Selling Your Parents’ House After Death
If you’re running a search for “how to sell my parents’ house after death,” you’re handling a lot right now. The death of a parent can be a difficult time emotionally and financially, especially when it comes to managing their affairs after the fact.
If you’re responsible for your parent’s estate, that also means you’re facing the associated tax implications, settling estate taxes, and other obligations that might require selling the house. Professional Home Buyers’ quick guide below should help.
Things to Know Before Selling Your Parents’ House
If you’re starting the process of selling a deceased parent’s house, keep the following aspects of the estate sale in mind:
Managing Debts, Obligations, and Capital Gains Tax
Selling the house of a deceased loved one begins with the probate process. The executor will execute the contents of the deceased’s Last Will and Testament, which may include some debts and obligations for those inheriting the estate.
Having to sell your parents’ house for the purpose of paying off outstanding debts is common. For example, these debts might include the following:
- An unpaid mortgage
- Estate tax
- Inheritance tax
- Tax on capital gains
What’s left then goes to the beneficiaries of the will as stipulated. However, the executor can’t initiate the sale of the house if there aren’t specific instructions in the will. In that case, the estate’s beneficiaries can usually sell the house without the executor’s consent.
Before selling a house, you need the right financial documents and related paperwork. Real estate agents can be an enormous help as you prepare the house for sale, particularly as you gather the following documents needed for selling a home:
- Credit bills
- Investment documents
- Homeowners insurance policy
- Bank account information
You may not need all these documents to sell a parent’s house. However, having the details handy can circumvent complications as you manage any financial discrepancies during the sale process.
Listing the Real Estate
How can I sell my inherited house? Start by working with a reputable real estate agent and appraiser to list the property for its fair market value.
When you sell a house, even if it’s inherited property, you’ll have to pay capital gains taxes (unless you fall below certain income exemption limits for home sales). So, before the sale goes down, you’ll have to do several things to get the home in the right condition to change hands.
For example, you’ll need to remove all personal items and change the locks. If you aren’t keeping your parents’ possessions, you could hold an estate sale to remove some items. Why not have an appraiser evaluate things, create a pricing list, and advertise the sale for you?
From there, the house will be ready to face potential buyers, and you will be able to move forward.
How To Sell My Parents’ House After Death To #1 Home Buyers in Wichita
Professional Home Buyers buys homes for cash. It’s quick and hassle-free, and we’ve been helping Wichita residents sell their homes for over 20 years. Put thoughts of “how to sell my parents’ house after death” to rest and contact us online today.