Selling a House After the Death of a Loved One
Selling a house after the death of a loved one is not easy. The pain of the loss can make it harder to sell the house. We can help you understand what you are required to do if you want to sell your house after your spouse’s death or if you’re trying to sell the family house you inherited after the death of your parents or relative.
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Selling a House after a Spouse Passes Away
If you want to sell your house after your spouse passed away, don’t worry about the process. It is pretty much the same process that you have for selling any house. Things are obviously more difficult after your spouse passes away so we will highlight what you have to do to sell your house.
The listing and selling process is the same as it is in the sale of any house. The main point to notice in selling the house after your spouse’s death is that you need to have to title in your name only. The best move for you would be to complete the sale of the house within 2 or less years after the death of your spouse. This will allow you to make a claim on the tax exclusion you would have if you were still married. So move quickly. That might seem next to impossible after the death of your loved one but we will also give you some useful ideas selling the house quickly later on in the article.
These are the main steps that you will have to follow in order to sell the house:
- To be able to sell the house, you need to be the sole owner of the house. The deed should have only your name and your spouse’s name need to be removed. How that happens depends on the type of ownership you and your spouse had over the house: you were joint tenants, held the house as a community property with right of survivorship or the house was in a trust and you became the sole beneficiary. In either case, the process is very simple because the title automatically passes to you after the death of your spouse. You don’t have to go through probate to sell the house.
- If you and your spouse were tenants in common you will have to complete the probate and establish the validity of the will. Tenants in common means you and your spouse both have a share in the property/house. This is because you and your spouse had separate legal interests in the property and your spouse would have willed their interest to you. If you were tenants in common, you need to have your spouse’s name removed from the deed and become the sole owner of the house.
- Once you make sure that the deed has you named as the sole owner of the house, you need to start preparing the house for the sale. If you are not pressed for time, you can do it at your own pace and take your time. But, as mentioned before, it is better to sell the house quickly so that you can make a claim on the exclusion tax. To sell the house, you can hire a real estate agent and let them do everything. But if cannot afford or just want to sell the house privately, you can follow these tips to ensure that the house sells quickly.
How to Sell a House Fast after Death of a Loved One
De-Clutter and de-personalize
It will hard for you to clear your home out of all of you belongings. It will be painful but is necessary for you to do if you want to sell your house. You need to remove all of your personal items as soon as possible and then take out the furniture, appliances etc. when you have a space to move them into. If potential buyers see your personal memorabilia in the house they will not be able to visualize themselves in that space. So make the space as empty as you can to allow the potential buyers to see themselves living there.
You can sell the house as is but potential buyers notice small things like cracks, leaks and a poor painting job. No house is perfect but these things impact their impression of the house. So get a repairman and get repairs done. It is also advisable to have the living room, main bedroom and kitchen repainted as they the most important rooms of the house.
If your house makes a good first impression, it will increase your chances of selling the house more quickly. So the improving exterior of your house is how you make a good first expression. You do not need to spend a lot of money on it. Make sure your yard, windows and door is clean. Trim the shrubs and grass and add few some bright new flowers. These may seem like small things but they can really brighten up the place and change a potential buyer’s impression of the house. Because if they like the outside of the house, they will want to see the inside of the house!
Sell some furniture with the house
If you are not too attached to the furniture, it can be a good idea to sell some of it with the house. Don’t include the completely worn out pieces. Show the potential buyers some pieces that look good in the house. You will be surprised at how many buyers would jump up at that offer. It will make your house more enticing and help you sell it faster.
Get it inspected
Before you start fixing up the house yourself, get it inspected by a professional so you know exactly what needs to be done. You don’t want to have some nasty surprise moments before the deal is closed. You buyers will do a thorough inspection before they close the deal so rather than waiting for them to point something out and losing a buyer, get a thorough inspection done yourself. If you want to sell your fast, you need to get everything done in time to show the potential buyers.
