Inheriting a house in California has to be called a lucky break, but maybe it’s not the opportunity that you’ve been looking for. If you don’t want to keep it, you can sell the house and use the money for what you really want. The only question is how to best get it sold. And the answer depends on your priorities and circumstances—how much money you want or are able to put into selling the house and how fast you need to sell it. If you choose to spend thousands of dollars, you can use a real estate agent to sell the house as quickly as possible and probably for the highest price. Putting the house on the market “for sale by owner” will require less cash up front, but it’ll take more time and work. We’ll take a look at both of those choices and suggest a third way that may be a better fit for your needs.
Did a loved one recently pass on and leave you their home? It’s a wonderful gift and a nice bit of family history, but if that loved one was not your parent or grandparent, it may make you wonder: When you inherit a house in California, does property tax change that much? The short answer is, yes—and sometimes it can be a shocker, especially in California where housing values are going through the roof. If your inherited house comes with a property tax bill you are unable, or unwilling, to pay then selling the house is the fastest way to get out from under the overwhelming tax debt.