It’s a question many face when they suddenly inherit a house without any prior knowledge on the situation. In this article, I will inform you of everything you need to consider if you’ve just inherited a house.
I’ve inherited a house in South Tampa….now what?
It’s a question many face when they suddenly inherit a house without any prior knowledge of the situation. In this article, I will inform you of many of the things you need to consider if you’ve inherited a house, and if selling to a builder might work for your family.
Inheriting a house can be a fortune for some and a headache for others. There are several things you can do when you’ve inherited a house – move in, sell it, tear it down, or rent it.
But there are also many other implications you might have to consider, such as inheriting a house with a mortgage, paying taxes on an inherited property and tax implications.
But don’t worry. Everything you need to know about inheriting a house is explained below, including what happens if you inherit a property with a mortgage, and any tax implications you might face.
First off, you need to decide whether you want to sell, rent it, rebuild, or move in when you’ve inherited a house. If you don’t wish to do anything with the property, you can also disclaim it – scroll to the bottom to find out how to disclaim your inherited property.
Second step: Read the will!
Does the deceased have a valid will? Are you fully aware of everything the deceased is offering? If you’re not sure how to proceed, it’s always best to consult with a professional.
What you should know: In the state of Florida, before any property may be sold by an estate, it is highly likely that the court will start a probate to make sure all debts are paid and everything is distributed as it should be. Having a will does not avoid the probate process.
I inherited a house and decided to sell it. What do I have to do?
When deciding to sell your inherited house, here are the first steps you need to take:
- Get a determination of homestead, this verifies your ownership and gives you the right to sell.
- Get advice from a professional.
- See a tax advisor.
- Check out the state of the house.
Does the house need an upgrade to up the value? Are there some improvements you need to make? Does the exterminator need to be called? Make an inventory of all items and note down all problems that need fixing. Then, get in touch with all necessary professionals that will help you sell your house and give you the best quote. Please note that in many cases, especially when dealing with real estate agents, this could take months, depending on the state of your house.
Do you wish to sell your house FAST to a builder or cash buyer? My name is Rob, give me a call at 813-784-4199 and I can get you an offer in 24-48 hours – we are happy to accept houses that need repairs, especially if you already know it should be torn down. In fact, I helped 30 families sell a property to builders in 2017 as the Director of Dirt at EXIT Bayshore Realty.
I inherited a house with a mortgage. Help!
Inheriting a house with a mortgage instantly brings up a lot of questions that sometimes remain unanswered and resolve in long-term complications. Here’s what you should know:
A house with a mortgage can be inherited just like any other property.
What you need to do is make arrangements to pay off the mortgage and look into property taxes. If you’re inheriting your parent’s home you MUST required payments, and you may need to live in the home as well per the terms of the mortgage.
Make sure you consult your lawyers and financial planners – find any other implications that come with inheriting a house with a mortgage in your country.
One very important thing to know about inheriting property is that your property taxes can jump dramatically in the state of Florida once ownership is transferred, and even more if the property is not granted a homestead exemption.
Do I pay taxes when I inherited a house?
There are plenty of tax implications that can come with an inherited house, so make sure you consult with your financial and tax adviser.
How do I disclaim an inherited property?
There are several reasons why someone might not want to do anything with their inherited house – not even bother with the process of selling it.
Reasons to disclaim an inherited property:
- High real estate taxes.
- Avoiding responsibility of the deceased’s legal past.
- Give it to another family member.
- Other personal reasons.
Inherited property disclaimer requirements:
- It needs to be done in writing.
- The IRS requires that property must be disclaimed within nine months of the deceased’s passing.
- No benefits should be made when disclaiming the property.
- The assets cannot be passed indirectly to the person disclaiming the property.
Thinking of renting after you’ve inherited a house?
Becoming a landlord comes with plenty of responsibilities. Make sure you read my articles on renting a property to get all necessary information on renting an inherited home.
Ready to sell your house? Sell it to a builder, we can make that happen at SouthTampaTeardowns.com.
In many cases, this gives you the best of all possible options! You won’t have to worry about any repairs, the buyer pays our commission costs and you can receive an offer very quickly from one of our builders, developers or investors.
We can often get you a cash offer within 24-48 hours and offer flexible closing terms that could even allow you to move other family heirlooms out after closing. Your house could be under contract in a week to a trusted South Tampa Builder.
We buy houses in South Tampa and we pay cash!
If you need to sell your South Tampa house fast and would like to get a no-obligation cash offer, call me now at 813-784-4199.
My name is Robert Wilson, I’m the Director of Dirt with EXIT Bayshore Realty in South Tampa. You can call me at 813-784-4199, if I am busy helping another family leave a message, or request your offer online at SouthTampaTeardowns.com.