Selling an inherited home in Northern Kentucky or Cincinnati, OH is not as easy as people think! Read on to learn how to sell a house you inherited in Northern Kentucky. If you’ve inherited a house in Covington, Fort Wright, Fort Thomas, Erlanger, Florence or anywhere else in NKY, learn how we can help.
First of all, there is always that emotional bit of preparing a loved one’s house ready for sale, which most likely includes depersonalizing his or her rooms and also clearing out all the belongings. When it’s a loved one who has passed, this is always a difficult and emotional experience. It’s hard to give or throw away sentimental items. I always recommend to sellers that they keep a few of their most prized memory items and then as hard as it may be, get rid of the rest.
Then, there is the cost of marketing the house in order to attract potential buyers. Usually heirs get to deal with the high costs of liens and other issues. Consequently, disagreements may arise.
That’s why we at We Buy NKY Houses have compiled a few points that should help steer you in the right direction, if you ever find yourself in such a dilemma. Here are a few tips on how to sell a house you inherited in Northern Kentucky, whether it’s in Union, Burlington, Alexandria, Independence or Newport, without having to sweat much.
Making the probate process go smoothly
Get some advice
The first step you should take in terms of probate is to get some professional advice. You must understand the status your house is in. Make sure that you verify your ownership. Seek advice from a real estate attorney. Get info from other experts too. And completely utilize this site too of course. We can also give you a fair cash deal for your inherited local Northern Kentucky house if it qualifies. Fill out the form here to get started.
Next Step: Begin the probate process in Northern Kentucky
Before you embark on the selling process, your house must go through a probate. Most counties 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 Northern Kentucky, you can then put it on the market.
Tax consideration
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 basically the gain on which you owe the taxes. We recommend you work with an accountant to make sure you understand any tax implications.
How to sell a house you inherited in Northern Kentucky
Agreeing to sell
If you are ready to sell your house in Northern Kentucky, you can inform the executor to petition the court in order to get the “go ahead” sign and proceed with the sale from the there. 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 before you can put it on sale. You will need to get rid of everything! As mentioned above, this can be hard to do.
You can have a local real estate agent come and give you their opinion on what to do in order to get the most value for your home. Or, you can get a pre-inspection and start tackling the issues that buyers may have with the property. Although you can sell a home in Northern Kentucky “as is” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning.
Here at We Buy NKY Houses however, we will always give you a fair cash deal and help you get as much value from your inherited house as possible. We often times buy local houses in Northern Kentucky, repair and fix them up and either rent them out or sell them to someone else looking for a great deal.
When we come and talk with sellers, we bring comps of other recent sales, and we fully disclose the differences between a cash offer and what you might receive if you put the house on the market. We are totally OK with whatever decision you make. We want a win-win. Truthfully, there are advantages to both. A cash deal will help you sell the home fast, and listing on the market may net you more money, albeit, it will be a longer and more challenging process.
If your local Northern Kentucky house meets a few simple qualifications, we can buy your house fast. We buy houses in Covington, Newport, Bellevue, Fort Wright, Independence, Erlanger, Florence and all over NKY. We were born and raised here in NKY, and love helping local families.