If you need to sell an inherited house in Louisville Kentucky there are several options to consider. The most common options when needing to sell a house in probate are a traditional sale through a real estate agent, for sale by owner, and selling to a real estate investor. As an owner of an inherited home or a house in probate, you may be feeling overwhelmed with the addition of another property on your plate. We hope this information helps make the right choice for your family when selling an inherited house in Louisville, KY.

Sell an Inherited House – The Traditional Sale

One option to sell an inherited house in Louisville is through the traditional sale route by hiring a real estate agent. The real estate agent works for you to sell your inherited house or house in probate. This is a good benefit if you are busy or do not want to deal with the hassles of a home sale.

However, if you decide to use a real estate agent to sell a house in probate or an inherited home, the real estate agents (your real estate agent and the buyer’s real estate agent) will take an average six percent of the sale price each. This commission does not include all the fees and other costs of the home’s sale including escrow costs, recording costs, title insurance, home inspection(s) fees, and repairs. Selling an inherited house through a real estate agent is very costly.

Sell Louisville House For Sale By Owner

In a for sale by owner situation, you perform all the responsibilities of the real estate agent in the option described above. As the home owner, you are responsible for advertising and marketing the home to find buyers, negotiations, drafting all the legal documents and sale contracts as well as the closing process and financials.

One benefit to sell an inherited house or home in probate on your own is not paying a commission to a real estate agent. However, you are responsible for the sale process from start to finish, which is extremely time consuming and requires significant knowledge of the sale process. Also, you are still required to pay all the expensive costs to complete the sale of the home.

Sell an Inherited House – Use a Real Estate Investor

When you use a real estate investor to sell an inherited house or sell a house in probate in Louisville KY, you do not have to worry about paying any fees, commissions, or other costly expenses. Also, you do not need to go through the lengthy and complicated sale process.

If you want to sell inherited house for cash use a real estate investor. A real estate investor buys your inherited house fast and no repairs are needed when you sell to a real estate investor. There are no costs associated with selling to a real estate investor and the process is simple and quick.

Sell Inherited House, Home in Probate, and Taxes

When you need to sell an inherited house be mindful of the tax laws. You may be required to pay taxes on the proceeds from the sale and/or from the inheritance. Here is a quick overview of the taxes involved with inherited properties.

  • Home Sale Tax Exclusion. When you sell a property that you have lived in for at least two of the past years, you may qualify for a tax exclusion. If you do not plan on living in the inherited home (or have not lived in the home prior to the inheritance), this exclusion does not apply to you.
  • Stepped-Up Tax Basis. Most inherited homes are eligible for this tax benefit because the tax basis is the fair market value of the property at the time of the previous owner’s death. This tax benefit helps the new homeowner from owing significant taxes on the property that may have drastically appreciated during the previous ownership.
  • Taxable Income. An inherited home sale must be reported to the IRS as taxable income.
  • Inheritance Tax vs Estate Tax. Always seek advice of an attorney or accountant to understand the financial obligations that pertains to your specific situation because there is a difference between the tax types and therefore the amount of taxes you are required to pay.

For more information, please visit Intuit’s website about inherited property tax.

There are many options when you need to sell an inherited house in Louisville Kentucky. If you choose the traditional sale with a real estate agent, this method will cost you money. Choosing to sell your house in probate on your own will cost you time and money.

The best option to sell inherited house for cash could easily be to sell to a real estate investor. SnH Homes is ready to help you sell a probate house without requiring repairs. We charge no fees or commissions and the process is simple and fast. Want to learn more? Contact us today about selling an inherited house in Louisville.