How To Sell An Inherited Property?

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How To Sell An Inherited Property?
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How To Sell An Inherited Property?

• Selling an inherited property can involve a more
  complex process.
• If it is not handled properly, it can result in
  waste of time and money and cause a lot of
  frustration.
• The following points will take you through the
  process to sell an inherited property in a smooth
  way.

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Probate

• Depending on the size and value of the property,
  a legal counsel may or may not be required during
  the process and how long it takes can vary.
• Once the property has gone through probate, the
  executor of the will gets the authority to
  distribute the assets and settle the debts.
• That process gives you the permission of the
  court, and the siblings to the executor, to sell
  the property.

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Choose Your Real Estate Agent

• Then you should choose the right real estate
  agent, who has experience in handling
  transactions involving inherited property.
• We at HelpFindingMyAgent can help you find the
  best realtor who has relevant experience in the
  local market.
• Once you have everyone's permission, you should
  prepare the property for sale.
• This will start with cleaning out any of the
  belongings in the property and carrying out any
  repairs.

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Choose Your Real Estate Agent

• It will be best to hire an inspector to identify
  any problems that need repairs.
• Your real estate agent can also offer suggestions
  on what you need to do to make the property more
  marketable.
• This can involve doing more than some repairs -
  upgrading the kitchen or bathroom.
• If you want to sell the property on an as-is
  basis, be ready to accept lower prices if it
  requires lots of repair or cleaning.

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Tax Reporting

• Tax is calculated on inherited properties in a
  different way.
• The tax basis is taken as the value of the house
  on the day the person who willed it died.
• The tax will then be calculated on the difference
  between this value and the sale amount of the
  house.
• The gain on the sale has to be equally divided by
  the siblings and reported.

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Call us at HelpFindingMyAgent now at
1-844-434-6324 and we can help you find the right
agent who is experienced in inherited property
sales.
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