxes.
How to Sell a House You Inherited in Philadelphia
Agreeing to Sell If you’re ready to sell your house in Philadelphia, inform the executor to petition the court to get the “go ahead” sign and proceed with the sale. Problems often arise when siblings sharing the inheritance have different views—some may want to sell while others may not. In such cases, it’s important to “disagree to agree.” Involve your estate lawyer at this stage.
Preparing to Sell A house that belonged to an elderly person may require repairs and updating before being put on the market. You will need to clear out all belongings. Consider hiring an inspector to identify potential issues and recommend repairs. Although you can sell a home in Philadelphia “as is,” you may have to accept a lower price, especially if the house requires extensive repairs or cleaning.
At Mike’s Cash for Homes, we will always give you a fair deal and help you get as much value from your inherited house as possible. We often buy local houses in Philadelphia, repair them, and either rent them out or sell them to someone else looking for a great deal.
If your local Philadelphia house meets a few simple qualifications, we can buy your house fast.