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Inheriting a House and the Taxes You Need to Know About.

by bchandler on 8:49 pm

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Inheriting a House and the Taxes You Need to Know About.

 

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You just inherited a house, and you’re deciding to either sell the house or move into the place. Well, before you decide anything, you should hear about all the taxes that you might have to pay. Depending on your state, this could mean inheritance tax, and possibly capital gains tax. But don’t worry, knowing what to expect is half the battle. To find out which of these taxes apply to you, keep reading!

Inheritance Tax

The first thing you need to know about inheritance tax, it’s completely different from an estate tax. It’s extremely important to know the difference because the two terms are often used interchangeably. But don’t be fooled! These taxes are NOT the same thing. Inheritance tax is a tax that a person pays when they receive an inheritance. An estate tax is a tax that is paid with funds found within an estate. Many people get these two confused is that they consider a house to be an estate. When in reality, a house is only part of an estate. An estate is everything a person solely owned before passing away. This can include cars, money, antiques, life insurance and more.

Now that you know the difference between inheritance tax and estate tax, it’s important to know when inheritance tax applies to you. If you’re inheriting a house from a deceased person, you have to check if your particular state has an inheritance tax.

For example, states like Washington D.C. and Virginia don’t have an inheritance tax, but Maryland has a 10% tax on inheritance. If you live in a state with inheritance tax, don’t worry just yet. You could be exempt from paying inheritance tax. In Maryland, for example, immediate family members of the deceased person and certain non-profits are exempt from inheritance tax. So make sure to check your specific state laws and check to see if your state has any exemptions.

Capital Gains Tax

If you just inherited a house and want to sell it, you may have to worry about capital gains tax. This is a tax that occurs if you sell an inherited property, without living in it for at least 2 of the last 5 years. If you have lived in the property for more than two years in the past 5 years, you can be exempt from capital gains tax up to a certain amount. If you are single, the amount is $250,000. If you are married, the amount is $500,000.

But how do you know how much tax you pay? Well, there’s a formula.

(Sale Price) – (Fair Market Value of the House at the Date of the Owners Death) 

  • If the number is positive, then you pay capital gains tax on that amount.
  • If the number is negative, then a capital loss can be claimed on your taxes and $1.5 thousand of that can be deducted from your income taxes ($3 thousand if filing with a spouse).

Here are two examples:

Sarah inherits Brad’s house. She has the home appraised, and it’s found to be worth $600 thousand. Sarah then sells the house 2 months later for $605 thousand. Sarah then pays capital gains tax on the $5 thousand ($605 thousand-$600 thousand).

OR

Sarah inherits Brad’s house. She has the home appraised, and it’s found to be worth $600 thousand. Sarah then sells the house 2 months later for $550 thousand. Sarah then claims a capital loss of  $50 thousand ($550 thousand- $600 thousand). Sarah is not married and therefore deducts $1.5 thousand from her income taxes.

*Here’s a http">Capital Gains Calculator to make things a little easier for you.*

Selling Your House

If you’re thinking of selling your inherited house, call https">Express Homebuyers to receive a fair cash offer in minutes! And once we make a deal, we’ll also provide you with a free probate attorney to help you through the entire probate process. Call us today to find out more information!

DISCLAIMER: State and Federal tax laws change on a frequent basis. As a result, the following information may not reflect current tax laws and is in no way a substitute for legal advice. For tax or legal advice, please consult with an accountant or attorney.

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Categories: Baltimore Real Estate, Inheritance, Probate, Sell a Home, Sell Your House Fast

What To Do When You Inherit a House – Complete Guide to Selling Fast

by bchandler on 2:44 pm

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What To Do When You Inherit a House – Complete Guide to Selling Fast

 

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Inheriting a home in the District of Columbia, Maryland, or Virginia can be both a wonderful gift and a challenging burden.  If you inherited a home, you most likely just lost a loved one. Working your way through the intricacies of probate procedures, federal tax, state tax, and more while dealing with the loss of a loved one is an incredible challenge.

If you are in this situation now, take a deep breath. In this article, we’ve put together a road map that will tell you everything you need to know about inheriting a home in DC, Maryland, or Virginia. Make sure to read to the end of the article! It explains how to get through probate e

Finally, remember this article is in no way meant to be legal advice but a general 2017 guide for inheriting a home.

