3 Essential Steps when Selling an Inheritance House

Posted on Nov 23 2016 - 5:32pm

Inheritance HouseDepending on your circumstances, and what you plan to do with it, inheriting a house can be a generous gift or a rather challenging inconvenience. Some people opt to move into the new house if it beats their current abode while others prefer to sell it.

For the uninitiated, selling inherited property in St Louis can prove a dicey affair as it carried both legal and emotional implications. Some people have a hard time selling their parents’ house despite the inability to keep it. Lengthy court proceedings often make the process unbearable for some as well.

Hold a garage sale

If you are unable to or do not want to take you folks furniture into your house, you can opt for a garage sale. Such an approach not only allows you to raise some extra cash but also ensure that the pieces get a good home as well. Just make sure to price the goods reasonably to speed up the process. For the more valuable items such as antique furniture and jewelry, hire an appraiser to determine the value. Alternatively, you can hold on to them as family heirlooms and keep the legacy of your dear departed alive.

Consult other siblings

Sometimes, profound differences occur between the siblings after the unfortunate passing of their parents. Some are for the idea to sell their childhood home and split the proceeds while some can be against the sale. Going against the wishes of your other siblings could result in costly lawsuits. Convene a meeting to determine the best cause of action.

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Consider the tax breaks

It is never an excellent move to sell inherited house almost immediately after it comes off probate. If you live in the house for two years together with your spouse, you are eligible for a tax exclusion totaling to $500,000.

While inheriting a house is a good fortune, you should consider a few factors before making a decision to sell it. Other than the legal technicalities, you need to consider the emotional aspect as well to ease through the process.