If you’ve inherited a property in Atlanta that you don’t want to keep or rent, selling it is the next best option. But selling a house fast in Atlanta is no easy task, especially in this market.
You see, selling an inherited property is often more complicated than selling a regular home. And you must be aware of the common challenges before you start the selling process; this way it’ll go smoother.
Here’s a list of common problems that you may face if you’re trying to sell an inherited property in Atlanta.
Hidden Issues
Inherited properties can have many hidden issues, especially the older ones. There may be structural problems or code violations, or perhaps there are large liens against the property.
To avoid these unpleasant surprises, conduct a thorough property inspection and title search before listing the property. Doing so will save you time and money.
Condition
A lot of inherited properties are in terrible condition when the heir(s) take over. A house may require deep cleaning, major repairs, and improvements before it can be deemed market-ready.
And, of course, renovations can be expensive and time-consuming, and they delay the selling process. So, if you don’t want to spend an arm and a leg on repairs, sell the property as is to cash home buyers in Atlanta. They buy houses in any condition, and they always pay a fair price.
Capital Gains Tax
When you sell an inherited property, you must pay capital gains tax on the profit you make. The tax rate for short-term capital gains is the same as your tax rate for ordinary income, and it can be as high as 37% for individuals with high income.
However, the tax rate for long-term capital gains can be 0%, 15%, 20%, or 28%, depending on your income and filing status.
It’s crucial to understand the tax implications associated with selling an inherited property. This way you can plan accordingly and avoid losing a significant portion of your profit to taxes.
Inherited Debt
An inherited property may come with a mortgage, or perhaps there are other debts that must be settled. These financial obligations can make things more difficult, especially when you want to profit handsomely from the sale.
Probate
In many cases, properties are left to multiple heirs, and in this instance the heirs usually share the place. But disagreements over the selling process and the division of the proceeds can strain family relationships.
So, if there’s no clear documentation, like a will, that outlines how assets are to be distributed, heirs may need to go through a legal process called probate.
The probate process is often complicated and time-consuming. Of course, if you have to deal with probate, chances are you won’t sell the property quickly.
Is There An Easy Way To Sell An Inherited Property in Atlanta?
If you don’t want to overcome all these challenges and you just want to sell your inherited house fast, consider reaching out to cash home buyers. They’re usually advertising: “We buy houses in Atlanta for cash!”
A cash buyer can make a no-obligation offer within 24 hours of seeing your home, and usually they can close in just a few weeks. So if your home is in rough shape, selling to them is a no-brainer!
Author Bio
Diamond Equity Investments is a well-known cash home buyer in Atlanta that specializes in purchasing properties in their current condition and always for a fair price. If you’re interested in a convenient and fast house sale, visit https://diamondequity.com/ for more details.
