Selling Your Inherited House in Euclid?

Here are some of the main benefits of selling a house you inherited to a real estate investor like us:

1. You sell quick
2. You sell for cash
3. You sell 'AS IS'
4. No extra expenses
5. No endless showings
6. No waiting months for a buyer

Generally, an inherited property must go through probate before an heir can sell it. However, there are cases where it mustn’t. Probate is a legal procedure held in court, during which the assets of the deceased are distributed among the heirs and other beneficiaries.

If the deceased left a will, it’s validated, and a court-appointed Executor of the Will distributes the assets according to the testament. If there is no will, the person appointed by the court is called the Administrator of the Estate.

The distribution of assets between the heirs and beneficiaries may include selling real estate during probate. Alternatively, you can sell the property after the probate — when you’ve legally become the owner.

Probate may last for several days or, in more complex cases, weeks or months. In some situations, however, property can be exempt from probate.

For example, if you are the spouse of the deceased and are already a co-owner of the property. Our experts will consult you in more detail to show you the options for the easiest sale of your inherited home, depending on your situation.

When selling a house during probate, you will go through the following steps:

Appointing the Executor or Administrator: If the deceased left a will, the court will appoint the Executor of the WIll. If they died intestate (without a will), the court will appoint the Administrator of the estate.

In both cases this will likely be the closest relative of the deceased. Their duty will be distributing assets according to the deceased person’s will and according to the law under the guidance of the court.

1. Appraisal: The house will be appraised by a professional and licensed appraiser.
2. Filing a petition to sell: A document explaining the reasons to sell the property and specifying the asking price is filed to the court.
3. Permission to sell: The court reviews the document and allows the sale of the probate house if this aligns with the best interests of the estate.
4. Marketing the property: The house is advertised for sale. Or, you can contact us directly if you want to sell it fast.
5. Court approval: When you get an offer you’d like to accept, you present it to the court for approval.
6. Closing: A closing of the real estate transaction is held. The proceeds from the sale are distributed to the beneficiaries.
7. Final accounting: A document summarizing the sale’s proceeds and expenses is presented to the court.

Generally, you must pay capital gains tax. However, you don’t always have to. The tax basis for an inherited property is determined on a step-up basis.

This means that the basis is equal to the market value of the house at the time of inheriting it. Therefore, if you are selling an inherited property right after inheriting it, while it hasn’t grown in value yet (in relation to its basis), you have no capital gains tax to pay.

However, if you sell the house later, after it appreciates in relation to its market value at the time of inheriting, you will have to pay capital gains tax imposed on the appreciation amount.

It’s possible to sell your half of inherited property to someone who is willing to buy it. The main problem is that there are not many buyers who’d be interested in such a deal.

Another problem may arise if the co-owner refuses to allow you to sell your half of the house. In this case, there are two possible solutions: filing a partition action and buying the co-owner out.

We’d like to learn about your situation and see what we can do to help you sell your property, or its half to us.

If the property is exempt from probate, it can be sold before probate. For example, if you are already a legal co-owner of the property that belongs to the deceased. In other cases, a probate is required.

Besides selling your inherited house, you have three more options:

1. Rent the house to someone: Get additional income and keep the house for the future when you may need it for yourself. However, being a landlord also entails handling maintenance requests, figuring out how to report your rental income, dealing with tenant disputes, and possibly late rent payments.
2. Move into the house: If you are currently renting, moving into the inherited home will allow you to save money, as you will no longer have to pay your landlord. However, if you already own the property you live in, you will need to figure out what to do with it after you move into the inherited house.
3. Do nothing: If you think you better keep the house empty until you need it, consider the following. Houses deteriorate when left unattended. If you sell it later, you may find out that its market value has decreased. Also, you will still need to pay property taxes and HOA fees while not getting any compensation or another benefit from the property in return.

If selling the property seems a better option than any of the three provided above, contact us for a no-obligation cash offer.