The right price
Making such a decision without the support of your spouse is not easy but it must be done. You cannot price your house too low or you will lose money. And if you price it too high you won’t get many potential buyers and it will be very difficult for you sell the house. So you need to look at the similar houses in your area that are on sale and see price they have set. See the market value of the house. Potential buyers will know what the market value is and they will not want to buy a house that is priced too high above the market value. So to sell your house as soon as possible, set an appropriate price.
So these are some of the things that you will need to take care of when you start getting the house ready for the sale. You can hire a licensed real estate agent to manage the sale of your house for you if you are not going to be in the city or if your new house is too far. They can get the house fixed up for you in the budget you set and when a buyer is interested in buying the place, negotiate the offer for you.
Make sure you have all your documents ready so you can close the deal as soon as possible and transfer the ownership to the buyer. As for your taxes, calculate the capital gain exclusion for the year in which you sold the house. The IRS Publication 523 has criteria which may allow you to claim make an exclusion of up to $500,000 on any gain from the sale of the house.
We want to help you in any way we can and if that unwanted property is causing you stress, we’ll handle it for you! We will offer you an honest, fair and fast deal that you can’t really refuse.
Sell Your House Fast Today! Call Us Now! 561-370-8335
Sale of family house after the death of relative/parents
Selling the family house is also a difficult task. You know how to fix up the house for sale but the process for selling the family is different from that of selling the house after death of a spouse. This is because selling a family house involves inheritance laws. So we will discuss what happens when you inherit the family house and want to sell it.
The death of parents brings with it a lot of sorrow and pain that also become greatly manifested in the decision to sell the family house. The family house is where your childhood was spent, it is ripe with years and years of important memories that have shaped you. It is the most valuable asset left to you by your parents and it also the most emotional asset. It comes with old possessions and physical tokens of the past. Saying goodbye to your parents was hard enough but when you’re forced to give up the physical symbol of your childhood it can become even harder. It is by no means an easy task, not only because of the market demands and various financial facets that need to be considered, but also because of the emotional attachment. Oftentimes, due to this emotional turmoil many people are unable to sell the family house or become quite upset about what will be done to the house after it is sold.
The first thing that needs to be considered is who will undertake the task of selling the property. This is usually dictated in the Will and tends to be the executor of the Will of the deceased. Once the authoritative figure has been decided it is necessary to make decisions about how the estate is handled due to limitations posed by the insurance companies and the market. It’s best not to hold on to the estate for too long, as insurance companies generally prefer not to insure houses that are empty. Hence it’s necessary to get the house on the market as soon as possible.
The next thing to consider is your buyer. Due to the emotional attachment to the house, one can often become greatly affected by what is done to the house after it is sold. The letting go process is greatly helped by what you are comfortable with allowing the buyer to do to the house. If someone wishes to tear down the house and that is something you cannot cope with, it’s best to not sell it to that buyer and instead find someone else. If you would prefer your family house to go to another family and create memories for them then you should make sure you know the plans of your buyer and are hence not left with emotional baggage regarding your decision about selling the house.
Another thing to keep in mind is that often due to the emotional attachment, there are greater expectations about the value of the house that are far from reality when looking at the demands of the market. It is hence necessary to first hire a professional who can give you a better idea of the value. This is especially important when there is more than one person inheriting the property and hence there are several people who will divide the money obtained from the sale. Once you have a better idea about market trends and the proposed value of the house, you will be better prepared to deal with buyers. This can also help you decide a good target price that will not only fulfill your demands and the demands of the other inheritors but will also be feasible according to market demands.
Selling a house after the death of your spouse, relative or parents is very painful. We can make this process easier for you. As home buying investors we can buy your house quickly and for a fair price and you don’t have to worry about fixing up the place either.
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We Buy Houses in ANY CONDITION if you want to “Sell My House Fast”. We are Florida cash home buyers and We know how to make you the fair cash offer you’re looking for. We Pay Top Dollar, Can Close Quick, & Promise Not To Waste Your Time!