What is Probate Court in Louisville KY How Do I Sell an Inherited House or Property?

So you inherited a house from your great aunt Claire or grandpa Bob, and at first it seemed like a really great thing, like a blessing. All of your friends and family told you how lucky you were, and it made you smile to think of getting a “free” house. But then, once the probate court process was over and ownership of the house had been transferred to you, you finally realized just how much work this “free” house was REALLY going to take. Often repairs can add up to thousands of dollars you just don’t have!

I can help.

Sometimes the emotional strain of cleaning out and fixing up the inherited home of a loved one, such as a mother or father, is so painful that you would rather sell it quickly and be done with it. This happens all the time.

I can help.

Or maybe you noticed the neighborhood is not as nice as you remember it, and now you really don’t want to live there after all.

I can help.

If you have a house that you’ve inherited in the city of Louisville, KY call me. A lot of people don’t have the time (or the money) to get a home ready to sell on the open market with a Realtor. Real estate agents will often kindly, but plainly say that they just don’t take listings on a houses that need too many repairs. They don’t want their company to get a reputation for selling ugly houses, and you can’t blame them, can you?

If you need to sell an inherited house in Louisville, KY and just want to see how much you can get in today’s investor market, give SnH Homes a call at 502-694-0246. It’s […]

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    A List of 10 Things NOT to do when selling your house in Louisville KY

A List of 10 Things NOT to do when selling your house in Louisville KY

Here’s a quick look at common mistakes you want to avoid when selling your house.

You base your asking price on what you paid for the house, on what you’ve spent on the house or on the outstanding balance amount. You don’t do proper market research to find out what other similar houses in your area are selling for. This means that you either ask too much or too little for your house.
You get emotionally involved. You get offended when someone makes you a lowball offer. You don’t negotiate at all. You forget that this is a business transaction. You make the sale of the house a personal matter.
You leave your stuff everywhere…. This means that the potential buyer cannot imagine living in the house. You also don’t ensure that your pets and children are not underfoot when potential buyers view the house.
You neglect to maintain the house and garden thinking that the potential buyer can see the potential regardless and will want to buy the house no matter what it looks like.
You don’t market the house properly or use poor quality photos when advertising online. The more good quality photos there are, the more likely the house will sell.
You hide significant problems when trying to sell the house hoping that the buyer might only realize it after buying. If your home is under contract and it is discovered, it could lead to costly surprises.
You don’t let the buyers come over to see the house when it’s convenient to them. You postpone meeting with the buyer which results in the buyer viewing other houses and perhaps making an offer without even viewing your home.
When a potential buyer […]

By |December 1st, 2014|Selling Your House|0 Comments|
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    Top 7 Things to do Before Listing Your House for Sale in Louisville, KY

Top 7 Things to do Before Listing Your House for Sale in Louisville, KY

Are you thinking of selling your house? Here’s a list of things to do to help you get the best possible price and sell your house quickly.

1.  Get your paperwork in order

Find all the important papers that a potential buyer might want. This can include operating manuals for your appliances, warrantees, guarantees, maintenance schedules and anything that has to do with the house. It’s a good idea to keep the last 12 months’ utility bills at hand as well.

If you have done any major improvements to the home, you must be able to show all the permits for the developments on the property.

2.  Get a professional inspection and estimates on things that need fixing

There is a good chance that your buyer will want an inspection. If you have an inspection done and have the paperwork to prove it and receipts for any work done, this inspection report can be used as a marketing tool.

An inspector will also be able to give you a good indication of what trouble areas are in your house that will put potential buyers off.

If you cannot afford to fix everything, find out what it will cost to replace them. This can give you an edge in negotiations.

3.  Declutter

Buyers pay more for a house that looks spacious and has plenty storage space.

If you have lots of stuff, pack up what you don’t need for the next 3 months and put it into storage. Empty closets as much as you can. You want it to look as though there is plenty room for the buyer’s things.  If you have a lot of stuff in the attic, basement or garage, get rid of it now or put it into storage.

Keep your home […]

By |October 25th, 2014|Selling Your House|0 Comments|

5 Reasons Why Your Home Won’t Sell in Louisville, KY

Why do some homes stay on the market for months while others are snapped up in a matter of days?

Unrealistic pricing

Price is usually the overriding factor in any home that doesn’t sell. To sell your home, the price must be right. If your price is too high, your home will be on the market for a long time which will lead to people wondering what is wrong with it.

You cannot base your listing price on how much you paid for the home or what the cost of improvement projects was. This is irrelevant to buyers. In fact, in a competitive market, the sellers don’t set the price. Buyers do.

