What To Consider When You Have Inherited a Home?

July 11, 2015

Baby boomers are expected to inherit about $27 trillion over the next forty years, and much of that will be the homes their parents lived in. Inheriting a parent’s home can bring on a great deal of emotional and financial uncertainty, and it only gets trickier if there are siblings involved.

What are Your Options?
If you have inherited a home, it can help to understand that you have three basic options: selling the home, moving into it yourself, or renting it out as an investment property. It’s this first option that can be the hardest for most people. After all, you can probably decide with a bit of thought if you want to move into the home, or if you have the time, energy, and money to devote to being a landlord. It’s often the thought of selling a loved one’s home for many years — a home that has seen its fair share of memories — that’s hardest. Here’s what you should know about selling an inherited home.

Selling a Home You Inherit
There are several advantages to choosing to sell the home, if you can come to terms with the fact that the house is just a house; the memories you take with you. While you may need to pay taxes on any amount you receive, many beneficiaries are able to avoid capital gains taxes. This is because you get a stepped-up basis on the home. You will only pay taxes on gains over the home’s fair market value at the date of your parent’s death if you sell. This should be a big consideration when you ask yourself, “Should I sell my house fast or hold onto it and see what happens?” The faster you sell the home, the less time it has to appreciate in value and the less you pay in capital gains taxes.

Another big consideration is whether the home has a mortgage. Many people inheriting a parent’s home do not have a loan to worry about. Still, even if the original loan was paid, your parents may have taken out a reverse mortgage. Keep in mind you can only assume the mortgage if you plan to live in the house yourself. If you plan to rent it out, you will need to refinance it into your own name. You cannot assume a reverse mortgage as a beneficiary. If your parent’s home has a mortgage and you do not have the credit rating or money for a refinance, you may be left with only one option: selling. If that’s the case, look into ways to sell my house fast to avoid the financial burden of making mortgage payments on a home you can’t own yourself.

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Selling House Before or After Divorce is Final?

March 18, 2015

A house can be a sticky item in any divorce. Especially if you have been living with your spouse in the same house for many years, a house can represent more than just a home. It is a familiar setting, a place where friends and extended family come to visit and you have become quite fond of the nice elderly couple who lives next door. In short, it is difficult to move out of a house that you have gotten used to returning to every day after work. Even if you and your spouse cannot stand each other anymore, it is also the place where your children live; consequently, trying to figure out when to sell a house, before or after a divorce, is never an easy decision. Here are a few things to consider that might help you to effectively work through this issue.Should I Sell My House After the Divorce?Selling your house after the divorce will inevitably involve a bit of risk on both parties. Assuming that the court will split the amount obtained for the house equally between both parties in a d
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Action Plan for Selling a Home

March 16, 2015

Once the decision is made to pull up stakes and seek a new piece of the American dream, there is much work to be done to sell my house fast.Research the MarketEvery community’s real estate market is different so seek out local professionals who can advise you on your home’s likely selling price.There’s a saying in real estate that you don’t want to buy the biggest house on the block or the smallest house. Keep this in mind if your house is out of the ordinary in your neighborhood. Talk to local real estate professionals about realistic pricing and do your own research. Setting the price too high in the beginning can lead to a longer time to sell. It can also lead to low-ball offers after the price is cut several times.Inspect and RepairNormal wear and tear can take its toll on your own little castle. An experienced home inspector can tell you what repairs are needed. Few buyers are looking for a handy-man special and most will get their own inspection during the purchasing process. Do
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Selling Your Property Fast When You Relocate

March 13, 2015

If you have to sell property due to a relocation for your job or other reasons, you likely will want to sell the house as fast as possible. Here are a few tips on how to make that happen.Price it rightThe most important thing you can do when you are trying to sell your house fast because you have to move to another city or state is to get the price right. Price your home too high, and the house will likely sit and may not even attract potential buyers to look. Price it too low and you may not get enough out of your home. Having your Realtor do a market analysis should help you get the price right.Make it shineHomes that show well tend to sell faster, so when you need to sell your home fast because you are relocating, it’s important to make sure it is in the best shape possible. In addition to doing a thorough cleaning job, you need to declutter by removing as many unnecessary items as possible and putting them in storage. This includes depersonalizing the space by removing family phot
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How to Avoid Real Estate Expired Listing

