If you are looking to sell your house fast for cash, you will find that the traditional method of selling your house through an estate agent can be a lengthy and problematic process. You would have to find a few agents to get comparisons, arrange for a valuation, paint & fix up your property, hold open days, show ‘browsers’ around, wait for an offer, negotiate a price, wait to see if the buyer can get a mortgage, wait if there is a title problem involved, pay agent and lawyer fees, If the sale fails – start again, all could be complete in 3 – 4 months if you’re lucky! You will also find that today’s housing market is not what it used to be, buyers are hard to find and most people that would like to buy are unable to get mortgages.
If you need a fast house sale for cash, then selling your house through real estate agents is not the best way for you. An easier way to sell your house fast is to use property investors (cash buyers) who specialize in fast house sales. They offer to buy your house fast, no matter what condition it is in, so there would be no need to spend money painting or fixing up your property. They appreciate that everybody has different reasons for wanting a fast house sale, their services are tailored to meet your needs every step of the way.
One reason is that you may be selling your house fast to resolve your financial problems. If you are facing severe financial difficulty paying your mortgage, struggling to pay your household bills, car loans, your credit cards or other personal loans then specialist property investors can help stabilize your current financial position by quickly buying your house from you. This will help you avoid getting deeper into debt and also stop the threat of having your house repossessed.
Specialist property investors can offer you a very fast property sale, usually within the course of a week or in extreme cases within 48 hours. This could allow you to repay and settle your outstanding mortgage and any loans that may have been secured on the property. Their legal team can confirm the sale of your property very quickly and put you back on track through financial stability.
You can also sell your house to them and then rent it back from them. It is very important to deal with this type of problem head on, don’t try to hide from it. If you take remedial action NOW, you can stop the foreclosure threat on your home.
Other reasons for wanting to sell your house fast include – Relocation, separation and divorce, unpaid back taxes, health issues, broken property title chain or even a failed property investment.
Whatever your reason for selling, specialist property investors can offer you a very fast property sale.
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One need to be careful when selling an inherited property. If you take title to a house as a gift or inheritance, you may have to pay capital gains tax when you sell it. There are several options for avoiding the tax.
Living in the House
Moving into the house is one way to avoid capital gains. Tax law exempts $250,000 on the sale of your personal home, or $500,000 if you're married and file jointly. You must own the house for two of the five years before you sell and live in it for two of the five years.
Under Section 1031 of the tax code, there's no capital gains on the sale of a rental or investment property if you exchange it for a comparable property within six months.
Example: Your father gifts you a rental property. You sell it and buy another rental of equal value, avoiding capital gains tax until you sell the second house.
The 1031 rules are complicated — just buying a replacement house won't cut it; it must be a business or investment property — so you may need professional help.
Timing the Sale
If you sell an inherited house right after you take title, the sale price will probably be close to your basis. In that case, you'll have little or no capital gains to report. With a gift house, where you assume the donor's adjusted basis, this only works if the fair market value is close to the basis.
If you have more than one capital gains transaction in the same year, you can subtract any losses from the gains. For example, if you sell your gift house for a $20,000 gain but sell another house at a $25,000 loss, you can wipe out your taxable gain.