Inheriting a House in Washington, D.C.

Probate process in Washington, D.C.

You just inherited a DC property. If you’re like most people, you’re going to have to go through probate. The probate process can be divided into five steps:

Step 1 : Decide Which Probate Administration to Use

Most inherited homes will undergo the unsupervised administration This process is designed for estate cases that have little or no contests. With this type of procedure, the D.C. probate court does not supervise every step of the probate process. For this reason, this process is usually quicker than the supervised administration process. Specifically, an unsupervised probate case will take around 6-9 months. This timeline may change depending on an estates complexity. The timeline starts when a personal representative is chosen.

The supervised or formal administration is designed to have more court involvement. This type of process would be helpful for complex estates, when disagreements over the estate are anticipated, or when interested persons question the ability of the personal representative. This probate process takes around 12-18 months to finish.

The small estate administration is used when an estate’s probate property value is under $40,000. This process is the quickest, least expensive, and easiest option. At the D.C. Superior Court Probate Division, there are Small Estate Specialists that will assist you.

Step 2 : File the Will and Obtain Letters of Administration from the Court
Within 90 days of the decedent’s death, file the will with the D.C. Superior Court Probate Division

Step 3 : Assets

Within 3 months of being appointed as personal representative, the representative must compile a list of all assets and send it to all interested parties. Large assets including real estate will likely need to be formally appraised.

Step 4 : Pay Debt and Taxes

All of the decedent’s debts will need to be paid. These debts may include creditor claims, settlement fees, and funeral bills.

All of the decedent’s taxes will also need to be paid. These taxes may include: probate taxes, income taxes (D.C. and Federal), fiduciary taxes (D.C. and Federal), and estate taxes (D.C. and Federal).

Step 5 : Distribute Remaining Assets

The personal representative will be in charge of distributing any remaining assets to

NOTE: If an asset were jointly owned before a decedent’s death, the asset would automatically go to the other joint owner of the asset. This asset will not go through probate. Here’s an example:

  • Joe and Betty have a house together, and both of their names are on the deed of the house. Joe passes away, and the house is left to Betty because she owned the house before Joe’s death. The house does not go through probate.

Washington, D.C. Taxes When Dealing with an Inherited Home

There are 5 types of taxes that you may have to worry about after a loved one has passed. Income and probate taxes, estate taxes, inheritance tax, capital gains or loss tax.

If you’re the personal representative for someone’s estate, then you’ll have to file the decedent’s income taxes. This can include income taxes (D.C. and Federal), fiduciary income taxes (D.C. and Federal). You’ll also have to pay probate taxes at the beginning of the probate process. This is usually out of pocket and is reimbursed by the estate at a later time.

The personal representative may also have to file estate tax returns. If the estate is worth $2 million or more, a D.C. estate tax return must be filed. If the decedent’s estate is worth $5.49 million or more, federal estate taxes must be filed.

Here’s an example:

Joe passed away and left his house to his daughter Sarah. Joe wrote in his will that he wants Sarah to take care of his estate once he passes away. She is now appointed as the personal representative.

  • If Joe’s estate is worth $200,000, Sarah wouldn’t have to pay any estate taxes in D.C.
  • If Joe’s estate is worth $2.5 million, Sarah would have to pay D.C. estate taxes, but not federal.
  • If Joe’s estate is worth $10 million, Sarah would have to pay D.C. estate taxes and Federal estate taxes.

Thankfully, D.C. does not have an inheritance tax. Any inheritance that beneficiaries or heirs receive will not be taxed.

The last type of tax that you may have to worry about is capital gains tax. This is a tax that occurs if you sell an inherited property, without living in it for at least 2 of the last 5 years. If you have lived in the property for more than two years in the past 5 years, you can be exempt from the tax up to a certain amount. If you are single, the amount is $250,000. If you are married, the amount is $500,000.