March 10, 2015

Real estate listing contracts usually last several months. Six months is standard, but some agents may agree to only three months. No matter how long the contract to sell real estate is, both you and your agent want to avoid an expired listing. When that happens, the agent doesn’t get paid, and you are stuck with a home that hasn’t sold. Here are some tips to avoid an expired listing.Listen to your agentThough your agent may have a contract for six months, he or she would much rather sell your house in six weeks or six days. The faster your home gets sold, the less time and money your agent has to spend and the more money he or she will make. That means any advice you get is going to be focused on getting your home sold quickly and for as much money as possible. If your agent tells you to list it for a certain price, for example, that’s likely the price he or she feels will get you the quickest sale for the most money, so you should heed that advice.Stage your home properlyPricing you
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Foreclosures: What You Need to Know

February 24, 2015

Roadside signs and online ads can commonly be found stating things like, “We buy houses.” These ads are typically from real estate investors looking to obtain a discounted property, such as a property heading into foreclosure. A foreclosure, often referred to as a REO or bank owned property, is a type of distressed property that has reverted back under the control of the original lender. Real estate investors and discount home buyers often seek out these types of properties as an alternative to paying higher prices on traditional retail properties. In many cases, a foreclosure property will be sold at or below market value. In some situations, however, they will be sold for well above market value. For this and many other reasons, those who are interested in purchasing foreclosure properties should become familiar with the way foreclosures are transacted before attempting to invest large sums of money in this type of asset.Common Types of Foreclosure SalesThere are two primary methods
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How To Sell A House In A Short Sale

February 23, 2015

When you are looking for the answer to “What is the best way to sell my house?” one of the answers may be to offer it as a short sale. Short sales have become more common in the last ten years and many real estate professionals prefer this method for a quick sale.What Is A Short Sale?A short sale is when the owner of a home is given permission by the mortgage holder to sell their home for less than what is owed on the loan. These types of sales can only be approved by the loan holder, and the owner must have this approval prior to offering the home for sale in this manner.Once you have the ability to place your home up as a short sale, home owners would benefit from working with a real estate professional to help market the property. Many buyers are specifically looking for homes that are offered as short sales because the buying process can be quicker than buying a home in other ways.Working With The LenderIf you want to sell your home as a short sale, you must contact your lende
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The Best Way to Sell an Inherited Property

February 19, 2015

Selling an inherited property isn’t as cut-and-dry as selling a purchased property. Potential tax liabilities and hidden expenses are just a couple of issues that can prolong the selling process. If the predecessor leaves the property to two or more siblings, additional issues can arise if the siblings are at odds. Even with these potential snags, it is still possible to sell an inherited property in a very practical manner.The first thing you will need is legal advice from a real estate attorney. He or she can assist you with the probate process if it is a requirement for your property. They can also help you with the negotiations between other heirs that may be splitting the inheritance with you. Once you take care of the technical issues, the real estate attorney can check the property for liens and debt issues. If anything shows up, you will need to pay the difference prior to putting the house on the market.Once the attorney gives you the consent to sell the house, you should see
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Selling Real Estate Due To Divorce

February 16, 2015

In addition to the emotional toll of a divorce, there can be financial consequences as well. One of those often involves having to sell real estate.Deciding whether to sellWhether or not you have to sell your home during a divorce can depend on a number of factors. For example, if you have children, a judge may determine that it’s best for them to stay in the home along with the custodial parent. If one spouse bought the house and the other spouse’s name is not on the deed, that spouse may have less of a claim.Options for sellingThe best and easiest way to sell the home is for one spouse to release his or her claim in the home by filing a quitclaim deed. If both names are on the mortgage, then the spouse remaining in the home will have to be able to qualify for a mortgage on his or her own salary and also be able to pay the spouse who is leaving his or her share of the equity.The most common outcome of a divorce, however, is that the couple that is splitting up will have to sell the h
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Things to Prepare When Selling A House

February 11, 2015

I want to sell my house, but how do I get it ready? That’s a common question asked of realtors. They realize that you’re living there already and understand that it’s going to look lived in. It shouldn’t look cluttered and in disarray though. Buyers will know that you live there. Make the best impression that you can with what you have to work with.First impressionCurb appeal might be an overused phrase in the real estate industry, but it does create much of the first impression of a home. A well maintained lawn with trimmed shrubs and flowers is an eye catcher. A freshly painted front door with a shiny handle, along with a fresh and clean exterior mat makes the house smile from the outside while inviting the potential buyer inside.Less is moreInside, you want to create a roomy impression and capitalize on the natural light that’s available. Minimize on furniture and take all of those family pictures off of the wall. As long as you’re at it, spackle the nail holes and paint as much of
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