Your Home Sold Guaranteed Realty — The Nathan Clark Team

How to Sell an Inherited House – Use a Realtor in an Estate Sale

Learn How to Sell an Inherited House With a Realtor

Wondering how to sell an inherited house? Selling an inherited property comes with more considerations compared to a traditional home sale. For example, probate, taxes, planning an estate sale, and dividing assets among heirs.

Dealing with an inherited home can be stressful, and most people aren’t prepared to deal with the situation. Not to mention the grief that comes with losing a loved one. In this post, our team at Your Home Sold Guaranteed Realty – The Nathan Clark Team, will explain how to sell an inherited house. That way, you can know exactly what to expect.

Probate Process

The first step you’ll have to go through to sell an inherited home is going through a process called probate. Probate occurs when a local court verifies the deceased person’s will to make sure all assets end up with the appropriate heirs and the deceased’s wishes are followed. 

This process can take anywhere from several weeks to six months. While the house is in probate, neither it nor any of the assets contained in it can be sold. Once probate has been completed, an executor will be appointed to carry out the contents of the will.

Capital Gains Taxes

The other factor that makes selling an inherited property unique is capital gains taxes. If you plan to sell, it’s worth considering the timing. If you plan to sell the home immediately, you’ll have to pay long-term capital gains taxes. It’s important to note that inherited properties are subject to long-term capital gains taxes, not short-term taxes, regardless of how long they are kept.

However, inherited homes are subject to a “stepped-up basis.” This means that you will be taxed on the property’s value as of the date of the owner’s death– not the original value from the date the owner first bought it. So if you plan to sell the home right away, you may ultimately save money on taxes.

On the other hand, if you decide to live in the inherited home as your primary residence for several years, you may be eligible for a capital gains tax exclusion. This would allow you to exclude up to $250,000 of the profit from the home sale from your income. If you’re married, you can exclude up to $500,000.

Estate Sale

Once the home is out of probate and you’ve figured out when you want to sell it, you can finally take steps to start the sale. The first step will likely be holding an estate sale to get rid of all the items you don’t want. Estate sales are an easy way to sell your loved one’s belongings quickly and efficiently. 

During an estate sale, interested buyers will enter the home and purchase items on a first-come, first-served basis. The most efficient way to hold an estate sale is by hiring a professional estate sale company. 

They will take care of pricing and tagging all the items, advertising the event, and collecting money from the attendees. However, in exchange they’ll take a cut of the earnings.

Hiring a Realtor

Once all the items in the home have been dealt with, you can sell the home as you would any other. This all starts with hiring the right realtor. 

In fact, you can hire a realtor earlier on when you first receive the home. There are realtors who specialize in probate and can help guide you through the process and recommend the top estate sale companies.

A realtor can also point out the best ways to improve the home. Since this is an inherited home, you don’t necessarily need to spend your own money on repairs and renovations. But it’s still important to spruce up the interior and exterior to make it as appealing as possible. Your realtor will know what changes to make.

We Can Help You Learn How to Sell an Inherited House

At Your Home Sold Guaranteed Realty – The Nathan Clark Team, we can easily help you learn how to sell an inherited house in New England. We’re one of the top home sellers in the area for a reason.

We help all of our clients sell their homes fast and for top dollar. In fact, we sell homes 30% faster than our competitors. Our award-winning team has helped thousands of home sellers across New England, and we know we can do the same for you.

On top of our legendary selling speed, we offer several seller’s guarantees that can make your home selling experience as stress-free and risk-free as possible.

To learn more about our guarantees or how to sell an inherited house, give us a call at 401-288-3557 or fill out the form below.

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