Selling Unwanted Inherited Property
Kentucky Real Estate Buyers – conveniently located in Lexington, Kentucky (KY) – is here to help you decide what to do with unwanted property you’ve inherited. Contact us today to sell your property quickly and for a cash offer.
When family members pass away, we sometimes inherit property that we don’t want or know what to do with. At Kentucky Real Estate Buyers, we buy houses quickly and for cash without having to involve realtors and all the costs that go along with them. To learn more about how we can help you get rid of your unwanted property, contact us today!
When you inherit property, there are many surprises that can come along with it. If your relative had a reverse mortgage paid on the house, all the money borrowed will need to be repaid to the bank within 30 days to avoid foreclosure. Kentucky Real Estate Buyers can help you sell this property, so you can repay the bank and possibly have a little money left over for yourself.
When you inherit property, you are not able to keep the previous homeowners insurance policy on it. Because of this, you’ll have to decide what to do with the home fairly quickly, because insurance may not be available or will go up dramatically if the home is unoccupied for 60 days. Selling the property is a great way to keep from having to worry about a second home insurance policy.
Estate taxes are another cost you may not be expecting when you inherit property. While the amount is dependent on several factors including the value of the property, it can still be a pain to have to pay this unexpected amount. You can offset these costs by selling the property, especially if you weren’t planning on using it anyways.
Depending on how long you hold on to the property, you may also have to pay a capital gains tax. If you sell property immediately, you normally will not have to pay this tax, because it only applies to increases on the value of the house after the previous owner passed away. Selling the property as soon as possible is the best way to avoid this extra cost.
The probate process can also be extremely confusing and difficult to navigate on your own. Our attorneys can also help sellers through the probate process, so you won’t have to figure it all out by yourself.
If you’re interested in learning more about the potential difficulties associated with inheriting unwanted property, contact us today at Kentucky Real Estate Buyers. We can help walk you through all of your options, research the property, and create a cash offer proposal for you to consider. We are conveniently located in Lexington, KY and proudly serve the surrounding area. Give us a call today to learn about all the different types of property we will purchase.
How to Get Fast Cash for Homes
My four unit property was listed with a realtor for over a year and we received one offer to purchase but it didn’t work out because the buyer’s financing fell through. I received a postcard from Kentucky Real Estate Buyers around the time my listing expired. I called and they made me an offer the very same day they looked at the property. We closed within a few weeks!
My dad left me his property when he passed away and it needed a lot of work because he wasn’t able to maintain it as well the last years of his life. I did not want to spend the time and money dealing with contractors. Alan made a cash offer and we closed in a week. Thank you for keeping it simple!
I called Kentucky Real Estate Buyers about my home that I needed to sell immediately to move out of state because of a new job. Alan and Lauren bought the house within two weeks and I was able to leave the state with no worries.
We are local real estate buyers that specialize in buying houses quickly in their current condition. We buy houses for cash and can help with a multitude of housing situations, including sudden relocation, financial need, unruly tenants, extensive repairs, and inheriting unwanted property. We proudly serve the greater Lexington, KY area and the surrounding counties, including Bourbon, Madison, Jefferson, Franklin, Scott, Clark, Jessamine, and Woodford.