Elder Law Estate Planning & Tax Attorney wants to educate you on Selling your inherited home:
When a loved one passes away it can be a trying time on the entire family. When they pass away leaving a home, many decisions must be made in a quick period of time. Marketwatch.com reported on January 13, 2014 about how to sell an inherited home and here are some highlights from the article.
First, there is an emotional aspect to selling a loved one’s home and a financial cost of making necessary updates to attract a buyer. This is important to pin point and prepare to navigate through this time period.
Second, learn about the house’s status and verify your ownership, getting the advice of an Estate Attorney. Also, connect with a tax adviser to understand any tax implications of selling the home.
Third, those who are inheriting the home and do not want the property should speak with an attorney about disclaiming it-and promptly.
Lastly, is to assess the market. Before doing any work on the home, contact a real-estate agent to help you understand the local housing market. A real-estate agent can also provide some advice on what changes would be worthwhile to make. If the home is in very poor shape, it’s sometimes best to market it to an investor.
Leslie Piper, a consumer housing specialist for Realtor.com stated that “Everyone takes their time to deal with the passing of a loved one. And you need to take the appropriate steps to learn the market, educate yourself and having a Realtor and Tax Attorney who are reliable-you need someone who is going to be empathic and is there to help.”
Stefans Law Group, PC we believe this article is important for our clients to read in order to be aware of the decisions that need to be made and how we can help you navigate through this trying time. Call us at (516) 692-2744 to discuss this topic.