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Why Is It So Difficult to Sell Inherited Homes?

Selling a house is a very tricky business!

For most people, it’s a herculean task that can sometimes take forever. The reason for this is that there are so many things that you have to keep in mind when selling a house. Moreover, finding the right buyer is also not that easy.

It is for this purpose that people find it easier to hire the services of a realtor or a real estate agent to sell their house.

Realtors are professionals and have a lot experience of the real estate business. Using their experience, they can help people in selling their house at the right price. However, sometimes even the most experienced realtors aren’t able to find a buyer for a house, especially if you need to sell your house quickly. This is usually in the case of houses that have been passed down through inheritance. 

Problems Faced When Selling Inherited Homes

There are a number of problems that can halt the process of selling inherited homes quickly. They include:

With inherited homes, the first thing that needs to be checked is the presence of a will. The will left behind by the person whose home you are inheriting is going to be required to ascertain that you are indeed the person who has inherited the property. Therefore, it is important that you keep track of the will and have it in your possession before you are even thinking about selling the inherited house. Most people don’t realize the importance of having the will in their possession and thus get delayed in selling their inherited properties. It is also important to note that just having the will isn’t enough.  It is important to ensure that the person has passed on the property or home to you in his/her will too. So, make sure that you have a will in your hand which clearly states that the property is being passed on to you before initiating the sale process.  

The Probate process is a legal process in which the sayings of the will are executed. Usually the probate process lasts for around a period of 30 days. Thus, if you have an inherited house then you won’t be able to sell it unless this probate period is over. However, if the inherited house has a very low value which is within a specified range defined by the court then you can opt for a summary probate which takes less time. For most properties and houses though, the probate process lasts for a long time which is another reason why inherited houses can’t be sold quickly. At the end of the probate process, the court gives you the permission to do anything you want to do with the house or property you have inherited. 

Knowledge of the family tree is another issue that usually makes it hard for selling inherited houses. You have to make sure that you know about your family tree and are aware of all the people that have a share in the inheritance. It can be a very grueling process especially if you have a large family with a lot of kids. The reason why the family tree is so important is because you have to make sure that all the people are accounted for who have a share in the inheritance so that you can take their consent before selling the house. 

Inheritance tax issues are another problem that can hamper the sale of inherited houses. You need to find out if you have to pay any taxes on your inherited home when you are trying to sell it off. Usually there are tax exclusion for Inherited Homes but they apply only if the value of the home is not that substantial. There is a threshold value and if you cross it then you become liable to pay the inheritance tax. So, as long as the value of your inherited property is under the threshold value, you are safe from the tax but if not then you are going to have pay this tax.  In the recent past, some changes have been made to the inheritance tax system. These inheritance tax changes might affect you but the good news is that they would only benefit you.  

What to Do When Selling Inherited Homes

If you are in need of cash and are looking for a way to sell your inherited house quickly then contact a company that can sell it in a short space of time. Harwood specialises in selling houses after inheritance, so if you are having trouble in selling your house after inheritance then you must contact them.

They are going to help you in avoiding the problems that are usually faced by people when selling their inherited houses and properties. The company is very experienced in selling such houses and is going to make sure that your house is sold as quickly as possible and for a price that you can’t ignore. 

So, make sure to contact companies like Hardwood if you have an inherited home to sell as soon as possible.

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