Selling an inherited home in Virginia is not as easy as people think! Read on to learn how to sell a house you inherited in Hampton Roads Virginia…
First of all, there is always that emotional bit of preparing a loved one’s house ready for sale – which most likely includes depersonalizing his or her rooms and also clearing out all the belongings… Keep in mind that there is also the cost of marketing the house in order to attract potential buyers.
Unfortunately most of the time heirs get to deal with the high costs of liens and other issues, and yes . . . . disagreements may arise.
What do can you do?
Well, we at Mendrugo Properties have compiled a few points that should help guide you in the right direction, if you should ever find yourself in such a dilemma. Here are a few tips on how to sell a house you inherited in Virginia, without having to stress much.
Making the probate process go smoothly
Get some advice
This should be the first step you take. Get some professional advice because you must understand the status your house is in. Make sure that you verify your ownership (So Important). Seek advice from a real estate attorney. Get info from other experts too. And completely utilize this site too of course. If You’d like we can also give you a fair offer for your inherited local Hampton Roads house if it qualifies. Fill out the form here to get started.
Next Step: Begin the probate process in Virgina
Virginia doesn’t have a separate probate court. All probate cases go through the county Circuit Courts. Typically the Clerk of the Circuit Court or a deputy clerk handles the probate of wills or smaller estates and the circuit court judge is not involved.
However, any person interested in the will may appeal to the judge within six months of the order of the clerk admitting a will to probate.
If the case is going through a formal probate process, the court will appoint someone to handle the administration of estate. Many times the decedent will already have named the personal representative in his or her will. If not, the court or clerk of the court will appoint someone.
At the time of filing the will the probate tax must be paid. (Generally, $1.00 state
probate tax and .33¢ local tax, if applicable, per $1,000.00 value of the estate.)
The tax basis of your property is the house value on the date that the person who willed you died. The difference between the amount you realize from the sale and the value is basically the gain on which you owe the taxes.
How to sell a house you inherited in Virginia
Agreeing to sell
If you are ready to sell your house in Virginia, you can inform the executor to petition the court in order to get the “go ahead” sign and proceed with the sale from the there. Problems always arise when siblings who share the inheritance have different views – for instance others may want to sell the house while others may not be for the idea. If and when this happens to be the case, it is important to “disagree to agree”. It is also important to involve your estate lawyer in this stage.
Preparing to sell
A house that belonged to an elderly person may require repairs and a bit of updating before you can put it on sale. You will need to get rid of everything! You can choose to hire an inspector to note down potential issues and recommend possible repairs. Although you can sell a home in Hampton Roads “as is” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning.
Here at Mendrugo Properties however, we will always give you a fair offer and help you get as much value from your inherited house as possible. We often times buy local houses in Virginia, repair and fix them up and either rent them out or sell them to someone else looking for a great deal.
If your local Hampton Roads house meets a few simple qualifications, we can buy your house fast.