At the best of times, selling an inherited house in Little Rock or elsewhere can be a difficult and stressful process. First off, there’s the emotional toll of having lost a dear loved one. Then, you have to deal with all of the paperwork, financial responsibilities, and legal matters that come along with it.
On top of all of that, selling an inherited home will often come along with quite a bit of research, too. Besides needing to figure out whether or not a will was left, you’ll also need to determine the difference in probate and affidavit of collection of a small estate. These are legal distinctions regarding how real property within the estate should be handled in Arkansas. The probate process can be confusing.
Many people who have inherited a house they plan to sell also have questions about capital gains tax, estate tax, and inheritance tax. These vary by state, and there are federal implications as well. As the new property owner, you will want to find out about tax consequences before you sell the inherited home.
While this can easily feel overwhelming, don’t be discouraged. If you’re currently in this situation and need some guidance, you’ve come to the right place.
Here at Gary Buy’s Houses Little Rock, we know how stressful selling an inherited house can be, and we’re here to help you make the process as easy as possible – every step of the way. While we are not estate planning or tax attorneys, we can help you understand what is involved in selling an inherited house. We have bought many houses considered an “estate sale,” and we can help you understand what is involved with this type of sale.
Below, this guide will discuss everything you need to know when planning on selling your inherited property. From potential implications, important questions to ask, all the way to services we can offer you – we’ve covered all bases. Read on!
Selling Your Inherited Property Through a Real Estate Agent
When a person inherits property and wishes to sell it, the “traditional” route is to put it on the real estate market. Going through the process of finding a real estate agent and putting it on the market can be a tiresome process. It can also be costly in terms of the Realtor commission.
Most agents will want you to fix up the home so that it is in excellent condition and reach full market value. They will explain this is the only option for the property to stand out to buyers. This financial commitment can be expensive, especially if the property needs a lot of updating or repair costs.
Typically, a property being prepared for the market will need to receive a variety of different upgrades, including new carpets to be installed, repainting the walls, taking down dated wallpaper, expensive kitchen or bathroom updates, and giving the home a thorough clean.
Alongside bigger repairs (such as roof damage or a broken AC unit) the cost of fixing up an inherited property for potential buyers can easily total thousands of dollars. If siblings are involved, discussing who will pay for these repairs can be a stressful situation. It can also be a very time-consuming process as well.
Other times, major repairs aren’t needed and the property is simply outdated. If you’ve inherited a home that is in good shape, yet still looks like the ’70s or ’80s in terms of decor, this can be equally overwhelming to remedy.
Unfortunately, many homebuyers have their expectations set by watching home shows. This is actually called the HGTV effect. Buyers not only expect features like stainless steel appliances and granite countertops, but they struggle to “see past” the current decor. Additionally, they often lack the cash to make such upgrades themselves outside of the down payment for the mortgage they will use to buy the property.
Needless to say, placing the inherited property on the real estate market can be a lengthy and tiring process. In a traditional sale, you will be competing with other homes that are “move-in ready” with the latest decor. However, there is also something else to consider…
Along with the financial responsibility of fixing up the property that you want to sell, you will also need to pay for something that is known as “closing costs.” To break it down, once you decide to put your property on the market after enlisting a real estate agent, you will then need to pay your real estate agent a commission. This usually works out to around 6% of the amount the house sells for. In addition to that, you will also then be required to pay other closing costs, which include a variety of fees to finalize the sale. These can include the mortgage deed tax, prorated property taxes, and title or attorney fees.
All of these combined costs will reduce the proceeds from the sale, and you will also find this process will require a lot of paperwork with the title company. Many families also find this process to be incredibly stressful during an already emotionally taxing time.
Thankfully, this isn’t the only viable solution for selling your inherited home. There are a variety of legitimate cash buyers that will make you a cash offer, helping you bypass all of these things.
Selling Your Inherited Property in Little Rock
While it might seem the norm to list the inherited home with a local real estate agent – it’s not your only option. If you want to speed up the process and avoid having to make any costly repairs or home improvements, you can also sell your property “as is” – which basically means that you’ll be selling it in the condition that it is currently in.
This means that regardless of whether your inherited property happens to have a leaking water heater or even a damaged roof, investment property buyers will agree to buy your property exactly as it is, without the requirement of you needing to make costly repairs. You can also skip the traditional home inspection process.
Besides not having to worry about what the condition of your property is in, most as-is property buyers will also assist you with the “stuff” that remains at the property. Of course, you can take any items with you that are of material or sentimental value. However, anything you don’t want can be taken care of for you. We often donate or discard any items the family doesn’t wish to deal with, and this is another burden (and expense) lifted off your shoulders.
You also won’t need to worry about having to deal with any of the haggling and back and forth negotiation process that often comes along with selling the inherited home with a real estate agent.
On top of all that, when you decide to go the route of putting your home on the market, you will need to wait for an average timeframe of around 60 to 95 days to successfully close the deal, and even then – there’s always the chance that it could fall through if the buyers decide to pull out at the last minute.
In contrast, reputable cash buyers will aim to close the deal in two weeks or less. Gary Buys Houses Little Rock, for example, will offer you a cash offer for your Little Rock property, even if your property is in need of repairs and deferred maintenance. We buy properties all across Central Arkansas, not just Little Rock. If you have an inherited home you would like to sell we are happy to take a look at it.
Inherited Properties Overdue With Tax Liens or Monthly Payments:
Life isn’t always smooth sailing. If your inherited property has come with overdue property tax liens or past due mortgage payments in need of repayment, this is an added consideration when deciding to sell on the traditional market. A reputable cash buyer can also help remedy these issues during the sale, even if the home is approaching foreclosure.
Not all cash buyers are the same. Reputable real estate investors will have the homeowner’s best interest at heart, and never take advantage of situations like this. To help avoid non-reputable cash buyers, we strongly encourage you to conduct your due diligence and research the legitimacy and quality of cash buyers prior to going with them. Checking online reviews is a great way to do this.
You know that we buy houses fast for cash, and our policy is to be totally upfront about the sales plan, including the highest offer we can make, and flexibility around the closing date.
Get A Cash Offer For your Inherited Property Fast
One of the best parts about opting to sell your inherited property with Gary Buys Houses is how quick, easy and effortless it is. As soon as you request a no-obligation quote from us, you will often receive a reply from us within the same day!
Not only that, but if you choose to sell your Little Rock property with us, it means that you won’t need to worry about having to hire a Realtor and pay commissions, deal with long market delays, or have to leave the property while showings are taking place. What’s more, to ensure that the process is as stress-free and convenient as possible, we also make sure to cover all closing costs, too.
How To Sell Your Inherited Property Today
Don’t go through the expensive hassle of fixing up your inherited property to prepare it for a sale, or the time-consuming process of listing it for potential buyers on the MLS. Instead, consider selling your inherited property to a reputable cash buyer.
Here at Gary Buy’s Houses Little Rock, we offer our clients a professional and understanding approach to their individual circumstances. We can make you a fast cash offer and often get the sale closed in as little as one week.
We can help you sell your inherited property if the title was already placed in your name, or if you’re an heir and there was no will naming an executor. Our services can help streamline the sales process and take the pressure off you and your family members.
Get a free, no-obligation home evaluation and offer on your property in as little as 48 hours.
If you’re interested in our services, just click here to get a provisional cash offer estimate for your property today, or alternatively give us a call to talk about any questions you may have.
We would love to hear from you and discuss your situation for free.