If you overprice your home you undermine your selling efforts. You are helping competing sellers to look like their properties are better value for money in comparison to yours.

Poor condition

If you have put off maintenance of repairs on your house, it could be in poor condition.

If a house looks like it’s going to cost half as much to repair or renovate it as it does to purchase it, your house won’t sell. Most buyers want a move-in ready home. They don’t want to spend time on renovations or redecorating.

You may want to consider selling your house to a real estate investor if you do not want to carry out any repairs or renovations yourself.

Inadequate marketing efforts and frightening photos

You need an aggressive sales plan that takes advantage of as many publicity channels as possible. Your aim is to get your listing connected to as many eyes as possible.

People often first search on the internet when looking for a house to buy. Pictures and videos are very important. Make sure that your photos are […]

By |September 30th, 2014|Selling Your House|0 Comments|

How to Sell Your Rental Home Quickly in Louisville, KY

Whatever your reasons are for selling your rental home, you need to consider your options carefully in order to get the best possible price for your house and sell it within a reasonable time.

Decide who to sell to

You can decide to sell to a real estate investor or to sell on the open market. If you decide to sell to a real estate investor you will probably get a slightly lower cash price but it will be coupled with a quick sale. You won’t have to wait for the tenant’s lease to expire and can sell at any time.  If you decide to sell on the open market, you will possibly get a higher price, but you must be able and willing to wait for the right buyer.

So you will have to decide what is more important to you at this moment.  Is it more important to sell fast and move on or are you in the position to wait and possibly sell for a higher price.

Whether you sell to an investor or to and owner occupant will also depend on the location of the property.  Is it in a mostly rental area or are most of the houses owner occupants?

Selling a vacant home

You can sell the home once the tenant’s lease has expired and they have moved out. This option costs more because you are not receiving rent, but it gives you the greatest chance to sell quickly at a higher sales price. You can sell the property both to investors and homeowners, so you are not limiting yourself to only one type of buyer.

Without the tenant in the house, you can fix up or refresh the property to make it look its […]

By |September 18th, 2014|Selling Your House|0 Comments|
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    5 Costly Home Selling Mistakes You Should Avoid in Louisville KY

5 Costly Home Selling Mistakes You Should Avoid in Louisville KY

Home selling can be complex and emotionally challenging. Buyers have a lot of options and don’t have to buy what you’re selling. Here are the top mistakes home owners make when selling their houses.

1. Don’t get emotionally involved

While it may be true that you have probably developed a relationship with your home and it holds treasured memories, you must separate your emotions from the financial transaction. Treat selling your home as a business transaction. People are going to be traipsing through your house, pulling open cupboard doors and criticising your house. They will be making you offers below what you think is fair. Keeping a cool, clear head will help you make the best decisions regarding selling your house.  Remember, when emotions go up, intelligence goes down.

2. Don’t set a unrealistic price

You cannot just grab a figure out of the air and hope to sell your house for that. People are not interested in how much mortgage you have to cover or how much profit you wish to make. If you price the house too high, buyers won’t look at it. If you price your house too low, you will be giving away your profits.  It has been proven over and over again.  When you over price your house, you will most assuredly end up selling for less than what you would have had you priced it right from the beginning.

Do a comparable market analysis to find out what your house is worth. Listing your house at a slightly lower price should generate multiple offers and can bid the price up to the home’s true market value. Don’t expect to get your asking price. Any smart buyer will negotiate and you should be able to […]

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    5 Things to Consider when Selling an Inherited Home in Louisville, KY

5 Things to Consider when Selling an Inherited Home in Louisville, KY

Selling a house when the owner has passed on is more complex than selling it when the owner is alive. Coupled with the emotional aspect of getting a loved one’s home ready for sale and the financial implications you need to consider, it can seem a daunting task. However, if you take the following things into consideration, you can still sell an inherited house without experiencing many problems.

1.  Verify your ownership

Before you can sell the house, the title deed should be transferred onto your name. This is usually done through the probate court.

2.  Consider how much tax you have to pay

Connect with a tax advisor who can help you decide what to do regarding taxes. Common taxes associated with inheriting a home are:

Inheritance tax
State / local taxes
Capital gains tax
Inherited property is taxed on the value of the property on the day the owner died.

Make sure that you pay any outstanding property taxes and then keep them current until you sell the house.

3.  Insurance and remaining mortgage

You will need to insure the property since there is a new homeowner.

