Go Back To Article List

The Best Way to Sell an Inherited Property

Posted Thursday, February 19, 2015

Selling an inherited property isn't as cut-and-dry as selling a purchased property. Potential tax liabilities and hidden expenses are just a couple of issues that can prolong the selling process. If the predecessor leaves the property to two or more siblings, additional issues can arise if the siblings are at odds. Even with these potential snags, it is still possible to sell an inherited property in a very practical manner.

The first thing you will need is legal advice from a real estate attorney. He or she can assist you with the probate process if it is a requirement for your property. They can also help you with the negotiations between other heirs that may be splitting the inheritance with you. Once you take care of the technical issues, the real estate attorney can check the property for liens and debt issues. If anything shows up, you will need to pay the difference prior to putting the house on the market.

Once the attorney gives you the consent to sell the house, you should seek assistance from a competent realtor. Selling the home on your own may help you avoid fees, but seeking assistance from someone who knows how to sell property will expedite the process. A realtor can let you know the value of the homes in the area so you can come up with a respectable selling price. They can also give you decorating tips that will help you sell the home on curb appeal alone.

When the realtor suggests a selling price, it would be wise to list the home at this price. You may want to price it higher so you can make a huge profit, but you must always keep your mind on the ultimate goal of selling the house quickly. Holding on to the home for too long can cause you to lose your profits in property taxes and home maintenance requirements. The capital gains tax and realtor commissions can eat into your profits as well. You stand to make a decent profit anyway because tax laws seem to favor individuals who decide to sell their inherited properties immediately.

Once you list the home, you can go through the customary routine of placing "for sale" signs on busy intersections and advertising in local publications. You can also have an open house during the weekends when most individuals are not working. Throughout this process, you should always consult with your realtor if a particular issue confuses you. By following this advice, you can quickly sell property that you've inherited from a family member or predecessor.