6 minute read – If you’ve recently lost a loved one and inherited their home in Washington state, you’ll be faced with many options on what to do next. For many people, holding onto the home can become a source of stress. If you already have a home and the inherited home doesn’t suit your needs, it can become more of a burden than a benefit. Because of this, many people choose to sell their inherited property. Here’s how you can expect the process to go.
How to Sell a House in Probate
Usually, if you want to sell the home you inherited in Washington state, you will have to go through the probate process. The two main goals of this process are to ensure that the debts of the deceased are settled and that the property gets transferred to the rightful owner. If the deceased left behind a will, you’ll have to prove that it’s valid. The property will also need to be appraised and, if there are any unresolved debts or taxes, those will need to be paid first.
The probate process sometimes takes years to complete. The good news is that you don’t have to wait for probate to be finalized to sell the property. You can actually sell during probate. Sometimes you will even have to sell so probate can be finalized if the deceased has debts or legal fees that can’t be resolved yet.
In order to sell the home during probate, you will first need to notify all beneficiaries involved with the estate as well as any creditors that may be associated with the property. You’ll need to submit the written consent of all the estate’s residuary beneficiaries for probate court. The other documents you’ll need include:
- A copy of the sales contract
- A copy of the broker’s or appraiser’s letter containing a comparable market analysis
- A petition for an order authorizing the sale of real property
- The proposed order on sale of real property
If the probate court approves your documents, the sale can move forward. Once the sale is complete, you will need to use any proceeds to pay off the estate’s debts first. The rest can go to the heirs.
3 Tips for a Smooth Transaction
1. Get an Accurate Value
If you’re going to sell the home you inherited, make sure you get an accurate estimate of the home’s worth. Don’t rely on a free home value estimator alone since it’s crucial to factor in the home’s condition and the state of the housing market.
2. Deal with Possessions Efficiently
Preparing to sell an inherited home to sell can be a particularly emotional process if it was a childhood home. The idea of going through every single item and deciding its fate can be daunting. After you’ve cleared out sentimental items, having a yard sale or an estate sale is often the easiest and most stress-free way to part with a lot of items quickly.
3. Get Help with Taxes
There are some things that are unique to selling inherited property as opposed to your own property. For example, you won’t benefit from a tax exclusion unless you live in the home for at least two years before you sell. Another keynote on taxes is that inheritance tax and estate taxes are two completely separate taxes. Make sure you have a knowledgeable accountant or attorney who can help you navigate the confusion of the tax code.
How to Sell An Inherited Home in Washington State with Expert Representation
If you want to sell the home you’ve inherited, selecting the right real estate agent is crucial. Realblvd knows how to make sure you get top-dollar for the home you’ve inherited. We take the stress out of selling inherited homes. If you know you don’t want to go through this process alone, contact us today!
Learn how we can buy or how we can sell your inherited property without giving it away and with us taking care of all the hassles that come with selling an inherited or probate property.