It is quite common to have a loved one leave you a home as their beneficiary. It is a wonderful gesture and one to be grateful for. However, often times the homes can be in disarray. Perhaps you are happy where you are are or the home is on the other side of town, state, or even country. Times like these can even be stressful as you take on the extra property tax and insurance costs. There is always the option to sell your home to a cash buyer in Dallas.
What Are My Taxes on My Inheritance?
Selling your inherited house in the DFW area for cash has its advantages in that Texas has no state inheritance tax. Even federal taxes on inheritances are exempt below $5.45 million per person. In these situations, it is always advisable to speak with a tax professional. If you would like a recommendation, feel free to give us a call or e-mail and we can point you to a local, trusted professional.
How Do I Avoid Real Estate Agent Fees?
When listing your inherited home on the MLS with a real estate agent, it typically takes months to close and get paid. Not only that, but your real estate agent often requres that you make all the necessary repairs and upgrades that were likley neglected the last few decades--including expensive HVAC systems, water heaters, appliances, and plumbing. This will also increase the timeline by months before you can sell your home. You can also expect to pay 6% of your selling price to your real estate agent, regardless if you or you're agent find the buyer. By selling your inherited home for cash, you avoid sinking the significant money and time it takes to fix up the home to sell on the MLS.
What Do I Do With My Inherited Home?
First things first: take a breather. These are often stressful times, so why make it harder than it already is? Take stock of your inherited home. Really evaluate it--decide which heirlooms you'd like to keep and get an idea of what the honest value of your newly inherited home is. How much repair work is needed? What do you estimate the costs will be? How long will it take to fix it? Do you do the repairs yourself or hire out the work? Don't start renting dumpsters and gutting the rooms. You're in a unique opportunity to sell your home for cash without doing any of the typical work involved with selling on the market. If you are interested in selling your inherited home in the DFW area for cash, please contact as by filling out the form or giving us a call! If you're not quite sure yet or are perhaps thinking of doing the work yourself but don't know what it's involved, then contact us anyways! We work with plenty of great local real estate agents and contractors that we trust with all of our projects. Ultimately, our goal is to help people, so we'd love to do anything we can for you.
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