If there is a remaining mortgage on the house, make sure that there is enough equity in the inherited house to sell it and still make a profit. If the house is worth less than what is owed on it, you can choose not to accept the house and allow it to go into foreclosure.

4.  Selling the house

The two most common ways to sell the house is either through a Broker or sell it directly to a Real Estate Investment Company.  The difference is a Broker will find you a buyer who will most likely move into the house or you can sell it straight to a […]

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    5 Most Important Keys to Selling Your House When Living Out of State

5 Most Important Keys to Selling Your House When Living Out of State

You may have received an irresistible job offer in a different state and have relocated without selling your house. You may have inherited a house from a family member. Whatever the reason, selling a home while out of state is not an ideal situation. Vacant houses are also subject to vandalism and theft which can get very costly so often times selling for  less than full value can often times put more money in your pocket than having to continue paying utilities, insurance, upkeep, repairs, etc.

However, there are certain options you can consider, especially if you want to avoid the credit damaging foreclosure and short sale options.

Hire the right team

A house needs continual upkeep, repairs and care. Find a professional to help you manage the house.  Don’t leave this to a friend or relative, as this almost always ends badly.

If you choose to rent the house while waiting to sell it, a trusted property manager is invaluable.

If you choose to sell through a realtor, make sure to choose someone who has experience selling houses while the owner is out of state.

Sell for the right price

Your realtor should be able to help you come up with a realistic number that does not price you out of the market and allows the house to sell quickly. You can also have a look at prices on comparable homes that have sold recently to get a more accurate idea of what comparable homes are selling for.

Stage the house

If your house is already vacated, hire a home stager who specializes in vacant homes to prepare it for sale. Over 85% of people cannot visualize furniture in empty rooms. A home stager can provide, or advise you on the presentation […]

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    6 Key Points You Should Know About the Probate Process in Louisville KY

6 Key Points You Should Know About the Probate Process in Louisville KY

Probate refers to the legal process by which a person’s assets and finances are handled after they pass way.

The probate process does the following:

• Pays debts the deceased owes
• Collects debts owed to the deceased
• Transfers assets to the deceased’s beneficiaries

A simple probate process can be settled within six months after the appointment of an executor or administrator. It is usually initiated in the county that was the deceased’s legal residence when they died. If the deceased owned property in various states, there will be a probate process for each property in its particular state.

There are basic steps involved in each probate process. The process may differ somewhat depending on which state you are in.

1. Appointment of an executor or administrator

If the deceased had a will, they could name someone in it to be their personal representative. This person will be in charge or the deceased’s estate.

Tasks the personal representative would have to do on the deceased’s behalf include:

• Caring for all the deceased’s property
• Notifying creditors and the public about the deceased’s death
• Receiving payments due to the deceased’s estate, including interest, dividends and other income
• Collecting debts, claims and notes due to the deceased’s estate
• Determining the names, ages, addresses and degree of relationships to all the deceased’s heirs and beneficiaries
• Investigating the validity of all claims against the estate and paying all outstanding obligations
• Carrying out the instructions of the probate court and distributing the deceased’s assets to his or her heirs or beneficiaries.

The first responsibility of the personal representative would be to obtain the right to handle the deceased’s estate’s affairs. They would have to file a document called a “Petition for Probate of Will and Appointment of Personal Representative” […]

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    5 Things to Consider When You Inherit a House in Louisville, KY

5 Things to Consider When You Inherit a House in Louisville, KY

Inheriting a house can be complicated. Because both emotions and finances are involved, it could potentially become a minefield.

You need to make important decisions when you inherit a house – whether to sell it, rent it, or live in it. Making the wrong decisions now could cause serious financial hardships later on or can lead to family feuds.

1.  Don’t let the house stand empty

Get someone to look after the house until you decide what to do with it. An empty house can only cause you headaches. Is there a family member or friend that could stay in it? Do you need to install a security system? You need to ensure that the house keeps its value while you decide what to do with it.

2.  Determine what the house is worth

Whether you decide to buy, sell or rent it, find out what the current market value of the house is. You can get various estimates from local realtors who are familiar with the current market conditions.

3.  Is there a mortgage on the house?

If the home is worth less than the remaining mortgage amount, you may decide to let the house go into foreclosure or do a short sale. If the value is worth more than the mortgage, you can maintain the mortgage payments if you can afford to and wish to keep the house. If you don’t maintain the mortgage payments, the lender has the right to foreclose on the property.

Find out whether the home has a reverse mortgage. In this case you can only keep the home if the estate (or you) can pay it off. If not, the bank will sell the house and you’ll inherit the remaining equity. Reverse mortgages cannot be assumed […]

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