The amount taxed is the difference between the houses value and the sold amount. The amount taxed is NOT the price the decedent paid for the house minus the sell price. This is called the stepped-up basis. Here are two examples:

  • Joe purchased his house back in 1987. He paid $100,000 for it and made $15,000 dollars of repairs. This means that his tax basis before he died was $115,000. Sarah inherits Joe’s house. She has the home appraised and it’s found to be worth $600,000. Sarah then sells the house 2 months later for $605 thousand. Due to the “stepped-up basis,” Sarah only pays capital gains tax on the $5 thousand ($605,000-$600,000). If the “stepped-up basis” didn’t exist Sarah would have to capital gains taxes on $490,000 ($605,000-$115,000).
  • Sarah inherits the same house from Joe and sells it for $585. She now has a capital loss of $15 thousand. If a capital loss occurs, up to $3 thousand of the loss can be deducted from her income taxes or $1.5 thousand if she is married and filing separately.

Here’s a http">Capital Gains Calculator to make things a little easier for you.

Inheriting a House in Maryland

Probate Process in Maryland

You just inherited a Maryland property. This most likely means you will go through the probate process.

Step 1 : Starting the process – Decide which probate procedure to use (administrative probate or judicial probate). File the will with the Register of Wills. Decide whether the estate is a small estate or a regular estate. Petition for probate at the Register of Wills or with the correct Orphan’s Court. Obtain letters of administration. Submit appropriate information to the Orphan’s Court or Register of Wills.

-If the decedent died intestate or there are disagreements with the will, the probate process will go through a Maryland Orphan’s Court. This is known as a judicial probate.

-An estate is considered small if it’s worth is under $50 thousand ($100 thousand if their spouse is the sole legatee or heir).

-An estate is considered regular if it’s worth more than $50 thousand (($100 thousand if their spouse is the sole legatee or heir).

Step 2 : Assets-Take an inventory of the decedent’s assets and supply a notice of appointment. The personal representative may also have to provide an Information Report, First Account, and Subsequent Accounts

Regular estates:

-Within 3 months the personal representative must supply the Orphan’s Court or Register of Wills with an inventory of the decedents assets, any required appraisals, and a Maryland Information Report. This timeline starts the day the personal representative is appointed.

-Within Nine Months from the date of appointment, a First Account must be filed. This includes the inventory of assets, all activity of the Orphan’s Court or Register of Wills, receipts, and documentation of transactions.

Small estates

The personal representative must submit a Maryland Information Report. Small and regular estates must supply a Notice of appointment. This is a posting in a newspaper that is intended to inform creditors of the probate and the decedent’s

Step 3 : Pay Debts and Taxes– Determine the decedent’s debts and pay them down. File all applicable tax returns.

These debts can include creditor claims, settlement fees, legal fees, and funeral bills. The taxes can include probate taxes, income taxes, federal estate taxes, and estate taxes.

Step 4 : Distribute Remaining Assets-Distribute any remaining money or assets to beneficiaries. The personal representative will be responsible for distribution.

NOTE: If an asset were jointly owned before a decedent’s death, the asset would automatically go to the other joint owner of the asset. This asset will not go through probate. Here’s an example:

-Joe and Betty have a house together and both of their names are on the deed of the house. Joe passes away, and the house is left to Betty because she owned the house prior to Joe’s death. The house does not go through probate.

Taxes in Maryland

There are 5 types of taxes that you may have to worry about after a loved one has passed. Income and probate taxes, estate taxes, inheritance tax, capital gains or loss tax.

If you’re the personal representative for someone’s estate, then you’ll have to file the decedent’s income taxes. This can include income taxes (Maryland and Federal), fiduciary income taxes (Maryland and Federal). You’ll also have to pay probate taxes and possibly inheritance tax. The probate taxes are paid at the beginning of the probate process. This is usually out of pocket and is reimbursed by the estate at a later time.

The personal representative may also have to file estate tax returns. If the estate is worth $3 million or more, a Maryland estate tax return must be filed. If their estate is worth $5.49 million or more, federal estate taxes must be filed.

Here’s an example: Joe passed away and left his house to his daughter Sarah. Joe wrote in his will that he wants Sarah to take care of his estate once he passes away. She is now appointed as the personal representative.

-If Joe’s estate is worth $200,000, Sarah wouldn’t have to pay any estate taxes in Maryland.

-If Joe’s estate is worth $3.5 million, Sarah would have to pay Maryland estate taxes, but not federal.

-If Joe’s estate is worth $10 million, Sarah would have to pay Maryland estate taxes and Federal estate taxes.

