Posted on: 9 June 2023
Real estate is usually more hot than not, but that doesn't mean that a home sale will always go as quickly and smoothly as you wish. And if you've inherited a house and find yourself in a situation where you either need money or can't spend money to keep the house, you've got to sell fast. While there are buyers who focus on buying homes very fast, and usually for much lower prices than the homes are worth, your agent may be able to help you out. Some agents buy homes from clients instead of acting as a go-between for a sale, and that type of buyer is one you may want to work with.
You Suddenly Owe a Lot in Estate Taxes
A lot of parents like to put their adult kids' names on the deed to a house, thinking that will make inheriting easy when the parents die. Unfortunately, that results in estate taxes when the parents are gone because the house (if the parents' names were still on the deed) is part of their estate. There are ways around this, such as putting the house in a specific type of trust, but if your parents didn't do that, you could face a hefty tax bill. If you've got to pay it, then you've got to pay it, but where will you get the money? You could sell the home very fast and pay estimated taxes.
You Cannot Deal With the State of the House
It's entirely possible that your parents' old home is in bad shape. Maybe they couldn't keep it up that well in their later years, or maybe the house is so old that it needs massive rewiring and plumbing renovations to make it acceptable to buyers. But all that costs money that you might not have, especially if the house was really the only thing you inherited. Instead of worrying about fronting all this money for improvements and maybe being able to get it back a few months from now, when the work is done, you could sell the house as is to an agent who buys them directly.
You Need Money for Your Own Home
If you've been living in your parents' home and plan to continue living there as the inherited homeowner, regardless of whether you now have estate taxes, enjoy your home. But if you already have your own home, and it needs repairs or you have oppressive mortgage payments to deal with, your parents' old home is the ticket you've been waiting for. The cash you could get from selling the home would put you in a much better financial position. The problem is, would putting it through a regular sale get the money to you in time? If not, then a more efficient sale to an agent who can buy the house from you themselves is in order.
Contact a local real estate agent to learn more about inherited home buyers.Share