Selling an inherited home in Virginia isn’t always easy! Read on to learn how to sell a house you inherited in Fairfax Virginia…
First, there is always that emotional process of preparing a loved one’s house ready to sell. This usually includes depersonalizing the rooms and clearing out all the belongings. Then there is the cost of marketing the house in order to attract potential buyers if you’re going to try to sell it yourself. Or you’ll have to pay a real estate commission.
Usually, the heirs have to deal with the high costs of liens, repairs, and other issues. Consequently, disagreements may arise.
We at Solutions 3D LLC have compiled a few points that should help steer you in the right direction. Here are a few tips on how to sell a house you inherited in Fairfax, without having to sweat much.
Making the probate process go smoothly
Get some advice
The first step is: Get some professional advice. You must understand the legal status of your house and how you and the other heirs (if any) relate to that. Make sure that you verify your ownership. Seek advice from a real estate attorney. Get info from other experts too. And completely use this site too, of course. We can also give you a fair deal for your inherited local Fairfax house if it qualifies. (And most do.) Fill out the form here to get started.
Next Step: Begin the probate process in Fairfax
Before you embark on the selling process, your house must go through a probate. Most countries allow for a summary probate – which is just a simple process that takes a very short time and involves less legal processes. Once your house passes the probate process in Fairfax, you can then put it on the market. Here’s a link to a document that explains in more detail how probate works in Virginia: Probate in Virginia
The tax basis of your property is the house value on the date that the person who willed it to you died. The difference between the amount you realize from the sale and the value is basically the gain on which you owe the taxes. Here’s a link to the IRS publication dealing with inherited property: Is money received from the sale of inherited property considered taxable income?
How to sell a house you inherited in Fairfax
Agreeing to sell
If you are ready to sell your house in Fairfax, you can ask the executor to petition the court in order to get the “go ahead” and proceed with the sale. Problems often arise when siblings who share the inheritance have different views or different needs. For instance, one may want to sell the house while another–often for sentimental reasons–wants to hold onto the property. If this happens, you need to have a frank family discussion. What will happen if the house is sold? Perhaps more important: What will happen if the house is not sold? It is also important to involve your estate lawyer in this stage.
Preparing to sell
A house that belonged to an elderly person may require repairs and a bit of updating before you can put it on sale. You will need to get rid of, store, or distribute everything–the furniture, the pictures, the often towering piles of old paperwork, the pots and pans, and so on. One tip on how to sell a house you inherited: If the person who lived in the house had antique furniture, old prints, or a lot of collectibles, contact a few local auction houses to see if they’ll take the items away to sell. There are also specialized estate “stores”–similar to antique stores–that will come to the house and buy those items. They don’t pay a lot, but it’s one way to largely clear the house out while picking up a few dollars.
Some sellers–particularly when selling homes that look like they may need some work–actually hire a home inspector. (You can be pretty sure any buyer will do so. Stay a step ahead, and hire one yourself. Then correct the major problems found by the inspector. Although you can sell a home in Fairfax “as is,” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning.
Here at Solutions 3D LLC however, 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 Fairfax, repair and fix them up, and either rent them out or sell them to someone else looking for a great deal.
When we buy your house, we’ll handle as much (or as little) of the clean-out as you want. Many heirs take all the old paperwork and any valuable furniture and pictures. They’ll also take items of sentimental value. Then we come in and handle whatever you don’t want.
We also buy in as-is condition. If you put your house on the market, most retail buyers (people buying a house for themselves) are going to ask you to make a lot of repairs. We won’t. We understand that you don’t have the time–and may not have the money–to fix the house up to someone else’s expectations.
And we pay all cash. That’s important because some lenders won’t lend on homes that need a lot of work. You may think a deal’s wrapped up, and then find out that the buyer’s mortgage company said “no.” We don’t work with mortgage companies, so they can’t say “no.” What we offer is (we believe) a better answer to how to sell a house you inherited. You don’t fix it up. You don’t wait months. You don’t worry about the buyer’s financing. You simply sell.
If your local Fairfax house meets a few simple qualifications, we can buy your house fast.