How do I sell a home I inherited?
First confirm you have legal authority to sell: probate completion, recorded inheritance, or trustee/power-of-attorney status if applicable. Get a current market valuation, address any deferred maintenance, and decide whether to sell as-is or do light updates for a stronger price. Work with an agent and, if needed, an estate attorney or CPA to coordinate title, […]
What are the tax implications of selling an inherited home?
Most heirs receive a “step-up” in cost basis to the property’s fair market value at the date of death, so you’re generally taxed only on appreciation after that point. If you sell soon after inheriting at roughly that value, capital gains may be minimal or zero, but selling later at a higher price can create […]
How do I handle capital gains on a rental property I’m selling?
When you sell a rental, your taxable gain generally equals sale price minus selling costs, your adjusted basis, and plus any depreciation you claimed over the years. Part of that gain may be taxed as depreciation recapture at higher rates, with the rest treated as capital gains. Some investors use a 1031 exchange to defer […]
What is a 1031 exchange and can sellers use it?
A 1031 exchange lets real estate investors defer capital gains tax by selling one investment property and reinvesting the proceeds into another “like-kind” investment property. To qualify, you must use a Qualified Intermediary, identify the replacement property within 45 days, and close within 180 days, reinvesting all proceeds and matching or increasing your debt and […]
How does selling affect my property tax proration?
At closing, property taxes are usually prorated so you only pay for the portion of the year you owned the home. If taxes are paid in arrears or in advance in your area, the closing statement will adjust with a credit or debit between buyer and seller so each side covers their share. Understanding your […]
Should I pay off my HELOC before selling?
You don’t always need to pay off a HELOC in advance; most sellers simply pay it off at closing along with the main mortgage from sale proceeds. However, knowing your HELOC balance and any early closure fees helps you estimate your net and avoid surprises. If your equity is tight, you may want to reduce […]
How do I handle negative equity when selling?
With negative equity, you owe more than the home is worth, so you’ll either need to bring cash to closing, negotiate a short sale, or delay selling until values or your balance improve. Talk with your lender and an experienced agent about options like loan modification, deed in lieu of foreclosure, or renting the home […]
How do I sell a home near a flood zone?
Selling near a flood zone means leading with transparency and preparation. Get a current flood zone certification, know insurance costs, and gather any mitigation improvements (drainage work, raised systems, flood vents) to show buyers risk is managed. Price with insurance costs in mind and highlight resilience upgrades and benefits of the location to keep the […]
How do I sell a home with fire damage history?
With fire history, you need complete disclosure and proof of proper repairs. Provide permits, contractor invoices, and any city sign-offs showing structural work, electrical, and safety items were done correctly. Decide whether to finish all cosmetic work or sell at a discount to an investor, but always mention that damage has been professionally addressed.??
How do I sell a home with unpermitted additions?
Unpermitted additions require clear disclosure and smart strategy with buyers and lenders. Gather any plans, contractor info, and estimates for bringing the work up to code. You can either legalize the addition before listing, price the home as if the space is “bonus” only, or offer credits for a buyer to handle permitting.?