Trying to find out what to do with your inherited property? Are you in a situation where you find yourself saying “I need to sell my inherited property”? We understand this can be a stressful time are emotions are running high. Most people assume that when you inherit a home, you’re happy about it, however, this is not always the case. It can be challenging to come to an agreement where all the heirs in deciding what option they would all like to take. One sibling might want to keep the inherited estate, another one might want to sell. Or perhaps one might want to fix and sell, another might want to rent it…the list of combinations and possibilities is almost endless.
You as the new owner, have also inherited some new responsibilities. These include paying the taxes, maintain the upkeep of the home, cleaning out any belongings. This can be problematic and extremely challenging for those who live out of state or far from the property.
What happens if there’s no will (ie/intestate succession)?
If there is no will, the home and other assets will need to be probated. (Don’t worry we can still contract to buy your house before, during and after the probate period. Please see below for more details)
What is the probate process for my inherited property?
Probate is a process in which assets are distributed and all claims are settled. An executor is the person appointed who will be in charge of handling the estate and other assets.
Does my house need to go through probate?
Not all assets need to go through probate, therefore it’s important to find out if your inherited is exempt or not. In some states like California you can pass up to $100,000 of property without probate, and there’s a simple transfer procedure for any property left to a surviving spouse.
Do I need to hire a probate attorney?
Hiring an attorney is not required in any state, so you can go through probate without a lawyer. In some situations, however, it might be beneficial to do depending on the complexity of the situation involving unpaid debts, the will, etc. If you’re looking for a reputable probate attorney in New Jersey, I’m more than happy to provide you references of some of the best probate attorneys in NJ. (click here to email me a request for NJ probate attorneys)
Can I sell before doing probate?
If your property is not required to go through probate, then you can sell your home fast without having the sale delayed by the court process. If your home is required to go through the probate process, then you cannot sell your home until certain steps are completed by the probate courts, however, we can still contract to purchase the property during the waiting period and close immediately once the probate process is finalize.
What will the capital gains be?
You realize capital gains or losses from selling things you use for investment or personal purposes. Some examples would be stocks, bonds and real estate. Typically you have to hold property for at least one year to qualify for long-term capital gains rates, however, with inherited property there is no minimum amount of time for it to be treated as a long-term gain or loss.
I need to sell fast, do I need to list with an agent?
While listing with a real estate agent might be a good idea for some homeowners, it’s not always the best solution. Apart from hiring a realtor, you can sell our home directly to cash for houses company like RESP. These are typically the “we buy houses” or “sell my inherited property” signs and advertisements that you see.
Update 4/8/29: many of the “we buy nj houses” and “we buy houses cash” advertisers are in fact not true cash buyers. Please see my updated blog posts:
58. Dirty Little Secret in the We Buy Houses Industry
59. How to Identify legitimate Cash Home Buyers
If you’re looking to “sell my inherited property”, without having to worry about the hassles of making repairs or listing with an agent, you can sell to us. We can buy your home in AS IS condition and close on the date of your choice.