Maryland has an inheritance tax, but immediate family members are exempt. There are also other people/organizations that are exempt from the inheritance tax as well. To see a more in-depth list, click http">here. If the Maryland inheritance tax did apply to you, this would be an example of that situation stated earlier:

-Joe’s estate is found to be worth $3.5 million. Greg being the personal representative files the Maryland estate tax. $3 million of the estate isn’t taxed, but the $500,000 is taxed. Greg receives the $3 million, and the after taxes amount of the $500,000.

The last type of tax that you may have to worry about is capital gains or loss tax. This is a tax that occurs if you sell an inherited property, without living in it for at least 2 of the last 5 years. If you have lived in the property for more than two years in the past 5 years, you can be exempt from the tax up to a certain amount. If you are single, the amount is $250,000. If you are married, the amount is $500,000.

The amount taxed is the difference between the houses value and the sold amount. The amount taxed is NOT the price the decedent paid for the house minus the sell price. This is called the stepped-up basis. Here are two examples:

-Joe purchased his house back in 1987. He paid $100,000 for it and made $15,000 of repairs. This means that his tax basis before he died was $115,000. Sarah inherits Joe’s house. She has the home appraised and it’s found to be worth $600,000. Sarah then sells the house 2 months later for $605,000. Due to the “stepped-up basis,” Sarah only pays capital gains tax on the $5,000 ($605,000 -$600,000). If the “stepped-up basis” didn’t exist Sarah would have to capital gains taxes on $490,000 ($605,000-$115,000).
-Sarah inherits the same house from Joe and sells it for $585,000. She now has a capital loss of $15,000. If a capital loss occurs, up to $3,000 of the loss can be deducted from her income taxes or $1,500 if she is married and filing separately.

Here’s a http">Capital Gains Calculator to make things a little easier for you.

 

Inheriting a House in Virginia

Probate Process in Virginia

You inherited a Virginia property and will most likely go through probate. It’s important to note that Virginia doesn’t have a separate court for probate. Instead, the probate process goes through In Virginia county circuit courts. Here are the four major probate steps for Virginia.

  1. Step 1 : Starting the process– Decide if the decedent’s estate is considered a small estate in Virginia. Decide whether the probate case needs to be brought in front of a judge. Make an appointment with the County Clerk or deputy clerk and bring necessary forms. File the will with the county. Obtain a certificate of qualification. Post a probate bond. Send out a notice of probate.
    1. In Virginia, an estate is considered small if all of the decedent’s assets are worth under $50 thousand. This can’t include real property and each asset must be valued below $15 thousand. If this is the case, a circuit court judge is not involved. However, if there is a dispute, the interested person may appeal the case to a judge. For all other estates, a personal representative is appointed and receives a certificate of qualification.
    2. When an appointment is made with the county they will tell you what forms to bring. http">Here is an example list of forms you may have to show to the county.
    3. A notice of probate must be sent out within 30 days from the date the personal representative was appointed. If applicable, the probate notice has to be sent to the surviving spouse, all heirs, and all beneficiaries.
  2. <Step 2 : Assets– An inventory of the decedent’s assets must be taken and filed with the

Commissioner of Accounts. The value of all assets should be the fair market value at the time of the decedent’s death, not when the inventory was taken. This is due four months after the personal representative is appointed.

  1. Step 3 : Pay Debts and Taxes– Determine the decedent’s debts and pay them down, file all applicable tax returns.
    1. A decedent’s debts may include creditor claims, settlement fees, legal fees, funeral bills, and medical expenses. The taxes can include probate taxes, income taxes, and federal estate taxes.
  2. Step 4 : Distribute Remaining Assets-Distribute any remaining money or assets to beneficiaries. Acquire a Final Order of Distribution (optional).
    1. The personal representative is responsible for distributing assets.
    2. An Order of Distribution is a safeguard for the personal representative.

NOTE: If an asset were jointly owned before a decedent’s death, the asset would automatically go to the other joint owner of the asset. This asset will not go through probate. Here’s an example:

  • Joe and Betty have a house together and both of their names are on the deed of the house. Joe passes away, and the house is left to Betty because she owned the house before Joe’s death. The house does not go through probate.

Types of taxes in Virginia

There are 5 types of taxes that you may have to worry about after a loved one has passed. Income and probate taxes, estate taxes, inheritance tax, capital gains or loss tax.

