Step-By-Step Guide to Selling an Inherited House Have you recently inherited a house from a relative or loved one? Do you not need it, or do you simply not want to deal with it? Has it become a money pit of a fixer-upper? If that’s the case, our team at Bill Buys Houses can help you sell your inherited house fast for cash. Our process is significantly faster than the traditional real estate method, and we are confident that you will be satisfied with our personalized and thorough services. Our licensed and certified real estate agents ensure your transaction proceeds smoothly and without issue. Here, our licensed team of agents will discuss how to sell an inherited home and outline the process involved. How to Sell Your Inherited Home in 3 Steps If you’ve recently inherited a house you have no use for, the chances are that you probably think it will be a hassle to get the property in good enough shape to sell it for a profit. You can, in fact, sell a home as-is. Before you can sell, however, there are legal steps you need to take to ensure that the transaction goes smoothly and you have no issues when finishing the process. Before you can sell the inherited house, you must first take care of the following. 1. Get the Title of the Home One of the first things you need to do is get the title of the inherited home. The home is not fully yours until the title is in your hands. There are several common steps you may have to take, including going through the probate process. There are also several factors to be aware of, including transfer-on-death deeds, jointly owned property, and single-owner property. Make sure you understand the whole process before diving in. 2. Get a Property Value Estimate Some tips for selling an inherited property include getting an online property value estimate. You need to know its worth, and you can do this through a website like Zillow. By looking up the property’s address, you can get a general idea of what the house might be worth now based on the current market. You’ll also need to know if there is a current mortgage on the home, which needs to be paid monthly or paid off with the sale of the house. When obtaining an estimate, also consider other factors that may impact the sale of the home, such as outstanding bills and other financial obligations. There could be back property taxes or contractor liens on the house that need to be paid off. 3. Determine If You Can Sell It When you inherit a house, there are several legal steps you have to adhere to to ensure you can legally sell the house. If you were left a home in a will from someone you were close to, before you can start the selling process, you have to double-check that in the will, your loved one did not specify that the house had to be sold through a specific real estate agency or a specific person. Though they may have left you the house, they may have different instructions in place if you choose to sell the property they left you. Before you begin making plans about the future of your inherited property, you need to read through the fine print and consult with a legal expert to determine if you are following the wishes of the person who left you the house. Understanding the Emotional & Practical Aspects of Inheriting Property Inheriting a home in Minnesota often brings a mix of grief, nostalgia, and uncertainty. Beyond the sentimental value, practical challenges arise: managing maintenance, settling debts, and deciding whether to keep or sell the property. This is certainly one aspect of selling an inherited house that people often overlook. Open communication with co-heirs and consulting neutral third parties, such as estate planners or grief counselors, can help ease tensions and facilitate informed decision-making. Know the 3 Legal Steps to Prepare for a Sale 1. Secure Legal Ownership Before selling, ensure the property's title is legally transferred to you. This may involve: Probate Process: If the deceased didn't have a transfer-on-death deed or trust, the estate likely goes through probate – a court-supervised process that validates the will and distributes assets. Affidavit of Heirship: In certain cases, particularly for smaller estates, this document can establish ownership without the need for formal probate. 2. Assess the Property's Value Understanding the home's market value is crucial, so be sure to consider all of the following factors: Professional Appraisal: Hire a licensed appraiser for an accurate valuation. Online Estimates: Use platforms like Zillow for a ballpark figure, but note these aren't always precise. Outstanding Debts: Identify any liens, unpaid taxes, or mortgages attached to the property. 3. Learn the Tax Implications of Selling an Inherited House in Minnesota When selling an inherited property, capital gains tax applies to the difference between the sale price and the property's basis. Fortunately, inherited properties receive a "stepped-up basis," meaning the property's value is adjusted to its fair market value at the time of the owner's death, which can potentially reduce taxable gains. Estate Tax Considerations: Minnesota imposes an estate tax on estates exceeding $3 million. If the inherited property's value contributes to an estate above this threshold, estate taxes may apply. No Inheritance Tax: Minnesota does not levy an inheritance tax, so beneficiaries aren't taxed on the value of inherited property. Going Through the Probate Process If the person who left you the property has died, you must go through the probate process. The probate process is the legal way to ensure the person