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How Do I Get Rid of an Inherited Property?

sell your house

It’s hard enough to deal with the passing of a loved one. Inheriting unwanted property after their passing may only add to your sadness and frustration. When you inherit real estate, you inherit the financial and legal responsibilities associated with the home. Unfortunately, that may include inheriting debt obligations. You’ll also need to worry about tax liabilities and what you plan to do with the property once you have the title of the house in your name.

That said, if you’re dreading the thought of moving into your inherited property, investing in the property, or the hassle of selling the property, you’re not alone. You have options available to you to help you get out of this tricky situation. Here’s what you need to know about inheriting a property in Pennsylvania and what you can do to get rid of the property when you don’t want it.

Inheriting property comes with an inheritance tax

When you inherit a house in Pennsylvania, you’ll need to pay an inheritance tax. The rate for the Pennsylvania Inheritance tax is 4.5% for transfers to direct descendants and 12% for transfers to siblings. For other heirs, the tax rate is 15%.

Inheritance tax returns are also due nine calendar months after your loved one’s passing. The party who has been named in the will as the executor is responsible for filing the return and paying the tax. However, if there is no executor or administrator named in the will, then the person receiving the property will be required to file the tax return and pay the tax.

There are options to pay the inheritance tax

If you’re unable to pay the inheritance tax within nine months of your loved one’s passing, you may be able to pay the tax in installments or take out a loan to pay the tax. Keep in mind that if you sell your inherited property before paying your inheritance tax, you may still need to pay taxes on it. If you make a profit on the property when you sell your house, the state will also tax your profit.

Start planning to sell the house

If you’re struggling to pay your inheritance tax or if the property has an existing mortgage that you won’t be able to manage on top of your other financial responsibilities, it’s better to sell your house as quickly and efficiently as possible. The professional house buyers of Philly Home Investor can help.

Philly Home Investor knows how challenging the home selling process can be when you’ve inherited an unwanted property and aren’t sure how to navigate the proper paperwork. That’s why Philly Home Investor has an in-house team of attorneys who specialize in probates and other real estate-related issues. Our home investors can walk you through the process of selling your unwanted property from start to finish. We’ll conduct an appraisal to help you determine how much your property is worth based on its condition and its location, too, so you can feel confident you’re making an informed decision when you take your next steps to sell your house.

Sell your house fast

Selling a house, especially when it isn’t the most appealing property, can take months to sell and four to seven weeks to close. That may be time that you don’t have, especially if your inherited property is located in a different city or state than you. What’s more, it’s never guaranteed that your property will sell for its market value and you’ll need to compromise with home buyers to get your property off your hands. Once the property sells, you’ll need to pay your real estate agent a commission fee as well.

You don’t need to worry about this lengthy and expensive process when you choose to work with Philly Home Investor. To sell your unwanted property to us, all you need to do is start by giving us a call. We’ll walk you through our buying process and answer any questions you have about your real estate situation.

From there, we’ll set up a time to conduct an appraisal on your house. We’ll give you a fair and honest cash offer within just a few hours. If the offer is to your satisfaction, we’ll close on the property within 14 days. You won’t have to worry about paying any additional fees or commissions.

Ready to get your unwanted inherited property off your hands? We can help. Contact Philly Home Investor for more information about selling your unwanted inherited property today.

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