Selling Inherited Property In Probate: Real Estate & Tax Guide Launched

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Berkshire Hathaway Pen Fed Realty has released a new guide to the probate process, with top questions to consider and what to do when inheriting a property.

Focusing on DC, Maryland, and Virginia, the new release educates readers on the different challenges associated with managing and selling a probate property. It is intended to help people make more informed decisions at every stage while minimizing tax complications.

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Part of a growing educational effort across all areas of the process, the new guide aims to simplify probate house sales. Other articles in the series include the common mistakes involved, how the system works, and common FAQs about inheriting and selling through probate.

The real estate specialists explain that inheriting a house can be a daunting experience, often accompanied by numerous questions and uncertainties. The guide addresses the most pressing concerns individuals have when faced with probate, providing clarity on the next steps to take to ensure an efficient property sale.

The guide also explains income and probate taxes, estate taxes, inheritance tax, and capital gains or loss tax – adding that by getting professional guidance from a certified public accountant, readers can manage tax-related matters more effectively and comply with regulatory requirements.

Berkshire Hathaway Pen Fed Realty underscores the importance of obtaining a professional appraisal to accurately determine the property’s value. It advocates enlisting the expertise of a reputable real estate agent to orchestrate marketing efforts, coordinate property showings, and negotiate with prospective buyers.

Real estate agents can also advise on upgrade approaches, as investing in the right property improvements can yield between 20% to 50% higher prices.

The guide is written by Mark Cormier, a real estate specialist who holds numerous industry accolades and has been selected as one of the top 1% of realtors in the country.

A spokesperson states: “Marc Cormier is an experienced real estate professional with over 20 years of expertise in the probate process. He has a deep understanding of the real estate industry and has even testified as an expert witness in Federal Court.”

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