In some cases, people who inherit a home from their parents or other loved ones may choose to live in the home or keep it as an investment property. But most people choose to sell. Inheriting a home can be unexpected, complicated, and emotionally and financially burdensome, especially if you’re also dealing with the loss of a beloved relative. The cost of necessary repairs, inspections, and realtor fees can be extensive.
Selling an inherited home for cash simplifies and streamlines the process – especially when you sell to a local developer rather than a private individual. But whether you choose to sell to a development company or a traditional homebuyer, it helps to know what to expect!
Keep reading to find out what you should know about inheriting a home in Portland, and how to sell it for a good price!
Inheriting a house isn’t always a financial benefit
Inheriting a home can be an incredible opportunity. As a beneficiary, you may have the opportunity to sell the home and make a significant profit, rent it out to tenants for additional income, or move in yourself and gain a beautiful and sentimental new place to call home. But not everyone has the opportunity to turn their new house into a home or reap the financial benefits of owning a property.
In many cases, inherited homes are older and may be in poor condition as a result. Many older houses suffer from outdated appliances, cosmetic issues, structural damage, contaminations like mold and asbestos, and more. In these cases, the home may require significant repairs or updating in order to be functional, and the price of a renovation can cost more than the property is worth.
What are the legal and tax requirements?
Each state has its own laws regarding inheritance and estate taxes. While these terms are sometimes used synonymously, they are two separate entities. An estate tax is collected prior to the assets being awarded to the beneficiary and is determined based on the overall value of the property. An inheritance tax, on the other hand, is collected after the assets have been distributed and is determined by the amount inherited by the beneficiary.
Oregon does not have an inheritance tax, meaning that the assets you receive belong to you with no tax. However, when you obtain full ownership of the property, you may take on other financial burdens. For example, if the benefactor left any unpaid mortgages or property debts upon their passing, these obligations are inherited by the beneficiary as well. In many cases, especially if living in the home isn’t an option, these debts can be financially crushing and reduce the benefits of inheriting a home.
What are the options?
If you’ve recently inherited a house in Portland, you have four options:
- Keep the home as your primary residence – a great opportunity if you can afford it, but requires you to take on any existing mortgage, taxes, and maintenance costs
- Rent the home to tenants – potentially profitable, but also requires mortgage and tax payments, repairs and maintenance, and taking on the responsibilities of a property manager / landlord
- Sell the home through the traditional process, with a realtor – may end in a good deal, but can be very expensive and complicated, particularly in cases where substantial repairs are needed to sell
- Sell the home to Columbia Redevelopment for cash – simplifies, streamlines, and expedites the process of selling to ensure you get a good deal that’s guaranteed, regardless of the state of repair or disrepair of the home
Benefits of selling an inherited home for cash
Selling an inherited home for cash to a local development company like Columbia Redevelopment can save you time, money, and the headache of dealing with selling to an individual buyer. Even with a cash offer, selling to an individual homebuyer usually still means hiring a realtor, dealing with inspections, waiting for a month or longer for the sale to close, and completing a substantial amount of paperwork.
Zillow and Redfin are not buying nearly as many homes as they were in the past. A local developer is your best bet. They know your area, neighborhoods, and local housing-market trends and will be able to offer you a price that’s fair and accurate. Here’s why selling an inherited house for cash to a local Portland developer is a great option for many people:
- You’ll get an offer quickly; when working with Columbia Redevelopment, you’ll receive a cash offer within 24 hours of when we visit your home.
- The sale can close in as little as two or three days, putting money in your pocket faster.
- The process is generally more professional; you avoid dealing with a buyer who is finicky, unrealistic, or emotional.
- You can avoid paying realtor fees and commissions.
- You don’t have to deal with contingencies or inspections – Columbia Redevelopment will buy your inherited home as-is!
Sell your home for cash to Columbia Redevelopment!
Inheriting a home isn’t always an easy process. In addition to the emotional hardship of grieving a loved one, the financial implications that accompany selling a property can be frustrating and difficult to navigate. At Columbia Redevelopment, we make the process of selling your home for cash easy, quick, and straightforward. With us, you won’t have to contend with real estate costs and we’ll make you the best possible cash offer within 24 hours of seeing your home.