Probate and Inherited Homes

By
Real Estate Agent with Home Smart Evergreen Realty Calbre Lic 01200694

Probate Homes

Dealing with an inherited home is a complex subject and there are several complicated issues to resolve. Here are some of the issues:

  • Do You Pay Capital Gain Taxes on Property You Inherited?
  • What Taxes Are on an Inherited House?
  • If You Inherited a Home Do You Qualify For The $250,00 Home Sales Tax Exclusion?
  • What To Do When You Inherit Your Parents House?

Additionally, is not uncommon for a person selling an inherited home to have a sentimental attachment to the property with, the sale being the result of a recent death in the immediate family. This adds an emotional overwhelming component to the transaction.

Continuing property owner obligations like property taxes, insurance, utility bills, household and grounds maintenance adding that sometimes the heirs live out of the city or the state makes it more complicated. Also sometimes there are hidden lien or problems in the house structure or systems.

BENEFITS OF SELLING

No matter if you are a single heir or one of the multiple heirs to the property, selling it as quickly as possible will save money, time, stress and the tiring effort involved in the settlement process.

There are sometimes cases in which the property has a reverse mortgage and the lender requires to be paid. Other cases involve notice of default and have a reverse mortgage as well.

There are times when the mortgage is way upside down that some heirs decided no to inherited and decided to let it go to foreclosure, in that case, s good to get advice from a real estate attorney in regards to the implications of that decision.

A short sale can come to heirs aid when there are mortgage payments, due which the heirs are unwilling or unable to pay. If heirs have an urgent need for cash then a quick home sale is a good option

Eight homes were sold in Sylmar Ca Real estate on the first six months of 2019, with an Average Sold price of $487,063, a house with 3 bedrooms, 2 bath 1,276 sq ft, 8711 sq ft lot and 27 days on the market. There is also one available for sale and it's in move-in condition.

 

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capital gains
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notice of default
probate
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inherited homes
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Rainmaker
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Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

Good points Alberto Pacheco and Buyers should ask you about this subject. As Realtors we can show our clients estate or probate homes that are for sale in our local markets. Jeff 

Jul 04, 2019 05:23 PM #1
Rainmaker
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Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

That's important information and points to consider, Alberto.  I hope you enjoyed the holiday yesterday!

Jul 05, 2019 07:03 AM #2
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Rainmaker
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Alberto Pacheco

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