If you’re the personal representative for someone’s estate, then you’ll have to file the decedent’s income taxes. This can include income taxes (Virginia and Federal), fiduciary income taxes (Virginia and Federal). You’ll also have to pay probate taxes and possibly inheritance tax. The probate taxes are paid at the beginning of the probate process. This is usually out of pocket and is reimbursed by the estate at a later time.

The personal representative may also have to file estate tax returns. Virginia does not have an estate tax, but there can still be a federal estate tax. If their estate is worth $5.49 million or more, federal estate taxes must be filed. This number changes every year. So make sure to be up to date on the law. Here’s an example of how this might affect someone:

Joe passed away and left his house to his daughter Sarah. Joe wrote in his will that he wants Sarah to take care of his estate once he passes away. She is now appointed as the personal representative.

-Sarah estimates Joe’s estate to be worth $10 million, Sarah would then have to pay Federal estate taxes on $4.51 million ($10 million-$5.49 million).

-Sarah estimates Joe’s estate to be worth $200,000. Therefore she pays zero estate taxes.

Thankfully, Virginia does not have an inheritance tax of any kind.

The last type of tax that you may have to worry about is capital gains or loss tax. This is a tax that occurs if you sell an inherited property, without living in it for at least 2 of the last 5 years. If you have lived in the property for more than two years in the past 5 years, you can be exempt from the tax up to a certain amount. If you are single, the amount is $250,000. If you are married, the amount is $500,000

The amount taxed is the difference between the houses value and the sold amount. The amount taxed is NOT the price the decedent paid for the house minus the sell price. This is called the stepped-up basis. Here are two examples:

-Joe purchased his house back in 1987. He paid $100,000 for it and made $15,000 of repairs. This means that his tax basis before he died was $115,000. Sarah inherits Joe’s house. She has the home appraised and it’s found to be worth $600,000. Sarah then sells the house 2 months later for $605,000. Due to the “stepped-up basis,” Sarah only pays capital gains tax on the $5,000 ($605,000-$600,000). If the “stepped-up basis” didn’t exist Sarah would have to capital gains taxes on $490,000 ($605,000-$115,000).

-Sarah inherits the same house from Joe and sells it for $585,000. She now has a capital loss of $15,000. If a capital loss occurs, up to $3,000 of the loss can be deducted from her income taxes or $1,500 if she is married and filing separately.

Here’s a http">Capital Gains Calculator to make things a little easier for you.

 

The No-Hassle Way to Deal with an Inherited House

If you just read this article, I know what you’re thinking. “I just lost someone and now I have to deal with all of this…” During this time, you shouldn’t have to worry about probate, filing fiduciary income taxes, letters of administration, and everything else that comes with inheriting a house. If you’re like most people that inherit a house from a deceased loved one, dealing with their belongings is the last thing you want to do.

But guess what? There’s a way to get immediate help with your situation and it comes with free experienced probate attorneys. Are you looking to sell your inherited house? If you are, do it the hassle free-way. https">Express Homebuyers can give you a fair cash offer in about 7 minutes for your inherited house. If a deal is made, we’ll also supply you with a free probate attorney. At https">Express Homebuyers, we believe you already have enough to worry about after losing a loved one. That’s why our probate attorneys won’t only help you with the real estate portion of your probate process, but the entire probate process!

So why not take 7 minutes to save you time, money, and worry on a process that can take more than 7 months?

 

Important Terms to Know

 

Administrative probate (M.D.): an administration in M.D. for uncontested wills, which is handled by the county register of wills.

Assets: All property other than income that is part of an estate.

Beneficiary/Legatee: a person or entity entitled to receive a portion of the estate that has been written into a will.

Capital Gains Tax:a tax levied on profit from the sale of property or of an investment.

Capital LossTax: the negative difference between the amount an asset is worth (or the amount you paid for it) and the selling price.

Certificate of qualification: the written document created by the Clerk, under seal, at the time the personal representative qualifies to administer the estate. This is also referred to as “letters testamentary” or “letters of administration.”

Commissioner of Accounts: the person appointed by the Court to oversee the reports and activities of personal representatives.

Contested: to challenge or disagree with a position in a judicial proceeding.

Decedent:the deceased person.

Estate: the decedent’s property, including real estate, personal property, and any other assets.

Estate taxes: a tax levied on the entire value of a decedent’s estate.This tax is levied before beneficiaries or heirs receive an inheritance.

