If you’ve inherited a property in Washington, these six steps will help you sell it as quickly and smoothly as possible. Selling an inherited property can be tricky- here are some things to keep in mind:
When is probate required in Washington state?
In Washington, a will must go through probate before the estate can be distributed to the heirs. If there is no will, the intestate succession laws will determine who inherits the property. Personal property or an inherited house do not need to go through probate unless the estate is worth more than $100,000. The probate process in Washington state usually takes about six months, but it can be longer if there are disputes among the heirs. An estate attorney can help you file a tax exemption if the property is sold within six months of inheriting it.
1. Determine the Selling Price
Before you put your property on the market, you’ll need to determine a fair price. It’s important to be realistic about what your property is worth and how much buyers will be willing to pay. Talk to local real estate agents to get an idea of what similar properties are selling for in your area. Fair market value is what a buyer is willing to pay, so be sure to price your home accordingly. Family members or friends may be tempted to ask for more than the property is worth, but it’s important to be realistic about the current market conditions. Selling inherited houses can be a difficult process, so it’s important to price your home realistically from the start.
2. Scout Out Potential Buyers
The best way to sell a property quickly is to find interested buyers as soon as possible. Start by advertising your property online and in local newspapers and real estate publications. You can also list your property with a real estate agent who will help you find potential buyers.
3. Get Your Property Ready for Showings
Potential buyers will want to see your property before they decide to buy it. Make sure your property is in good condition and has been staged for showings. This means cleaning up, removing personal belongings, and making any necessary repairs. Property taxes in Washington state are among the highest in the nation, so be sure to factor that into your asking price.
4. Negotiate the Sale Price
Once you’ve found a buyer, you’ll need to negotiate the sale price. Remember to stay realistic and be willing to compromise. Before negotiating the price you must pay taxes, commissions, and other closing costs.
What is the estate tax in Washington state?
The estate tax in Washington is a tax on the value of the property that is transferred from a deceased person to their heirs. Estate taxes are paid by the heir, not the estate. The estate tax in Washington is a percentage of the value of the property, and it increases as the value of the property increases. There is a $2 million exemption for estates in Washington, so any property that is valued below $2 million is not taxed. If you are considering selling an inherited property in Washington, it is important to understand the estate tax. You may need to pay the estate tax when you sell the property, and you will need to include it in your sale price. The good news is that there are ways to reduce or avoid the estate tax altogether. Talk to an experienced real estate agent to learn more about your options. The federal estate tax is also a consideration, and the rules are different than the state estate tax.
Inheritance tax in Washington state
Washington is one of the few states that have an inheritance tax. The inheritance tax is a tax on the value of the property that is transferred from a deceased person to their heirs. The inheritance tax is paid by the heir, not the estate. The inheritance tax in Washington is a percentage of the value of the property, and it increases as the value of the property increases. There is a $2 million exemption for inheritances in Washington, so any property that is valued below $2 million is not taxed.
Capital Gains Tax in Washington state
When you sell an inherited property in Washington, you may be required to pay the capital gains tax. Capital gains taxes are paid on the difference between the sale price and the purchase price of the property. The capital gains tax in Washington is a percentage of the sale price, and it increases as the sale price increases. There is a $250,000 exemption for individuals, so any property that is sold for less than $250,000 is not taxed. If you are considering selling an inherited property in Washington, it is important to understand the capital gains tax. You may need to pay the capital gains tax when you sell the property, and you will need to include it in your sale price. The good news is that there are ways to reduce or avoid the capital gains tax altogether. To pay capital gains tax in Washington, you must file a Form 1040 and report the sale on Schedule D. You will also need to include the capital gains tax in your sale price.
5. Finalize the Sale
Once the sale price has been agreed upon, you’ll need to finalize the sale by signing a purchase agreement and transferring ownership of the property.
6. Schedule Closing Date
The closing date is when the buyer will officially take possession of the property and pay you for it. You’ll need to schedule a time for the closing and make sure all the necessary paperwork is in order.
Selling an inherited property can be a daunting task. But with the right tips like the ones mentioned above, it becomes easy and hassle-free.
Want to sell your inherited property in Washington?
Instead of selling the house with a real estate broker or getting a real estate agent, you can try and sell it to us instead! The process of selling your inherited home can be difficult. There are many considerations to take into account and the right decisions need to be made at every step for things to go smoothly. If you would like more information about any specific aspect of what is required during the sell-a-home process whether shared or not please do not hesitate to reach out, 253 Houses can most certainly help you! Just Fill up the form below, or call us at (253) 330-8228 and you will receive a cash offer for your home within 24 hours, with no hidden fees or closing costs, all in its fair market value. We want your experience going through this challenging time as smooth as possible.