Inheriting a House: What to Do and How to Proceed?
Inheriting a house can be an overwhelming and confusing experience, especially if you’re not sure what to do next. There are many steps to take and decisions to make, including taxes, legal requirements, transferring ownership, and more. In this blog, we’ll answer 10 common questions related to inheriting a house, so you can have a better understanding of what to expect.
Inheriting a house, what do I do?
The first thing to do when inheriting a house is to determine the value of the property. This can be done by hiring a professional appraiser or by researching similar properties in the area. Once you have an idea of the value, you can decide whether to sell, rent, or keep the property. You can reach out to Bridgehaven Homes to get a free opinion of value from our in house licensed real estate agent. Call (916) 467-2500 and ask for Erin.
Steps to take after inheriting a house?
After inheriting a house, there are several steps you should take, including changing the locks, updating the insurance policy, and notifying the mortgage lender or bank. You should also obtain a copy of the will or trust that specifies the inheritance, as well as any relevant paperwork.
How to sell an inherited house?
If you decide to sell the inherited house, you’ll need to take several steps to prepare the property, including cleaning, repairing, and staging it. You should also hire a real estate agent to help with the sale and navigate any legal issues related to the inheritance. If the house needs some work and you don’t have the money or time to put into repairing and cleaning the property, you can also sell it as-is to a local investor who buys houses. Whether you decide to list with a realtor or sell it as-is for cash, reach out to Bridgehaven Homes as they can assist you with both options and help you determine which is the best option for you.
What are the taxes on an inherited house?
Inheriting a house can have tax implications, including estate taxes, inheritance taxes, and capital gains taxes. The exact taxes will depend on the value of the property, your relationship to the deceased, and the state where the property is located. It’s important to consult with a tax professional to understand your obligations and options. Bridgehaven Homes can connect you to a tax professional if you do not have one or want to get a second opinion.
What are the legal requirements for inheriting a house?
The legal requirements for inheriting a house will depend on the state where the property is located, as well as any legal documents or agreements related to the inheritance. It’s important to consult with an attorney to ensure that you comply with all legal requirements. Bridgehaven Homes can help you figure this out and also refer you to legal counsel for assistance.
How to transfer ownership of an inherited house?
Transferring ownership of an inherited house typically involves filing paperwork with the county recorder’s office and notifying any mortgage lenders or banks. You may also need to obtain a new title and update the property’s insurance policy.
What to do with an inherited house if you already own a home?
If you already own a home and inherit another property, you have several options, including selling, renting, or using the property as a vacation home or investment property. You should consider the financial and practical implications of each option before making a decision.
How to handle inherited property with multiple beneficiaries?
Inheriting property with multiple beneficiaries can be complex, as each person may have different goals and priorities. It’s important to work with an attorney to create a plan that satisfies everyone’s needs and complies with all legal requirements.
Inheriting a house with a mortgage, what are my options?
If you inherit a house with a mortgage, you’ll need to decide whether to assume the mortgage or pay it off. Assuming the mortgage means you’ll take over the payments, while paying it off means you’ll pay the remaining balance in full.
How to avoid probate after inheriting a house?
Probate is the legal process of distributing a deceased person’s assets, including property, to their heirs. In some cases, probate can be avoided by using a living trust, joint tenancy, or other legal arrangement. It’s important to work with an attorney to determine the best way forward.
Bridgehaven Homes has years of experience helping others that have just inherited houses and walking them step by step through the process of determining what their options are and helping them maximize their benefits. We do this free of charge and are willing to help you figure out your options for a house that you inherited. Give us a call at (916) 414-9997 or fill out the form below.