You just inherited a property in New Jersey and even though it’s exciting to realize that someone remembered you in their will, the reality is that an inherited home can only become a burden if you already own a home and don’t know what to do with the inherited property.
In this post we will offer you several tips you can use for selling an inherited property in New Jersey.
Tax Implications
Before we provide you with tips on selling an inherited property it’s important for you to know that you will face potential tax implications from selling the inherited home because inherited properties do not qualify for the sales tax exclusion unless you plan on actually living in the property for two years.
Although you may not qualify for the sale tax exclusion you will quality for a stepped up tax basis meaning that you will only have to pay taxes on the fair market value of the home or property at the time of the prior owners death and you won’t have to face lots of taxes on the property that may have accumulated over the years.
Tips for Selling an Inherited Property
To effectively sell an inherited property in New Jersey you should sell your home to Hyvest Homes since we specialize in buying New Jersey Real Estate and can help you sell your home for the most money without having to pay commission to a Real Estate Agent or do any of the traditional work that’s needed to get a home ready for sale.
Our process for buying your New Jersey home is simple:
Step 1 – We will view your home and give you our home evaluation in about 15 minutes.
Step 2 – We will give you a generous all-cash offer and you will see that selling your home to Hyvest Homes is a smart choice that will enable you to sell your inherited home quickly.
Step 3 – Once you have accepted our offer we will agree on a closing date and then buy your home within 21 days or on the exact closing date that you’ve chosen.
Step 4 – Last of all, but most important, you will get paid and won’t have to deal with the traditional headaches of listing your home with an agent or going through escrow.
Learn more about selling your home with Hyvest Homes by calling or texting us today at (732) 882-7702 or CLICK HERE to connect with us online.