The Reality in Selling an Inherited Home in Tacoma - Truth in Probate

Selling an inherited home in Tacoma is not as easy as you may think! The following article reviews the process of selling a house you inherited in Tacoma, Washington with as little hassle as possible.

First, there is always an emotional aspect to preparing a loved one’s house for sale which typically involves depersonalizing their rooms and removing the belongings.

Also, there is the cost of house marketing to attract buyers. Typically the heir to the home must manage the costs of liens and other associated issues so disagreements often arise. The following are several points that can help you down the right path if you ever face such a dilemma. These are tips on selling an inherited home in Tacoma without too much of a hassle or dealing with real estate companies.

Streamlining the Process

Seek Advice

The first step is to seek professional advice from an attorney so you can understand the status in which the home is in. Also, get information from other experts as well with regards to the condition of the home. There are many house buying companies that can give you a fair deal for the inherited home if it qualifies.

Begin the process

The next step is to send the house through probate. The majority of counties allow for a summary probate which involves less legal processes and takes a short amount of time. Once the house passes through the process in Tacoma, it can be placed on the market.

Taxes

The tax basis of the property relates to the house value on the date at which the person who willed the house to you passed away. The difference between the realized amount from the sale and the value is the gain in which you are taxed.

Selling an Inherited Home in Tacoma

Selling Agreement

Once ready to sell, inform the executor to petition the court to get the signature to proceed with the sale. This is where problems typically arise among siblings who share the inheritance and have differing views. For example, one sibling may want to sell the house while other may not. If this occurs, it is critical to “agree to disagree” and important to involve the estate lawyer so all discussions are legally documented.

Preparing to Sell

The final step is to prepare the house for sale. If it belonged to an elderly individual, it may require updates and repairs. Also, all furniture and belongings must be removed from the home. You should hire an inspector to note potentially issues and recommend repairs but you can also sell the home “as-is” at a lower price.

There are many home buying companies available in the Tacoma area who will give you a fair deal and help you generate as much value as possible from the inherited house. These companies often purchase local homes in Tacoma and repair them to rent or sell to a buyer who is looking for a good deal. To do so, your local Tacoma home must meet a few simple qualification for sale.