The scary truth about selling the property Inherited house in Philadelphia
It is all too common for a loved one to leave behind a home for their family. In some cases, the individual(s) that have inherited house in Philadelphia will continue to live in it. However, there also lies the chance that the individual(s) who’ve inherited it will not inhabit the home, and instead the home will be sold.
As we all know, selling a home can be a bit of a hassle. An article I found on landlordtoday.com touched basis on some of the things that you will need to know if you are selling an inherited house in Philadelphia.
So, you placed your loved one away carefully and lovingly and now you have all gathered around to read the will. Just like divorces, inheritances can be just as nasty. Family feud? Beneficiary has a life out of town? Whatever the case may be, the house is being sold and it is important that you know the value that lies in the home cannot be shared until it is sold.
Locate the Existing Will
Assuming that the home is vacant and ready to be sold, the first and most important order of business is to locate the existing will. This eliminates the possibility of any confusion, as it should clearly state the executors and its beneficiaries. The executor can appoint a legal consultant to obtain a grant of probate document. This is required prior to acting on the part of the deceased.
Prepare the home for the Market
Following, when selling an inherited house in Philadelphia, all necessary maintenance repairs, clearing of the home, or anything else that falls under the line of preparation should be addressed before placing the home on the market for sell.
Pay all Pre-existing bills and associated fees
The sale is the ultimate goal, because it is only after the transaction has been completed that the cash value can be distributed among the beneficiaries. This of course will come only after all associated taxes, i.e. inheritance tax and possibly Capital Gain Tax have been paid. These taxes, as well, come after other outstanding bills have been addressed. Those bills included agent fees, utility bills and any other unfinished loans, such as the mortgage.
As you can see, while it may have been an honor or even a delight to inherit a home from a loved one, it can also trigger a bit of mixed feelings. Legal woes and extensive handling of the property can be a bit overwhelming during the grieving period.
While it is important to properly handle the sale of an inherited house in Philadelphia with care, considering that it was left behind for you to preserve the heirloom of that loved one, it is definitely an order of business that you should and would want to handle promptly and properly.
Skip the agents and remove the hassle of preparation by contacting www.noknowshouses.com. We will buy your home fast. No hassles. No obligations. We are simply interested in alleviating the stress behind selling an inherited home in Philadelphia. Call or text us at 267-908-3860.