Inheriting a house can feel like both a blessing and a burden. Whether the house you inherited is a family home you cherish or a property that’s more of a challenge than a treasure, the process of selling an inherited home can be confusing and overwhelming. If you’ve inherited a house and want to sell it, you’re not alone. Many people face the same dilemma, often needing to navigate the complexities of the legal and financial aspects of inheritance.
This guide will walk you through the steps for selling an inherited house and provide helpful tips for selling the inherited house quickly, easily, and for cash. If you’re looking to simplify the process and need help selling your inherited house faster, EasyClose Real Estate is here to offer a hassle-free solution.
Selling an inherited property involves navigating a maze of financial, legal, and market-related challenges. To simplify this process, we consulted with probate attorneys and a leading real estate professional to outline these 6 crucial steps for successfully selling an inherited home.
Step 1: Understand How You Inherited the House
The first thing you’ll need to determine when selling the inherited property is how you inherited the house. This could affect the legal steps you need to take and the timeline of the sale. Whether you inherited the house via probate inheritance, transfer on death deed (also known as a beneficiary deed), or a living trust, each method will have its own nuances. For example:
Probate inheritance involves a court process, where the estate is validated and assets distributed. If you inherited the house through probate, the process of selling an inherited house can be longer and more complicated.
If you inherited the property through a living trust or life estate deed, the sale may be much simpler since the property bypasses probate.
No matter how you inherited the house, it’s important to fully understand the legal and financial implications of selling. This will help you make informed decisions as you proceed.
Step 2: Assess the Condition of the Property
Once you’ve established how you inherited the house, it’s time to assess its condition. Is the inherited house in good shape, or will it need extensive repairs? Many people inherit homes that are outdated, damaged, or even neglected. If you inherited a home that requires repairs, you’ll need to decide whether you want to fix it up or sell it as-is.
If you’ve inherited the house along with siblings or other relatives and need to sell and split the money, discussing the condition of the property with all parties involved is crucial. If the house needs repairs, you’ll have to weigh the costs of fixing it up against the benefits of selling the inherited house quickly.
In many cases, selling an inherited house for cash is an attractive option. Cash buyers typically purchase properties in any condition, so you don’t have to worry about making repairs. Selling the inherited house immediately to a cash buyer can help you avoid dealing with costly renovations and lengthy sales processes.
Step 3: Know the Tax Implications
A major concern when selling an inherited home is the tax implications of selling an inherited property. Tax rules vary from state to state, so it’s important to consult with a tax professional.
In many cases, the property’s value is “stepped up” to the market value on the date of death. This means you may avoid paying capital gains taxes on the increase in value during the decedent’s lifetime. However, depending on the circumstances and your state’s tax laws, you could still be responsible for other taxes.
If you’ve inherited the house along with siblings or other relatives and need to sell and split the money, it’s important to understand the tax burden on all parties involved. Working with a tax professional can help ensure that you’re fully informed and avoid unexpected surprises when it comes time to close the sale.
Step 4: Decide How to Sell the Inherited House
Once you understand the legal and financial aspects, the next step is to decide how you want to sell the house you’ve inherited. You have several options, depending on how quickly you want to sell and how much effort you want to put into the process.
Traditional Sale Through a Real Estate Agent: This is the most common option for selling an inherited house, but it comes with its challenges. You’ll likely need to make repairs, stage the property, and wait for a buyer to secure financing. Plus, you’ll have to pay agent commissions and other fees, which can add up.
Sell the House As-Is to a Cash Buyer: If you want a quick sale and don’t want to deal with repairs or agent fees, selling the inherited house for cash is a great option. Cash buyers often purchase homes in any condition, making it an excellent solution if you want to initiate selling the house you’ve inherited quickly.
Sell to an Investor or Real Estate Company: Selling the inherited property to a real estate investor can also be a great way to sell without hassle. Investors often look for properties to fix and flip, and they are willing to buy homes in less-than-perfect condition. This option can help you sell your inherited house faster than traditional methods.
Step 5: Simplify the Sale with EasyClose Real Estate
Selling an inherited house can be a daunting prospect, especially if you’re dealing with legal hurdles, repairs, and multiple family members. If you want to simplify selling an inherited house, EasyClose Real Estate can help.
We specialize in selling inherited properties quickly and for cash. Here’s why you should consider selling the inherited house immediately to a cash buyer like us:
No Repairs Required: We buy houses in any condition. Whether the house you inherited is in pristine shape or needs significant repairs, we’ll make you a cash offer. This can save you time, money, and stress.
Fast Closing: When you sell to us, you won’t have to wait months for a buyer to secure financing. We can close on your timeline, often in as little as 7 days. If you need to sell quickly, we’re here to help.
Fair Cash Offers: We offer fair cash prices for your inherited home, taking into account its condition and market value. The price we offer is the price you’ll get at closing, with no hidden fees or commissions.
No Agent Fees or Commissions: Unlike traditional real estate sales, there are no agent fees when you sell to us. This means more money in your pocket and fewer expenses to deal with.
Step 6: Finalize the Sale
Once you’ve agreed to sell your inherited house to a cash buyer like EasyClose Real Estate, the closing process is straightforward. We’ll handle all the paperwork, making the process of selling an inherited house as simple as possible. You won’t need to worry about inspections, repairs, or dealing with agents.
Conclusion
Whether you inherited a house through probate, a transfer on death deed, or a living trust, selling an inherited house can be overwhelming. But it doesn’t have to be. By understanding the process of selling an inherited home and the steps for selling an inherited house, you can make informed decisions and find the best path forward.
Inheriting a home can feel overwhelming. Perhaps the property brings back difficult memories, or maybe you’re attached to it but can’t manage the remaining mortgage payments. You might also find yourself sharing ownership with siblings or other family members, requiring a sale to divide the proceeds.
If you want to sell your inherited house faster, EasyClose Real Estate is here to help. We specialize in selling inherited houses for cash, so you can avoid the traditional hurdles of real estate transactions and get cash in your hands quickly.
Ready to sell your inherited house? Contact us today and find out how we can help you simplify selling an inherited house and close the deal in as little as 7 days.