We buy homes for cash – keep reading to find out how we buy a home you inherited too.
Selling a home that you inherited is more challenging than people think. This article will cover how to sell a house you inherited in Denver CO. One thing to keep in mind is that you can sell your house to a local “buy homes for cash” company. This strategy can make the process easier and less stressful for everyone involved. Working with a direct cash buyer is one of the best options if you want cash for your house.
Here are a few tips on how to sell a house you inherited in Denver and get cash for your house.
When you inherit a house in Colorado, it becomes your property, and you are responsible for any associated taxes or debts. If the house was part of an estate, it might be subject to probate, a legal process for settling the deceased person’s debts and distributing their assets. You may also need to transfer the title of the house into your name. Sometimes heirs have to deal with the high costs of liens and other issues. Therefore we at Dragonfly Investment and Development have compiled a few points that should help steer you in the right direction if you ever find yourself in such a dilemma.
Making the probate process go smoothly
Get some advice
The first step is recommended to seek guidance from a lawyer or financial advisor to understand the legal and financial implications of inheriting a house in Colorado. You must understand the status that your house is in. Make sure that you verify your ownership. Seek advice from a real estate attorney.
Begin the probate process in Denver
Before you embark on selling, your house must go through probate. Most countries allow for a summary probate – a simple process that takes a very short time and involves fewer legal processes. Once your house passes the probate process in Denver, you can put it on the market.
Tax consideration & financial responsibilities
The tax basis of your property is the house value on the date that the person who willed you died. The difference between the amount you realize from the sale and the value is the gain on which you owe the taxes. Consider other costs associated with owning the property, including insurance, maintenance, and repairs. And you may need to continue paying the mortgage if the property has an outstanding loan.
Time to sell the inherited property
Determine the value
You can hire a real estate agent to help you price your home, list it on multiple listing services (MLS), market it to potential buyers, and negotiate the sale on your behalf. The agent typically charges a commission, a percentage of the final sale price.
You can determine the value yourself and put it on the market with a company that will pay a flat fee to list it on the MLS for as little as $199. This process is called “for sale by owner” (FSBO). This option can save you money on agent commissions but can require more effort and time to market and sell the home.
Get cash for your house
You can sell your home to a real estate investor who can make a cash offer on your house. This option can be faster and more convenient than selling through a traditional real estate agent or on your own.
Get an Offer...We buy houses "as-is." Get your no-obligation cash offer.
Agreeing to sell
If you are ready to sell your house in Denver, you can inform the executor to petition the court to get the “go ahead” sign and proceed with the sale. Problems always arise when siblings who share the inheritance have different views – for instance, others may want to sell the house while others may not be for the idea. If and when this happens to be the case, it is important to “disagree to agree.” 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 and clearing out personal belongings before you can put it on sale. You will need to get rid of everything! You can hire an inspector to note potential issues and recommend possible repairs. Although you can sell a home in Denver “as is,” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning.
However, here at Dragonfly Investment and Development, we will always give you a cash offer and help you get as much value from your inherited house as possible. We often buy local houses in Denver, repair and fix them, and either rent them out or sell them to someone looking for a great deal.