Federal income taxes: Income taxes levied by the federal government, not stae.

Fiduciary: a person in a position of entrusted with another one’s property; a general term used to refer to the personal representative.

Fiduciary income taxes: an income tax return for trusts or estates that is completed by personal representatives.

Heir: the persons who would inherit the decedent’s estate if the decedent died intestate (without a will).

Income taxes: taxes that are levied on income. This can include federal and state level income taxes.

Information Report (M.D.): trusts, jointly held property, retirement and P.O.D. accounts, gifts made within two years of death, and other non-probate property

Inheritance: the assets given to heirs or beneficiaries after all of a decedent’s taxes and fees have been paid; examples include payment to creditors, income taxes, probate taxes, legal fees, funeral expenses, and estate taxes.

Inheritance tax– a tax on all assets inherited by heirs or beneficiaries.

Intestate: when a decedent has passed away and not written a will.

Judicial probate (M.D.): usually for contested wills and is handled by the county Orphan’s Courts

Non-probate Property: Property that passes automatically at death.

Notice of Appointment: written notice informing all creditors, heirs, and beneficiaries of a decedent’s personal representative.

Notice of Probate: the required notice that an estate is undergoing probate, which is given to beneficiaries and heirs.

Personal representative/Executor:the person appointed to oversee and deal with the decedent’s estate.

Petition for Probate: a written, formal request, properly filed with the court to apply for probate.

Probate: the procedure of admitting a will to a court; the process of appointing a personal representative of an estate.

Probate bond:a written promise, recorded in the Clerk’s Office, by the administrator to perform his or her obligations and duties.

Probate Property: All assets owned at death that require some form of legal proceeding before title may be transferred to the proper heirs.

Probate taxes: These are taxes levied at the beginning of the probate process. They differ from estate taxes.

Regular estate (M.D.): an estate worth more than $50 thousand (($100 thousand if their spouse is the sole legatee or heir).

Resident agent- a person or business that can be served with any legal papers inside a certain state. This person is appointed if a personal representative lives out of state and therefore is a substitute if the personal representative cannot be reached.

Small estate Administration (D.C.): the administration used in D.C. for small sized estates. These estates will be valued under $40 thousand.

Small estate (M.D.): an estate is considered small in Maryland if it’s worth is under $50 thousand ($100 thousand if their spouse is the sole legatee or heir).

Small estate (V.A.): decedent’s assets are worth under $50 thousand, cannot include real property, and each asset must be valued below $15 thousand.

Supervised Administration/Formal Administration (D.C.): an estate administration in D.C. This administration is designed to provide more court involvement. It is used for complicated estate cases or when disagreements are made over a decedent’s assets.

Testate: when a decedent has passed away and has written a will.

Unsupervised administration (D.C.): the main way estates are dealt with in D.C. Estates will fall under this administration if there is no disagreement about assets.

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Express Homebuyers

Corporate Office

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Springfield, VA 22150
Phone: (877) 804-5252
Email: express@expresshomebuyers.com

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Categories: Inheritance, Sell Your House Fast

It’s a Shame to Not Get a Fair Offer When Selling an Inherited Property in Washington DC

by bchandler on 10:45 am

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It’s a Shame to Not Get a Fair Offer When Selling an Inherited Property in Washington DC

 

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Selling an Inherited Property in Washington DC can be Simple

Alicia called us on July 18th after seeing an Express Homebuyers commercial on TV. She was interested in selling an http">inherited property in Washington DC. She had inherited the house on 50th PL NE in the Deanwood neighborhood through a trust. Nobody was living in the home and the property was in need of fairly extensive repairs.  Acquisitions Manager Tom Parmentier told her we’d be able to offer around $70-75K. She said she would like to think about it.

Alicia and Tom spoke again on July 22nd, at which time they setup an appointment for the following Monday for us to see the property. On July 29th Alicia met Managing Partner Jud Allen at the house. Jud confirmed that the required repairs would cost about $58K.

How Easy is Selling an Inherited Property in Washington DC?

Two days later, Tom confirmed the offer of $70K. Alicia requested that he fax a contract, which she signed and returned the following day.

While the title came back on August 8th, it took longer to review since it was in a trust. Given the language of the trust, the http">underwriter required comps to support our purchase price. It took the underwriter two weeks to give the ok. Once he did, we closed on August 26th. Alicia had her cash and was no longer responsible for maintaining the inherited property.

