Sell an inherited house with our help.
The loss of a loved one is always difficult and inheriting their property can sometimes be a burden.
Selling a house you have inherited to URB, inc. can help ensure a smooth and successful process. However, before contacting one of URB’s friendly property buying specialists you should first determine if the property is currently in probate.
Probate is the legal process of settling an estate, including the distribution of assets, debts, and property. If the property is in probate, consult with the executor or administrator of the estate to understand the legal requirements and timelines.
URB, inc. and its representatives do not provide legal advice. The following is for informational purposes and may vary depending on your circumstances.
1. Know where the mortgage stands
As the new owner of the house, you must fully understand the status of the mortgage.
2. Anticipate your ownership timeline
Even if you know you’ll inherit the property, it may still take some time before you legally own it.
3. Coordinate with all heirs to nominate a personal representative
Before you initiate selling the house you’ve inherited, you’ll need to identify all of the heirs as well as the named executor or personal representative.
4. Open an estate account to manage shared assets
The personal representative should open a bank account in the name of the deceased person’s estate to temporarily hold the deceased’s assets, including the proceeds from the home sale and any ongoing income.
5. Consider selling the inherited house for cash
Selling an inherited home on the market requires significant time and labor (think staging, marketing, and negotiating).
6. Partner with an agent who does probate
If you prefer to sell the house on the market, hire a top real estate agent with probate home sale experience to list your home.
7. Enlist the help of a mediator if needed
In a multiple heir situation, there’s plenty of opportunity for drama.
8. Determine capital gains and see if any home sale tax exclusions apply
Typically, if you inherit a property, you won’t owe taxes on it until you sell it — these taxes are called capital gains taxes.
Since 1986, URB has been called upon by individuals and families who have inherited a property they need to sell quickly to pay off debts, settle with beneficiaries, and reduce the property’s cost to the estate.
URB is experienced in inherited property that requires repair draining money from the estate and, ultimately, the beneficiaries. Since URB buys inherited property in any condition, you do not have to make repairs and the money saved can be passed on to the beneficiaries.
Our friendly, professional property buying specialists are not realtors nor are we associated with any real estate agency, so you do not pay commissions keeping more money in the estate.