Selling an Inherited House: A Complete Guide
Inheriting a house can be both a blessing and a burden. This guide covers everything you need to know about the process of selling an inherited property, from probate to taxes to finding the fastest way to sell.
Understanding Probate
Before you can sell an inherited property, it typically must go through probate — the legal process by which a deceased person's estate is administered. The probate process can take anywhere from a few months to over a year, depending on the complexity of the estate and whether the will is contested.
Tax Implications of Selling an Inherited House
When you inherit a house, you typically receive a 'stepped-up' basis equal to the property's fair market value at the time of the original owner's death. This means that if you sell the property shortly after inheriting it, you may owe little or no capital gains tax. However, if the property appreciates significantly before you sell, you may owe capital gains tax on the difference.
Options for Selling an Inherited Property
You have several options for selling an inherited property. You can list it with a traditional real estate agent, which may maximize the sale price but takes time and may require repairs. You can sell it at auction, which is fast but may result in a lower price. Or you can sell it to a cash buyer, which provides speed, certainty, and the ability to sell as-is.
Need to sell your house fast? Get a free cash offer.
No repairs. No commissions. Close on your timeline.
Dealing with Multiple Heirs
If multiple heirs inherit a property together, all parties must typically agree to the sale. This can sometimes be complicated, especially if heirs have different opinions about what to do with the property. A cash sale can often simplify the process by providing a clear, straightforward transaction that all parties can agree on.
How Midwest Equity Advisors Can Help
We have extensive experience working with inherited properties and probate situations. We can work alongside your probate attorney to facilitate a sale, and we buy properties as-is — which means heirs don't need to invest in repairs or maintenance while the estate is being settled.
Get Your Cash Offer
No repairs. No commissions. Close on your timeline.
Get a Free Cash Offer 816-879-9487Need to sell your house fast? We can help.
No repairs. No commissions. Close on your timeline.
Frequently Asked Questions
Ready to Get Your Cash Offer?
No repairs. No commissions. No pressure. Close on your timeline.