For Alicia, selling an inherited property in Washington DC was very simple. It can be just as hassle-free for you, even if your house isn’t in Washington DC. We buy homes throughout the DC Metro area. Call us today at (877) 804-5252 for a fair, no-obligation cash offer. Or fill out the form at the top right.

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Springfield, VA 22150
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Categories: Inheritance, Sell Your House Fast Tags: sell an inherited house fast, sell an inherited house in Washington DC, selling an inherited property

Selling an inherited house Woodbridge Va

by bchandler on 1:34 pm

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Selling an inherited house Woodbridge Va

 

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Selling an inherited house in Woodbridge

Over the summer, Juanita and her three brothers inherited a house on Regency Court in the Belmont subdivision in Woodbridge, Virginia. While the 2,300 square foot property had been in their family for more than 50 years, it hadn’t been well maintained and now needed significant repairs. Although the house held wonderful memories for them, none of the siblings wanted to live there now, as they all already owned their own homes around the Washington, DC area. And neither Juanita nor her brothers was in a position to fund the extensive repair work necessary to restore the home to its original mid-century, 7-bedroom splendor.

That’s when an Express Homebuyers TV commercial caught her eye. She called to find out about selling an http">inherited house in Woodbridge, Virginia, spoke with Tom and scheduled an appointment for him to come take a look at the home a few days later. Once there, Tom confirmed that yes, the house did need massive rehabilitation; the turquoise kitchen appliances were circa 1960 and didn’t even function completely. The toilet in one of the three pink tiled bathrooms was missing and the back deck was somewhat of a hazard. But that wasn’t a problem for Express Homebuyers because they make selling an inherited house in Woodbridge, Virginia easy, regardless of condition, and Tom made her an offer on the spot.

Selling an inherited house in Woodbridge doesn’t need to be a nightmare

Juanita discussed the proposal with her brothers, who were not convinced that this was the best course of action. They wanted to look into other options. However, several weeks later, they conceded that holding on to the property any longer was more of a hassle than it was worth. They agreed on a price, signed a http">purchase agreement and Express Homebuyers bought the house without any issues within two and a half weeks. Juanita and her brothers were relieved to be able to sell this inherited house easily, keep their good memories of it and move on with their lives.

http" target="_blank" rel="noopener noreferrer">Watch Now – Selling an inherited house in Woodbridge Va

 

If you have an inherited house to sell, call us today at (877) 804-5252 for a fair, no-obligation cash offer. https">Express Homebuyers can buy as-is. You can even leave unwanted items behind.

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Springfield, VA 22150
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Email: express@expresshomebuyers.com

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Categories: Inheritance, Sell Your House Fast

Alternatives for a Fresh Start

by bchandler on 1:14 pm

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If you are in financial distress and fear you will lose your home, you may feel frustrated and hopeless.  Some of the alternatives presented to you may seem pretty much the same: you will lose your home. You can do a short sale, let the bank foreclose, or file bankruptcy.  Your choices may have the same import as waiters on the Titanic asking diners sitting in water to their waists if they preferred coffee or tea.

Being in this situation is not what you anticipated when you scraped and saved for your home. However, if you can adopt the philosophy that homes and material things are replaceable, you can get through the situation and aim for a fresh start.  Short sales, foreclosure, or  bankruptcy can provide this. What you should aim for is the solution that has the smallest long term impact on your credit score and the greatest chance for you to move onto the next step with dignity.

Preserving your credit score is important. Not only is a good credit score necessary to get future credit and get it at a decent rate, it may impact your ability to rent or buy a house, get insurance, and even get a job. If you fall on hard times, you will take an inevitable hit.  Your concern should be with preserving your score as best you can. The means that in order of the least damage to your credit, it is short sale, foreclosure, and bankruptcy.

Short sale: If your home’s value is not enough to pay off the mortgage, you could ask your lender to authorize a short sale where you can sell the home for less than you owe.  This approach saves the lender time and money compared to a foreclosure and allows you have more time to plan your nest move as the process takes a while. You will lose 80 to 100 points on your credit request, but within 18 months the impact on your score should lessen.

Foreclosure: When the bank takes your home, you lose 200 to 300 points on score and can’t buy another home for at least three years.  Given the large numbers of foreclosures these days, foreclosure might have a relatively small social stigma and economic impact over time.

