Selling Inherited Property Westminster
If you have recently lost a loved one and subsequently inherited property, you are probably wondering what to do with it.
While selling inherited property Westminster is always an easy choice, it’s not always the only option. Depending on the time and money you are willing to spend, there are also other things you can do with the inherited property. For instance, you can turn it into your home or choose to become a landlord – whichever suits you. However, if there are multiple heirs to the property, the situation can be a little bit more complicated, hence necessitating the selling of the property in order to divide the proceeds between the rightful heirs.
One question that many people who have inherited property and are planning to sell it often ask is whether they will also inherit the deceased mortgage alongside the said property. As noted, you can choose to turn an inherited property into your own, but in this case, you will most likely be required to take over the mortgage payments. If you choose to rent it out, the bank will probably ask you to refinance it under your name.
Nonetheless, before making the decision of whether to stay in the inherited home or rent it out, make sure you have done enough homework with respect to the mortgage payments and whether you can afford them alongside other property expenses.
A case of multiple heirs who can’t agree on one thing
As pointed out earlier, dealing with inherited property can be a nightmare when there are multiple heirs with different interests. When these heirs can’t agree on one thing, it could mean the process of splitting the property may take months or even years.
When parents pass away, it can be such a devastating moment for the children. In certain cases, some get affected more than others and the only good thing that can happen after such a case is for these children to sit and communicate openly with each other in order to come up with the same decision with respect to the home. If there’s no agreement of any case, the process of inheritance could get lengthy, messy and costlier over time, especially since the house will still have to be maintained while the matter is being resolved.
The Death Tax
Officially known as the federal estate tax, the death tax is the tax payable on real estate property left by a deceased person. As of 2017, the IRS excludes any estate taxes for real estate property that is worth up to $5.49 million. So, unless your property is worth more than this figure, you can forget about anything to do with the so-called death tax.
Note that if you inherit a property, it’s not your duty to account for the estate tax using your own money. Instead, this will be taken care of by the proceeds generated by the property in case of selling inherited property Westminster. If you decide to work with Denver Property Flip, we will ensure that you understand all the necessary tax laws there are to understand before you can make the perfect decision regarding selling inherited property in Westminster.
Can you reject to inherit property?
Most inherited homes will often be facing foreclosure or are in disrepair state, something that might not interest quite a number of people. In such a situation, it means that you have to deal with the foreclosure or repair the house first before you can think of using it or selling it.
There are cases when the house’s market value is far much less when compared to the expenses involved when it comes to repairing or dealing with the foreclosure. When you claim such property, you are only inviting more problems on yourself and as such, the best thing to do would be to simply reject it. Otherwise, there’s no need to reject an inherited property.
You need to file a written disclaimer that shows you don’t want anything to do with the property, but note that once this disclaimer is filed, it cannot be reclaimed. If you are not sure whether selling inherited property Westminster for cash or simply disclaiming it is the best option, feel free to call us on (720) 370-9595 and we can be of great help.
At Denver Property Flip, we buy homes for cash regardless of their condition and even if your home is in disrepair, we will still buy it. Call us now and we’ll make you an all-cash offer.