Inheriting a house can bring grief, paperwork, and a lot of decisions. If you are thinking about selling, here is what to expect.

Start with the legal side

Before a sale, the property usually has to be legally in your name, or in the name of the estate’s personal representative. The process depends on your state, so it is wise to talk with a probate attorney or title company early.

Understand your options

  • Keep it and live in it or rent it out.
  • List it with an agent after any needed cleanout and repairs.
  • Sell as-is for cash to a buyer who takes the house in its current condition.

Think about the costs of waiting

While the house sits, property taxes, insurance, utilities, and upkeep keep adding up. Vacant homes can also attract problems. These costs are worth weighing against the time it takes to prepare a traditional sale.

Dealing with belongings and repairs

Many inherited homes are full of belongings and need work. In an as-is sale, you may not have to clear everything out or make repairs before closing. Ask the buyer exactly what is expected.

Taxes

Selling an inherited home can have tax effects, such as capital gains, that depend on the home’s value when you inherited it. A tax professional can explain your situation.

When you are ready

If you would like to know what a cash offer could look like, there is no obligation. Tell us about the property or call (747) 262-7594.