A friend of the family recently passed on and left the house to me and three other people. We are trying to sell ASAP being that none of the parties are interested in living in it. We have a cash offer on it -hopefully this will go ahead with no problems. What costs should I be prepared for?? does anyone have any information sites to suggest??? Thanks so much.
2006-06-21 10:28:06 · 4 answers · asked by bargainhunter 2 in Business & Finance ➔ Renting & Real Estate
Assuming the title or deed to the property was properly transferred to the heirs and you have a marketable deed now, your costs will include updating the title to include searches covering bankruptcies, judgements and liens against any and all of the sellers. The costs vary from area to area, but it should run less than $250. Obviously, you will have real estate commissions of anywhere from 5-7%. You will pay a settlement fee to whoever closes the sale of about $200. You may incur some state tax if applicable and recording fees to the county the property is located in. In some markets, it is not uncommon for a seller to be asked to pay some or all of the buyer's closing costs which could run up to 3% of the sales price.
Good luck! Remember, if you inherited the property, it doesn't cost you anything to sell, since you have no money in the property. It simply is a lower amount of gain.
2006-06-21 10:56:35 · answer #1 · answered by larry r 3 · 1⤊ 0⤋
Been there, done that.
You will have to pay for the costs of selling the home which is usually Realtors fees (4-6%). I have found that most inherited homes are sold in probate which usually means they are sold as is.
Be prepared to pay estate taxes depending on the amount of the estate. (I think the exemption is $500K).
2006-06-23 05:00:39 · answer #2 · answered by Mr. PhD 6 · 0⤊ 0⤋
you will probably just have to pay closing costs (percentange to real estate agent, perhaps a home warranty & property tax) that will come out of the profit from the sale...do you have a real estate agent? they know all the paperwork to fill out, negotiating offers, disclosure statements about the property etc... if you dont have an agent try this site... http://www.forsalebyowner.com/selling-your-home.html
2006-06-21 10:42:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Be prepared to pay taxes and commission. Your realtor should be able to advise you, or your lawyer (which I assume you have since the profits will have to be split among four people and could get ugly...)
2006-06-21 10:31:28 · answer #4 · answered by Goose&Tonic 6 · 0⤊ 0⤋