Bankruptcy: Bankruptcy will remove your debts or allow you to repay them over time, depending on whether you file Chapter 7 or 13 bankruptcy.  The number of points you lose depends on what your credit score was before you filed, but the event will stay on your record from 7 to 10 years. Despite the effect on your credit rating, this may still be the best choice if you are burdened down with a lot of other debts besides your mortgage.

Any of these methods can offer a fresh start to you if you are in trouble. If you want to sell your home now, Express Home Buyers can offer exciting alternatives. Whether you are in financial trouble, face foreclosure, have a property that needs a lot of work, or have an inherited house, we can sell your house fast. Because with us, it’s Guaranteed2Sell.

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Springfield, VA 22150
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Categories: Bankruptcy, Distressed Property, Foreclosure, Inheritance, Probate, Sell Your House Fast Tags: auction, avoid foreclosure, behind mortgage payments, buy my house, expresshomebuyers.com

Sell Your House Fast. Start Your Own Economic Stimulus Package

by bchandler on 3:55 pm

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Sell Your House Fast. Start Your Own Economic Stimulus Package

 

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We don’t know what your current personal financial situation is. Nor the condition of your house. Here’s something to think about.

Chances Are You’re Reading This For One of Three or Four Good Reasons.

First, you may have fallen on hard times. If anything, the current economy has taken any shame out of this position. There are few of us who aren’t affected to a greater or lesser degree. Second, your house may be in a condition in which you can’t sell it unless you spend lots of money fixing it up – money you don’t have. Third, you may have inherited a house through a family event like a death or retirement. Finally, your house might be close to foreclosure, and you simply don’t know what to do next.

Here’s a Simple, Winning Strategy – Sell Your House Now. Then, Buy Another You Can Afford!

It is really that simple. If your situation is such that you need to get out of your present personal economic crisis, then stop trying to make the huge profit on your house you think you deserve. In any one of the four situations described above, you probably can’t.

But you can profit.

Many real estate investment companies (like ours) are in a position to buy your house outright very quickly. As part of the purchase plan, you will be required to pay off all the debt and difficulty associated with the property. But when you do, you will be free and clear of the house and its troubles when the dust settles.

Now, here’s what to do with the cash you have left.

Simple. Buy a House You Can Afford!

Take the proceeds from your selling off of your personal asset – your house – and use it as a down payment for a house you can afford. Now.

Interest rates are low, houses are at their lowest prices in years, and you are now free and clear of all the financial mess that got you here in the first place. What’s to stop you from buying a new house, and a new start?

Look for the Best Value You Can Find.

For us at Express Homebuyers, this is the fun part.

Our business is buying your previous house, and selling you another, similar home that we have fully renovated. Lots of the folks whose houses we buy turn around and buy one’s we have already remodeled. With new gourmet kitchens, granite counter tops, ceramic floors, and completely reconditioned bathrooms and bedrooms, our houses represent one of the best values on the home marketplace today. We buy houses in Prince Georges County, Montgomery County, Washington DC and Virginia.

We close on them pretty quickly, too – usually in under 30 days.

So, one month from today, you could be walking into a newly remodeled home instead of worrying about the one you’re in. And as a personal economic stimulus package, we think that’s pretty neat.

So, need to sell your house fast? Sell it now and improve your overall financial position. We buy houses like yours every day.

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or Call us at (877) 804-5252

Express Homebuyers

Corporate Office

6564 Loisdale Court, Suite 315
Springfield, VA 22150
Phone: (877) 804-5252
Email: express@expresshomebuyers.com

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Express Homebuyers is rated 4.6 stars on Google based on 39 reviews

Categories: Distressed Property, Foreclosure, Inheritance, Probate, Sell Your House Fast Tags: avoid foreclosure, Bankruptcy, buy my home, buy my house, express home buyers, express homebuyers, expresshomebuyers.com, Foreclosure, home for sale, homes for sale in maryland, homes for sale in virginia, save home in foreclosure, Sell home, sell home quick cash, sell house fast, sell house foreclosure, sell my home fast, sell my home quick, sell my house, sell my house now, sell my house quick, sell your house, sell2us, we buy homes, we buy house, we buy houses, www.expresshomebuyers.com

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