How do you sell an inherited property?
That’s one of the great questions we realtors get all the time. Whether somebody passes, somebody quick-claims it, or however the case is, you received a property, how do you sell it? What is the process? Do you have the right paperwork when you do sell it? You might ask some tax questions. How much taxes am I going to pay when I do go to sell it?
Since it’s an inherited property, you might not be prepared to own it let alone sell it and it’s important to get with a professional to a) figure out how much you can get for it and then b) figure out how much you can sell it for.
Is A Probate Necessary In An Inherited Property?
A lot of times the first question that arise from clients with inherited property is if probate is necessary. The quick answer is: it depends on the will—is there a will? And from there, series of more questions need to be addressed:
- Is the property in a trust?
- What type of will was placed?
- How long is it going to take to probate?
- Can I go ahead and sell my inherited property while it’s being probated?
The answer to the last question is yes but you need to know how long it’s going to take and you need to know the next steps.
Common Questions About Selling Inherited Property
Selling inherited property is usually a long process because of the legal matters involved. The common questions you as an inheritor should be prepared for are the following:
- What legal duties does an executor or administrator have to the will when you’re selling an inherited property?
- What happens if somebody violates the terms of the will when you’re selling the inherited property?
- When is a will invalid?
- Which creditors are going to be paid when you sell the inherited property?
- Can Medicaid client claims be avoided?
- Who are the heirs and blended families?
Three Different Ways To Sell Inherited Property
If you don’t already have clear title to the property, probate is the first step. If you get clear title to the property, there’s three different ways you can sell:
- Get a cash offer
- Use an accelerated listing program
- Go the traditional route to maximize exposure and really try to get top of the market dollars.
Those are three different routes that we realtors recommend.
Summary: Selling Inherited Property in Georgia
Only you can decide what route you want to take in selling your inherited asset. If you have more questions on how you want to proceed, we in My House Sells Fast works closely with clients to meet their unique needs. We’d love to sit down have a minute to talk to you, let you know how much you can net on the property and see what steps are needed to be taken next. Whether it is a cash deal or a traditional route, we can outline a program and show you how we can help you sell your inherited property.
Get started by filling out the form below. If you have any questions, call us at 678-469-6585 and we’re happy to answer.
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Author: Coe Cameron
Coe Cameron is an experienced realtor at Keller Williams, Atlanta, Georgia.
He has closed hundreds of deals over 10 years of real estate experience.
In 2021, he was featured as March Rising Star 2021 by Great Atlanta Real Producers and was nominated by them for On the Rise Award 2021 🥉.
What sets him apart from other realtors is his passion for helping people achieve their dreams. Whether it’s finding the perfect home or getting the best deal on a property.