When a loved one pass away a typical New Jersey estate consists of a home, a few bank accounts, an IRA or 401(k) a vehicle, and all of the tangible personal property. The house being the biggest asset. When selling an inherited home in NJ is not as easy as people think! Read on to learn how to sell a house you inherited in New Jersey NJ…
First of all, there is always that emotional bit of preparing a loved one’s house ready for sale – which most likely includes depersonalizing his or her rooms and also clearing out all the belongings…
Usually heirs get to deal with the high costs of liens and other issues. Consequently, disagreements may arise.
Therefore we at Garden State Cash Homes LLC have compiled a few points that should help steer you in the right direction, if you ever find yourself in such a dilemma. Here are a few tips on how to sell a house you inherited in New Jersey, without having to sweat much.
Making the probate process go smoothly
Get some advice
The first step you should take is to contact a probate lawyer to get some professional advice.
You must understand the status of the house. Make sure that you verify your ownership. Get info from other experts too. And completely utilize this site too of course. We can also give you a fair deal for your inherited local New Jersey house if it qualifies. Fill out the form here to get started.
Next Step: Begin the probate process in New Jersey
Before you embark on the selling process, your house must go through a probate.
Step 1: File a petition for probate
You will have to file a request in the county where your love one lived in at the time of their death. the paperwork will ask for you to be officially acknowledged as the legal executor representing the estate. In addition to the petition, you will need to file a valid will, if one exists, and the death certificate. Then the court will schedule a hearing to approve the executor ( or hear objections form other parties). If you are approved as executor, the court will officially open the probate case and you will now be able to act on behalf of your love one’s estate.
Step 2: You will need to give notice that the estate is in probate to all creditors, beneficiaries and heirs.
Step 3: Take inventory of all the assets and present them to the court
- Real estate
- Bank accounts
- Stocks and bonds
- Retirement accounts
- Personal valuables
Step 4: Handle debts and bills
Collect money owned to the estate, outstanding paychecks review any outstanding bills and debts. You will also need to pay all applicable taxes, as well file a final income tax return on the estate.
Step 5: Distribute remaining assists with rightful heirs.
Step 6: Submit your receipts to the court and ask for the court to close the estate.
The tax basis of your property is the house value on the date that the person who willed you died. The difference between the amount you realize from the sale and the value is basically the gain on which you owe the taxes.
How to sell a house you inherited in New Jersey
Agreeing to sell
If you are ready to sell your house in New Jersey, you can inform the executor to petition the court in order to get the “go ahead” sign and proceed with the sale from the there. Problems always arise when siblings who share the inheritance have different views – for instance others may want to sell the house while others may not be for the idea. If and when this happens to be the case, it is important to “disagree to agree”. It is also important to involve your estate lawyer in this stage.
Preparing to sell
A house that belonged to an elderly person may require repairs and a bit of updating before you can put it on sale. You will need to get rid of everything! You can choose to hire an inspector to note down potential issues and recommend possible repairs. Although you can sell a home in New Jersey “as is” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning.
Here at Garden State Cash Homes LLC however, we will always give you a fair deal and help you get as much value from your inherited house as possible. We often times buy local houses in New Jersey, repair and fix them up and either rent them out or sell them to someone else looking for a great deal.
If your local New Jersey house meets a few simple qualifications, we can buy your house fast.