who has passed away no longer has any debts and their assets are distributed according to their wishes. Essentially, each state has different regulations regarding probate, but they all follow the same general idea. To start, whoever has the will must file it with the courts as soon as possible. Once the will passes through the probate courts, a judge will appoint an executor who authenticates the will in the initial step. The will’s executor is then put in charge of paying off any debts using the person’s estate before giving the remaining estate materials to those specified in the will. This process can go smoothly as long as you use a good probate attorney. Do your research before hiring someone to help you. Ensure they have experience with the probate legal procedures of your state. If you are unable to present yourself due to living in another state or traveling, ensure that you send a trusted personal representative to act on your behalf. Navigating the Probate Process in Minnesota Probate can be complex, but understanding the following steps will help ensure a smoother probate process: File the Will: Submit the deceased's will to the probate court in the county where they resided. Appoint an Executor: The court designates an executor to manage the estate. Inventory Assets: List all assets, including the inherited property. Settle Debts: Pay off any outstanding debts or taxes. Distribute Assets: Transfer ownership of assets to beneficiaries as outlined in the will. Remember, consulting with a probate attorney familiar with Minnesota laws is what will ultimately help streamline this process. Selling the Inherited Property: Options & Considerations Taking a traditional sale approach and listing your property on the market may fetch a higher price but will generally involve: Repairs & Renovations: Updating the home to meet market standards. Marketing: Staging, photographing, and advertising the property. Time: Sales can take months, depending on market conditions. Cash Home Buyer Advantages In comparison, selling to cash buyer companies like Bill Buys Houses can offer faster alternatives, such as: As-Is Purchase: No need for repairs or cleaning. Quick Closing: Sales can be finalized in as little as a week. No Commissions: Avoid realtor fees and closing costs. Consult With Bill Buys Houses Once the will of the person who gave you the house has gone through the probate process, you can begin the selling process. If the house is not in good condition or you simply don’t want to deal with the traditional real estate process, contact Bill Buys Houses today. At Bill Buys Houses, we will schedule a consultation with you to evaluate the home that has been left to you. We will visit your property to walk through and assess what we’re working with. During this walkthrough, we will inspect the house for any damages, identify areas that need improvement, and consider several other factors. Additionally, if we believe you can obtain a better deal through a traditional real estate service, we will inform you upfront and assist you in initiating that process. Is Bill Buys Houses Right for You? Inheriting a home can come with a lot of emotions, and not every real estate agent will treat you with respect and compassion while you go through a difficult time. Life always throws unexpected curve balls, and you need to know that your best interests are respected. That’s why Bill Buys Houses is right for you. We’re local, compassionate, and understand the difficulty of dealing with a loved one’s death. We work hard to provide an excellent and smooth process that allows you to sell an inherited home and get cash quickly. If you’re stuck between a rock and a hard place, some real estate agents might not work with you or keep your interests in mind. You may incur unexpected fees when working with an agent. Bill Buys Houses has seen it all, and we understand the hardships that life can throw at you. We want to help you get through this process so you can return to your family and spend less time worrying. Get Cash Fast After our walkthrough, we will create an offer based on the current state of the house. Every offer we give to our customers is fair and competitively priced. The offer takes into account the price of necessary repairs and other key factors, and we will address any questions you may have about the entire process. Once you accept our offer, we will proceed with the necessary legal steps to ensure the proper transfer of your property to us and then finalize the deal by providing you with your cash offer. This process typically takes under one week! Your Checklist for Selling an Inherited Home in Minnesota Grieve & Reflect: Allow time to process emotions. Consult Professionals: Engage with estate attorneys, tax advisors, and real estate experts. Initiate Probate: Begin the legal process to transfer ownership. Assess Property Value: Obtain appraisals and identify any debts. Decide on Sale Method: Choose between traditional sales or cash buyers. Prepare for Sale: Handle necessary repairs or sell as-is. Close the Deal: Finalize the sale and distribute proceeds among heirs. Contact Bill Buys Houses Today! If you're in the Twin Cities metro area and need to sell your inherited home quickly, contact Bill Buys Houses today! Our licensed and experienced agents will visit your property to evaluate it before making a fair offer. Once you accept our offer, we can typically close the deal within a week. To learn more about our services or to request a quote, please call us at 651-270-9191 or message us through our contact page today.